CULT Food Science, a lab-grown meat and cellular agriculture company, announced today that it has signed a binding letter of intent (LOI) to acquire The Better Butchers (TBB), a Vancouver-based innovator in alternative protein and cultivated meat products. The agreement positions CULT to expand its disruptive food technology platform and enhance its leadership in reshaping the global food industry.
Under the terms of the LOI, CULT will acquire 100% of the issued and outstanding shares of The Better Butchers in a transaction valued at $2 million. Additional shares, up to 10 million, will be issued upon TBB achieving certain post-closing milestones.
Mitchell Scott and Celeste Trujillo (founder of TBB) will join CULT’s board of directors. CULT also will contribute $300,000 to further develop TBB’s business and have to raise at least $1.5 million in a financing transaction prior to the deal’s closing.
The deal is expected to close by 10 February 2025.
TBB is popular for their health-conscious, indulgent meat alternatives using mycelium-based proteins derived from fungi through biomass fermentation. The company also collaborates with partners to develop hybrid cultivated meats, precision-fermented fats, and other premium ingredients.
TBB is also driving research into cultivated meats through a partnership with McMaster University as part of a Genome Canada-funded initiative. Founded by Celeste Trujillo and CULT’s CEO Mitchell Scott, TBB combines deep expertise in food science, human health, and nutrition. Trujillo, who has over 15 years of experience in plant-based food development, will assume the role of CEO of TBB following the transaction.
