While vertical farming has yet to take off, ideally yes it does work. There are arguments against it for practicality purposes, and people do criticize vertical farming. For example, the energy needed for lighting will require a lot of energy. However, vertical farms would be able to exist in cities, where the demand for produce is high; and transportation costs and energy used for transportation would go down. Also, letting farmlands to go back to their natural state would benefit the environment as well.
It takes a lot of technology and energy to run a vertical farm, but yes, they do work. The idea is that the human population will increase by 50% in the next 50 years, so vertical farms will be essential for growing enough food to feed everyone. Not that everyone is getting fed today necessarily, but that is a different can of worms.
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