Monette Seeds Ltd. is set to lose its elevator license effective next month, according to the Canadian Grain Commission (CGC). In a news release dated April 23, the federal agency said the company’s primary elevator license for Swift Current, Sask. will not be renewed on May 1. Any producers who are owed funds for grain deliveries are encouraged to reach out to the commission immediately. Those with open contracts with Monette Seeds can also reach out to the court-appointed monitor, the CGC said. Monette Farms filed for court protection under the Companies’ Creditors Arrangement Act (CCAA) earlier this month. In a letter to landowners and leasing partners, president and owner Darrel Monette said the process was necessary for the business to continue operating while stabilizing its finances and restructuring its debt. He emphasized the decision does not mean the company is declaring bankruptcy or shutting down. According to the CCAA application, Monette Farms and Monette Seeds are facing a liquidity crisis driven by “poor crop prices, higher costs, spoilage and poor yields.” Monette Farms owns and leases over 400,000 acres of farmland and employs an average of 425 people annually. The company describes itself as one of the “largest private farming operations in the world.” Based in Swift Current, Monette Farms operates throughout Saskatchewan, Manitoba and the United States – with operations stretching as far south as Arizona. Monette Seeds operates three locations, SC Seeds in Swift Current, Nexgen Seeds in Wymark, Sask. and Monette Seeds USA in Tonopah, Arizona. A total of 18 companies were listed in the Monette’s original court filing. They include: Another pillar of Monette’s farming operations, Monette Cattle, is not included in the application.
