Norwegian salmon farmer Nordlax said the adoption of higher taxes for local producers is driving its decision to invest in US-based land-based producer Atlantic Sapphire.

Privately held Norwegian salmon producers are strongly critical of the tax, from which they expect to be tapped for billions in local NOK currency every year, beginning with their 2022 earnings, while foreign firms escape completely.

Nordlaks is among a group of firms poised to invest up to $125 million (€118 million) in land-based salmon company Atlantic Sapphire, which has plans to use the net proceeds from the private placement stock offer to fully fund Phase 2 development at its Miami Bluehouse site.