FOR IMMEDIATE RELEASE

February 28, 2024, Muskito’pukwek/ Musquodoboit Harbour

Growing Forests is announcing the opening of their second offering of common shares, welcoming new investors to join in the corporation in their mission to save private forests throughout NS.

In 2022, 75 investors came together to make a major statement: concerned citizens of the Province were going to work together to protect at-risk private forests from being decimated. By pooling their resources, investors contributed more than $700,000 in seed investment to seed the company’s operations, purchase forests at risk of being clearcut and commit those forests to ecologically-based forest management that would regenerate biodiversity, capture and store carbon and keep private forests in local ownership.

In this way, Growing Forests would show how rural citizens and local communities can lead to identify local drivers of forest loss, propose culturally appropriate solutions to that loss, and lead the implementation of nature-based solutions to fight climate change and biodiversity loss.

Fast-forward to today and Growing Forests has purchased over 900 acres of forest land in three counties in NS.

“We have been blown-away by the response of the private woodlot owner community” said co-founder and CEO Dale Prest. “We knew there were aging landowners out there that wanted an alternative to selling their treasured properties to the highest bidder on the open market, but we really underestimated the pent-up demand.”

Growing Forests is based on a simple premise: that aging landowners in need of money to fund their retirement are left with few choices other than to sell their properties to someone who is most likely to clearcut the property. With more than 5 million acres owned by more than 30,000 individuals and families, much of the 50,000-100,000 acres of private forest clearcut every year in NS is a result of this dynamic.

By purchasing these at-risk properties and managing them to a high ecological standard, Growing Forests is able to improve biodiversity, increase carbon storage and create local recreational opportunities on these lands. Through nature-based markets, such as the voluntary carbon market, Growing Forests sells these positive environmental attributes to companies with their own impact to mitigate and thus generate a sustainable, green stream of revenue.

With this current share offering, Growing Forests is responding to the interest within the community of NS residents who want to support forest preservation.

“Our model is unique and people throughout the Province, and across the country for that matter, want to join us in our mission” said Prest. By structuring their share offering under the Community Economic Development Investment Fund, qualified investors may receive an equity tax credit to be applied against personal income taxes paid in NS.

Interested investors can find out more about Growing Forests current share offering by way of their website at www.growingforests.ca.

For Media: Contact Dale Prest for more information at dale@growingforests.ca.

About the CEDIF Program: Eligible investors may quality for a non-refundable tax credit of as much as 35% of their total investment, up to a maximum credit of $17,500 based on a $50,000 investment. Eligible investors are those investors who have paid, or will pay, income tax to the Province of Nova Scotia in the 3 years previous or in the following 7 years, respectively. The equity tax credit can be applied 3 years retroactively or carried forward 7 years for use in those years. Investors must remain invested for a minimum of 5 years to retain the full credit.