Beyond Meat was the hottest IPO of 2019, rising by 163% on the very first day. Investor demand for anything innovative in the plant-science space right now is off the charts and a few companies have emerged as potential winners, moving forward.
If you’d prefer, dive right into the video and let us tell you about VERY now!
About the Very Good Food Company (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI)
In their own words:
“We are an emerging plant-based food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives.
Our mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile.
At The Very Good Food Company, we believe that making good choices doesn’t mean sacrificing flavour or giving up the things you love. That’s why we are hell bent on developing and manufacturing a range of plant-based products that will satisfy your taste buds and nourish your body.”
And in our words, VERY is an extremely fast-growing start-up in an attractive sector, that looks like it is ready to explode. With most businesses, operators ensure that they are only producing as much as they can sell; however, with VERY, the opposite is true. Since its inception, VERY has had overwhelming demand and has been forced to limit their sales to current production capacity. All of VERY’s financing rounds, including IPO and successive Bought Deal financing, have been pursued with the purpose of expansion.
The Very Good Food Co. is on the cusp of a massive expansion effort and we’re excited to see where it can go.
The main facility in Victoria, Canada has recently been retooled to triple capacity, a Director of Process and Engineering Operations with 14+ years in the industry has been hired from a competitor, and the team is consistently evaluating how to continue optimizing throughput.
And while improving throughput is a step in the right direction, VERY is going to have to scale up quite aggressively if they want to meet demand and continue to grow. Luckily, they’re in the process of getting opening new facilities in Vancouver and California.
The Vancouver facility is more than 10,000 sq.ft., with construction expected to commence later this year. With the new facility operating, the company can aggressively focus on expansion, both within Canada and the US.
The California facility will help catapult VERY to the world stage, as it is a 25,000 sq.ft. facility located on the same property as a key logistics partner. The facility is already built out for food production and will be able to start producing in early 2021. Immediately after coming online, this facility is capable of producing 550,000 lbs. per week, a 68X increase in production volume from current levels.
Disclaimer: The Very Good Food Company is a communications client of Edge Investments, and we own shares in the company.