WINNIPEG - The company behind a pea protein processing plant in Winnipeg has gone into receivership not even three years after receiving millions of dollars from the federal and Manitoba governments.
PricewaterhouseCoopers International has been appointed receiver for Merit Functional Foods.
Merit CEO Ryan Bracken says the firm which was founded in 2019 was not able to sustain the needed cash flow to operate profitably and the COVID-19 pandemic affected its business plan.
Daryl Domitruk, executive director of Manitoba Pulse and Soybean Growers, says Merit had contracts for around 10,000 acres of peas and the receivership is going to be felt by farmers during this year’s growing season.
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