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The financing round was led by Hatch Blue through its Blue Revolution Fund, with further backing from existing investors including Grieg Kapital.

The sector says it is "ready to invest, innovate, and grow" if it receives a clear signal that there is a future for salmon farming in British Columbia.

The NWAA considers the ban was rushed through and hopes that further judicial review will result in its invalidation.

"Science lost," said NWAA's Executive Director after the WA Natural Resources Board adopted the rule pushed by Commissioner of Public Lands, Hilary Franz.

"This initiative demonstrates the powerful synergy between sustainable aquaculture and marine conservation," says CEO Dick Jones.

In contrast, Norcod assured that market conditions and fundamentals for farmed cod "have never been better."