Canadian insect agriculture pioneer Aspire Food Group is pursuing a court-supervised rescue deal amid financial struggles, workforce reductions, and market disruptions caused by US tariffs. CEO David Rosenberg cited challenges in raising capital due to debt burdens, necessitating negotiations with creditors under court oversight. The company, which laid off two-thirds of its 150 employees in late 2024, further reduced staff recently. Aspire’s primary market—US pet food—was destabilized by tariffs, compounding restructuring difficulties. Despite automation and yield improvements, deeper structural changes are needed. Aspire is negotiating with stakeholders to secure a transaction preserving operations and scaling potential. The firm operates the world’s largest cricket processing facility in Ontario, funded by grants, loans, and equity. Founded in 2012, Aspire previously owned the EXO cricket bar brand before focusing solely on production. Industry sources note challenges in cricket farming, including high automation costs and bioconversion hurdles.
Source: Insect ag pioneer Aspire pursues court-supervised rescue deal