Peanuts & Corn was founded in Brandon, Manitoba, by Rod Bailey AKA mcenroe. The first recording to be produced under the label was The Space EP, created by mcenroe's band, Farm Fresh in 1994.
The label has since relocated first Winnipeg, Manitoba, and later Vancouver, British Columbia, where it is now based. One of the most actively involved artists at Peanuts & Corn has been Pip Skid, who has also gone by the name of Wicked Nut. In 2004, mcenroe and Birdapres released the album Nothing Is Cool.
By 2004 Peanuts & Corn, along with its sister company Breadwinner Music Group, was producing and releasing tracks and albums for a number of artists in the Canadian hip hop music scene, As of 2010 there had been about 40 releases on Peanuts & Corn, and more on affiliated and subsidiary labels throughout Canada and internationally.