RESERVE
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Despite all the talk about our need for improved food security, Hawai‘i remains dependent upon the outside world for nearly 90% of our food. Given the growing threat to world food production, we must do better if we are to survive. Kanaka Maoli thrived over the millennia entirely through local food production systems. We have all the benefits of modern science and technology. And no excuse for our current predicament. We can, and must, do better.
That's not to say that some of us aren't trying. Farmers young and old across the Islands are working hard every day to feed our ever-growing population. But access to land and water is difficult and expensive and irreplaceable ag lands are giving way to estates and luxury developments. We must do more with that which remains.
Out team has been working since 2012 on new technology that can grow large quantities of nutrient dense food on marginal land, using minimal amounts of water and discharging zero waste. We began as Kulahaven Farms LLC - Hawaii's first rainbow trout aquaponics farm. Kulahaven Farms operated a small test system starting in early 2014 followed by a commercial scale R&D farm from July 2016 to December 2022 with just two crops: rainbow trout and organically-certified watercress. We were able to produce at least a portion of over 200,000 meals in both 2021 and 2022 from a mere 1/3rd acre facility.
But we were undercapitalized and, when Covid hit, we had no operational support. We were struggling to recover when a historic storm hit in August 2022. That cut off our power for a day and our water for a week, killing half of our fish, including over 1,000 market-ready rainbow trout and creating a $60,000 loss. We lost our lease shortly thereafter.
Fortunately, we had completed the essential R&D work. We had not been allowed to host tours or trout fishing at that leased property, both of which would have generated significant revenue, and we had no room to expand to a fully profitable scale. So we took this as a sign that it was time to get moving and build our full-scale operation in a more suitable location.
We have now reorganized as Maui Trout Company and are seeking capital to build our next generation farm. This time we will include trout fishing, guided tours, farm-to-table tours and a commercial kitchen in order to increase profitability. But we remain serious farmers. Our goals are the production of millions of pounds of nutrient dense, environmentally-friendly food products; reduction of dependency on imports, improved food security for Hawaii, creation of value-added products for export, quality jobs for our children, housing for new farmers and the development of multiple new farms with a viable business model for family farmers and a cooperative support structure. We have a proven system design, an established customer base and a mature distribution web. All we need is the capital to build upon our prior experience and success.
Aquaponics employs natural processes to produce both fish and vegetable crops with a single input (fish feed), thereby avoiding use of expensive chemical additives. We use minimal amounts of water, can operate on marginal land and we discharge zero waste. Our system is profitable, replicable and scaleable. We use:
We get asked this a lot. Honestly, if we could raise ahi, we'd be on it in a heartbeat. But ahi, along with moi, mahimahi and all the other fish we love, are saltwater species. Even if we could raise them aquaponically (and we can't), the salt would kill our vegetable crops. Hawai‘i has very few fresh water species and most, like o‘opu, are endangered species that would be illegal to raise and sell. Our founder started with tilapia and catfish, like everybody else, but soon decided that it was time for some fresh thinking. And the fact is that trout have higher ratios of omega-3 oils, require less feed for growth, have a higher harvest ratio and better flavor profile than either tilapia or catfish. They are technically very difficult to raise but we think they're worth it. If you've tried our trout you'll probably agree.
We are in the process of raising capital from impact investors. But why should all of the profits go to professional investors? We are deeply grateful for all the support we have received from our community and we want to invite you to share in the bounty as we grow, hence our offering here on Wefunder. Proceeds will be used for construction and launch of the new Maui Trout Company. In return for your investment, we are offering a share of our revenues that are expected to return 200% of your invested amount within 3-5 years. Early Birds get an additional 10% and we are offering exciting benefits for all of new partners (see Perks section for details).
We will be offering our employees a stock option program with the intent of making this a 100% employee-owned company within 10 years or less - basically as soon as we have a solid permanent team in place and our farm is fully built out. When that event occurs, our investors will also receive a pro-rata share of the sale price. This will boost investor returns while helping to assure that Maui Trout Company will endure well into the future, continuing to provide our community with nutritious food, good jobs and public education for generations to come. Your participation, at any level, helps to demonstrate that Maui Trout Company is doing important work with broad community support. Mahalo Nui Loa.
(Note: projections and timelines may change due to unforeseen circumstances)
