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Tuesday, August 3, 2021

Alternative Meat; the Rise of Very Good Food Company Inc (OTCMKTS: VRYYF)

Very Good Food Company Inc (OTCMKTS: VRYYF) is making a powerful move up the recent months skyrocketing up the charts since the Company listed its shares on the US exchanges as VRYYF.  The Company is seeing tremendous growth as the alternative meats market takes off and operates in the booming plant based foods space. The Company plans to list its shars on the NASDAQ.

Very Good Food Company is currently embarking on a massive planned expansion into the U.S. market with a new strategically located California production facility; the Patterson Facility. At full capacity the facility is anticipated to have a maximum production volume of 550,000 lbs per week. More recently the Company signed a lease to secure a new production facility in Vancouver, British Columbia called the “Rupert facility” comprised of approximately 45,000 square feet of production, refrigeration, warehousing, R&D and office space and is expected to be capable of producing up to 37,000,000 lbs of annualized product.

Very Good Food Company Inc (OTCMKTS: VRYYF) operating out of British Colombia, and trading as (VERY) in Canada, the Company is an emerging plant-based food technology player that designs, develops, produces, distributes and sells a  variety  of  plant-based  meat  and  other  food  alternatives.  The Company’s mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile. VGFC’s minimally-processed, vegan meats are handcrafted in British Columbia, Canada with whole-foods you’ve likely got in your kitchen; beans, grains, vegetables, herbs and spices. To date VGFC has developed a core product line under The Very Good Butchers brand. Located at theverygoodbutchers.com the Company offers Plant-based meats handcrafted with real, whole-food ingredients

VGFC is a fast growing Company in the booming plant-based foods space recently reporting Q3 results  for the period ended September 30, 2020. Revenue of $1,393,234, growth of 26.6% over the prior quarter and 322% year over year. The Company also just hired a new Presdient; Anna Silva who has spent the past five years with Daiya Foods Inc. (“Daiya”), where she served as Chief Financial Officer.

The global plant-based meat market is expected to grow from $12.22 billion in 2019 and to $12.41 billion in 2020 at a growth rate of 1.58%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $17.73 billion in 2023 at CAGR of 12.62%. North America was the largest region in the plant-based meat market in 2019. Asia-Pacific was the second largest region in the plant-based meat market in 2019.

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VRYYF

VGFC is embarking on a significant growth project with its planned expansion into the U.S. market with a new strategically located California production facility that will significantly increase VGFC’s production capacity and support growth in the Company’s wholesale and ecommerce sales in the United States.  The Patterson facility will supply the U.S. market long-term and is expected to be capable of producing up to 98,500,000 lbs of annualized product (previously disclosed 28,000,000 lbs).  Various initiatives are underway to optimize and increase production at the Victoria facility. Current initiatives implemented to date have resulted in a significant boost in weekly production volume to 11,000 lbs per week. Production is on track for the Company’s near-term goal of 19,000 lbs per week.

Earlier this month the Very Good Food Company signed a lease to secure a new production facility in Vancouver, British Columbia called the “Rupert facility” Already built-out as a food production facility by its previous plant-based operator, the Rupert facility comprises approximately 45,000 square feet of production, refrigeration, warehousing, R&D and office space. The Rupert facility is expected to be capable of producing up to 37,000,000 lbs of annualized product to be phased in over the next year representing an approximate increase of 2690% over expected annualized production capacity of the Company’s Victoria facility of 1,375,000 lbs per year.

With the signing of the lease for the Rupert facility, the Company has decided to strategically shift its use of the Mount Pleasant facility to be mainly that of R&D. The Mount Pleasant facility is expected to house the Company’s second restaurant, a unique vegan butcher shop concept, along with space for R&D and offices. The Company believes that this investment in product development will allow for the rapid introduction of new innovative products into the market.

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Currently running northbound in a hurry, the force is strong in VGFC and the stock has come a long way in recent months since listing on the US exchange. VGF products alternative meat and is growing at record levels. The Company is currently embarking on a massive planned expansion into the U.S. market with a new strategically located California production facility. The Patterson Facility. At full capacity the facility is anticipated to have a maximum production volume of 550,000 lbs per week. More recently the Company signed a lease to secure a new production facility in Vancouver, British Columbia called the “Rupert facility” comprised of approximately 45,000 square feet of production, refrigeration, warehousing, R&D and office space and is expected to be capable of producing up to 37,000,000 lbs of annualized product. The Company plans to list its shars on the NASDAQ.  The global plant-based meat market is expected to grow from $12.22 billion in 2019 to $17.73 billion in 2023 at CAGR of 12.62% We will be updating on VERY when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with the Very Good Food Company.

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Disclosure: we hold no position in VERY either long or short and we have not been compensated for this article.

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