Florida-Based "Innovative Farming Company" Files For Bankruptcy, Equipment To Be Auctioned Off

L. Cane

Florida is arguably conducive to agriculture because of its temperate climate. According to the U.S. Department of Agriculture, in 2021, Florida accounted for 1.7 percent of U.S. farm sector cash receipts, totaling $7.5 billion.

Some Florida farms, such as Florida Crystals, have begun successfully using innovative techniques such as GPS-guided planting tractors, according to Successful Farming.

However, not all innovative Florida farms have lasting financial success. Unfortunately, one Florida farm recently filed for bankruptcy and some of its equipment will reportedly be up for auction.

What is Lemnature Aquafarms?: According to LinkedIn, the company describes itself as an "innovative farming company." According to Expansion Solutions Magazine, the company is a "plant-based food ingredient supplier to the food, beverage, and nutrition markets."

Specifically, the company grows water lentils to produce plant-based proteins and fibers that are used in protein powders and superfood drinks. It is headquartered in Indian River County, Florida.

What Happened?: According to AGFunder Network Properties, the company has filed for Chapter 7 bankruptcy. Lemnature Aquafarms CEO Frank Jimenez told the publication that the farm tried to raise needed funds to advance the business, but couldn't, so it felt that filing for Chapter 7 "presented the best option to assure...the company’s creditors could be addressed in an equitable and transparent fashion.”

An online auction for assets will occur on December 12, 2023, including lab equipment and stainless steel tanks.

In 2022, the farm employed 115 employees, according to Expansion Solutions.

The author is not affiliated with Lemnature Aquafarms or any other farm.

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