After becoming the first vegan fast-food chain to be publicly listed, Canada’s Globally Local has announced plans to open five new Ontario restaurant locations in Summer 2021. Additionally – subject to policies of the Toronto Stock Exchange’s Venture Exchange – certain consultants of the parent company Globally Local Technologies have been granted 150,000 options to purchase common shares of the company. The 150,000 share options offered by the company will be exercisable at $1.55 per share for a term of two years.
Founded by James and Vasiliki McInnes in 2016 in London, Ontario, the company scaled quickly by opening a food manufacturing facility in 2018, allowing price parity with conventional fast-food as it produces its own proteins and dairy alternatives. The new locations in development will be located in Hamilton, Downtown Waterloo, Vaughan, Toronto East, and South London. When completed, these will bring Globally Local to a total of seven restaurants, six corporately owned and one franchised.
All restaurant locations will operate as compact smart kitchens with on-demand cooking technology to facilitate rapid service, takeout and delivery, low costs, and simplified employee training. As well as the manufacturing facility and two restaurant locations in Canada that Globally Local currently operates, it plans to open 20 additional restaurant locations across North America in the next 12 months.
Canada continues to see extensive movement in the plant-based sphere, with companies like Nabati Foods recently raising $7.7 million in capital and planning to also become a publicly listed company, and digital platform Vejii launching in the country.
“The restaurants in development are in communities that have welcomed us at events and where we feel there is demand for healthier, more sustainable, and more humane food choices,” said James McInnes, Globally Local co-founder and CEO. “While we work strategically to build a global brand, we continue to establish the best local base of support in the Ontario region.”