Saluna raises $2M for hemp grain crop development
What's the deal? SalunaDealroom has a profile for this one. Try Dealroom →, a St. Louis-based agtech startup focused on industrial hemp, has closed a $2M Series A round. The company is developing hemp as a grain crop that it argues could outperform soybeans by producing more oil per acre.
Saluna plans to cultivate about 140 acres in southern Missouri this year as it scales its operations.
Why now? Interest in alternative crops and sustainable agriculture continues to grow as farmers and food companies look for ways to diversify beyond traditional commodities like soybeans. Industrial hemp, legalised federally in the US in 2018, is still in the early stages of proving its commercial viability as a grain crop.
What could go wrong? Hemp grain remains a niche market with limited processing infrastructure compared to soybeans, which benefit from decades of entrenched supply chains. Convincing farmers and buyers to adopt a relatively unproven crop at scale is no small task.
Regulatory uncertainty around hemp could also complicate expansion plans.
The signal: Saluna's raise reflects a broader trend of investors backing startups that challenge legacy agricultural commodities. If hemp can deliver on its oil-per-acre promise, it could carve out a meaningful role in the US crop landscape — but the path from 140 acres to commercial scale is long.
Read more: St. Louis Business Journal
