CULT Food Science (CSE: CULT) (OTC: CULTF), an investment platform focused on cellular agriculture, announces Canadian entrepreneur Marc Lustig has acquired 15% of the company through his family office L5 Capital Inc. The transaction makes Mr. Lustig the company’s largest individual shareholder.
“Having the support of Marc Lustig as a shareholder is a pivotal moment for us as a company”
Described as an esteemed entrepreneur with a background in biotech, life sciences and cannabis, Lustig previously worked as an institutional investment banker across Canada and Europe, prior to founding his own ventures.
In a statement, CULT revealed that Lustig acquired an aggregate of 27,518,900 common shares and 30,725,000 common share purchase warrants of Cult Food Science in private transactions.
Under the transactions, a company controlled by Lustig paid an aggregate of $752,335.81, representing a price of 2.5 cents per share and 0.2 cent per warrant. The shares represent about 14.86% of the issued and outstanding common shares of the company, and the shares and warrants represent approximately 26.97% of the issued and outstanding common shares of the company assuming the exercise of all of the warrants held by Lustig.
A “first mover” in cell ag
“I am very excited to have taken a significant ownership stake in CULT Food Science,” said Lustig. “I believe it is inevitable that cell-based foods will sustainably transform our food systems for the better, and that these products will be coming to market much sooner than most people think. As a first-mover in the cellular agriculture space, CULT has the opportunity to play a unique and valuable role in the industry’s exciting scientific innovation.”
Based in Canada, CULT Food Science owns a fast-growing portfolio that includes cultivated meat startups Umami Meat, Novel Farms, and Ohayo Valley. In November 2022, CULT hired Joshua Errett, co-founder of cultivated and plant-based pet food brand Because, Animals, as its new vice president of product development.
CULT states it is the first publicly-traded company of its kind in North America.
“Having the support of Marc Lustig as a shareholder is a pivotal moment for us as a company,” said Lejjy Gafour, Chief Executive Officer of CULT Food Science. “Mr. Lustig has repeatedly demonstrated the ability to be a first mover when it comes to emerging trends and also possesses a deep knowledge of how to build significant value for shareholders. Having Mr. Lustig support our journey in becoming a global leader in cell-based foods will enable us to increase our impact towards building a more resilient and sustainable future of food.”