CULT Food Science Corp. has announced its intention to acquire The Better Butchers Inc. (TBB), a company that develops meat alternatives. This announcement comes with the execution of a binding letter of intent to acquire all outstanding shares of TBB.
TBB, co-founded by Celeste Trujillo and Mitchell Scott, focuses on producing mycelium-based proteins using biomass fermentation. Additionally, the company employs precision fermentation and other cellular agriculture techniques to create hybrid cultivated meats and other ingredients intended for use in meat products.
CULT noted TBB’s products are recognized for their nutritional value, texture, and flavor. TBB is also involved in a collaborative project with McMaster University as part of a four-year Genome Canada initiative centered on cultivated meat technology.
With the acquisition, Trujillo is set to take on the role of CEO at TBB, while Scott will maintain his position as CEO of CULT. Both individuals will join the board of directors at CULT. Furthermore, CULT plans to invest at least $300,000 to support TBB’s business growth.
This acquisition is aimed at expanding CULT’s focus on cellular agriculture, which also includes the Noochies! brand, known for its high-protein pet treats that do not contain animal proteins.
