GMO salmon factory in Canada for sale as company faces “deepening crisis”

Just four years after its first “harvest” of genetically engineered Atlantic salmon in Canada, the U.S. biotechnology company AquaBounty is selling its on-land GMO fish factory at Rollo Bay, Prince Edward Island, Canada.

Local community groups have confirmed that AquaBounty’s factory is now closed.

“We never wanted genetically modified salmon and we’re relieved the company has shut down production,” said Sharon Labchuk of Earth Action PEI.

AquaBounty is not currently producing any genetically modified salmon.

AquaBounty owes $2.2 million to the Government of Prince Edward Island from a loan provided to assist construction of the building that is now for sale. In total, over $8 million was invested by the federal and provincial governments through multiple grants and loans.

“Millions of our public money was wasted to support this worthless, dangerous genetically modified fish,” said Leo Broderick of The Council of Canadians-PEI Chapter which is also a member of the coalition GMO Free PEI that fought to stop the GMO salmon in PEI.

The Canadian facility was one of two sites run by AquaBounty. Both are now closed. The second, in Indiana, U.S., was sold earlier this year to the company Superior Fresh that only uses non-GMO fish and non-GMO fish food. AquaBounty says it will use funds from the building sales to finance construction of a bigger GM salmon factory in Ohio. However, construction in Ohio has been on hold since June 2023.

“The market has made its disinterest in GM salmon quite clear”

According to a report by Undercurrent News, AquaBounty is facing a “deepening crisis” as evidenced by its asset sales and dwindling cash reserves. The company’s cash reserves plunged to $700,000 by the end of the second quarter this year along with a net loss of $50.5 million during the same time.

Howard Tang, CEO and managing partner at New York-based Peritus Capital told Undercurrent News that without further financing or cuts, AquaBounty won’t survive.

GMO salmon has faced strong opposition in the market with more than 60 food retailers refusing to sell the fish.

“I think the market has made its disinterest in GM salmon quite clear,” Tang said.

“This was always going to be a biotech boondoggle. Genetically modifying fish is unnecessary and unwanted,” said Lucy Sharratt, Coordinator of the Canadian Biotechnology Action Network, which has been tracking AquaBounty for over ten years.

Organic & Non-GMO Insights October 2024