A former Port Coquitlam MLA’s company focusing on healthy growth in agriculture can tout some healthy investment growth of its own this week.
Terramera Inc., led by Port Moody native Karn Manhas, revealed today (Jan. 28) it has landed an additional US$3.5 million for its Series B round, which had already secured US$45 million last year (approximately C$64 million).
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Terramera’s flagship chemistry technology, Actigate, can be licensed to producers of both natural and synthetic pesticides to improve the efficiency, uptake and performance of the active ingredients in crop protection products.The technology would allow farmers to increase the performance of materials sprayed on agriculture while reducing the overall amount required. The company’s goal is to reduce synthetic chemicals used in agriculture globally by 80% by 2030.
“Terramera has the technology platform and expertise to transform commercial agriculture in systematic ways,” ArcTern managing partner Tom Rand said in a statement. “Their strategy to scale their technology to have the greatest impact will lead to healthier plants and soil, which will drive improved farm productivity and the potential to sequester carbon in well-managed soils. That’s really exciting and why we invested.”
Terramera is among the second wave of companies to land funding from the Vancouver-based Digital Technology Supercluster initiative. The initiative, which is open to organizations with a presence in Canada, sees non-profits, post-secondary institutions, and large and small enterprises partnering to develop commercial products. The consortia must be willing to put up investments of their own before being able to tap into supercluster funding backed by Ottawa.
Terramera’s supercluster endeavour sees it collaborating with eight organizations, including Compression AI and Canada’s Michael Smith Genome Sciences Centre, on the Precision Agriculture to Improve Crop Health project.
The investment, Manhas told The Tri-City News last fall, “will be instrumental to fulfilling our mission of using technology to unlock the intelligence in nature, ensuring an Earth that thrives and provides for everyone.”
It’s a lofty ambition for a quest that first started taking shape in a lab that was more Breaking Bad than Silicon Valley that Manhas had cobbled together in the basement of the Port Coquitlam home where he was living at the time. In fact, he said, the assemblage of glass beakers, test tubes and pipes was so rudimentary, it raised the eyebrows of utility workers who had to access the basement when they were trying to repair a water main that had burst under the street out front.
While Manhas said he originally developed the formula to help natural pesticides work better, discussions with investors for initial financing in 2016 convinced him his product could also have a positive impact if it were also integrated into treatments with synthetic chemicals because less would have to be used.
Manhas said biotechnologies like Actigate have the potential to make organic agriculture more viable and profitable for farmers while reducing the environmental harm caused by synthetic pesticides.
“The value of that is a more efficient system,” he said, adding that efficiency might just be able to make the agriculture industry more regenerative rather than degenerative, ensuring the longterm viability of soils and the health of crops they support.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
