Annual report [Section 13 and 15(d), not S-K Item 405]

Related Party Transactions

v3.25.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Grow Bitterroot Sale Lease Back Transaction and Services Agreement
In June 2020, the Company sold for total consideration of $6.9 million a greenhouse facility to Grow Bitterroot, a qualified opportunity zone fund owned in part by Live Oak Ventures, LLC, which owns more than 10% of the Company's common stock, and Orange Strategies LLC, of which Pamela Brewster, a member of the Company's Board of Directors, is principal. Travis M. Joyner, our Co-Founder and a member of the Company's Board of Directors, is manager of Grow Bitterroot. Concurrently, Local Bounti's predecessor entity and Grow Bitterroot entered into an agreement whereby the Company leases land and the greenhouse facility from Grow Bitterroot. See Note 8, Financing Obligations, for more information regarding the Montana Facility lease and accounting treatment.
The Company paid Grow Bitterroot $1.2 million and $1.5 million under the lease agreement for the years ended December 31, 2024 and 2023, respectively.