CULT moves to acquire fungi protein producer

TORONTO — CULT Food Science Corp., a food technology platform seeking to pioneer the commercialization of lab-grown meat and cellular agriculture, shared Dec. 11 that it intends to acquire The Better Butchers Inc. (TBB), a developer of meat alternatives. CULT has executed a binding letter of intent (LOI) to fully acquire issued and outstanding shares of TBB from its current shareholders. 

Founded by Celeste Trujillo and Mitchell Scott, CULT’s current chief executive officer, TBB uses biomass fermentation to create mycelium-based proteins from fungi. The company also leverages precision fermentation and other cellular agriculture technologies to develop hybrid cultivated meats, precision-fermented fats and other premium ingredients for use in various meat products. 

TBB’s meat alternatives stand out, excelling in nutritional content, texture and taste — attributes that can be difficult to accomplish within the alternative protein sector, according to CULT. Additionally, TBB has partnered with McMaster University in a four-year Genome Canada project focused on emerging technology in cultivated meat. 

Following the closing of the acquisition, Trujilo will assume the role of CEO at TBB and Scott will continue to serve as CEO of CULT. Both will join CULT’s board of directors. In addition, CULT will contribute at least $300,000 in additional funding to further develop TBB’s business. 

TBB will build upon CULT’s portfolio focused on cellular agriculture, which currently includes the Noochies! brand that offers high-protein pet treats and toppers made without animal proteins. 

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