Walmart Invests In Indoor Farming Company Plenty Unlimited

Walmart Inc WMT has agreed to invest in Plenty Unlimited Inc, an indoor vertical farming company, as part of the $400 million Series E funding round.
The company's equity investment is part of a broader strategic partnership to use Plenty's indoor vertical farming technology platform to deliver fresh produce to its retail stores.
As part of the investment, Walmart will join Plenty's board of directors.
"We believe Plenty is a proven leader in a new era of agriculture, one that offers pesticide-free, peak-flavor produce to shoppers every day of the year," said Charles Redfield, chief merchandising officer, Walmart U.S.
As per the long-term commercial agreement, Walmart will source Plenty's leafy greens for all its California stores from Compton farm beginning later this year.
Price Action: WMT shares traded lower by 1.89% at $137.55 on the last check Tuesday.