Advanced cranberry propagation techniques are yet another way PRT Forest Regeneration Income Fund (TSX:PRT.UN) is trying to diversify its business portfolio.
The Victoria-based seedling company, which operates 10 nurseries throughout B.C., spoke with BIV this week about its plans to jump into the bioenergy sector with willow tree plantations that could be farmed for energy.
During the conversation, president and CEO Robert Miller said the company is also testing a new method of cranberry propagation that would help seedlings mature faster than other plant varieties.
“It’s out of our traditional market, but it dovetails well with our core business, which is plant propagation,” said Miller.
A test run will see 1.3 million cranberry seedlings planted in the Fraser Valley this spring, which is an area known for its vast production of the fruit.
Miller said some growers have a need or desire to upgrade the genetics in their plantations, but new material is often scarce and expensive.
The food crop is usually started from cuttings that are pressed into the soil, but PRT believes indoor containerized growing trials could maximize the yield from certain varieties.
“We wouldn’t be propagating every plant for the cranberry industry, in some cases they can do it very well in the field, but when you have new varieties that are expensive and in short supply we can maximize the scale-up by using controlled greenhouse and container propagation techniques,” he said.
“Our core business is forestry and reforestation, but I think we are looking for opportunities to apply our expertise to other market areas and give us a little broader market exposure.”
For more about PRT’s diversification strategy grab a copy of next week’s edition of BIV.