The Very Good Food Company (NASDAQ:VGFC) announces it has entered a distribution agreement with Canadian retailer Loblaw Companies. Through the expansion, the brand’s plant-based foods can now be found in 2,000 stores throughout North America, with an additional expansion planned for Summer 2022.
150% stock increase
Select locations of Loblaws and Real Canadian Superstores will now carry Very Good’s Select line of soy-and gluten-free Cajun Steak, Bratwurst Sausage, and Meatballs, as well as the Very Good Ribs and the Very Good Steak Two-Pack. The news sent Very Good’s stock surging by 150%, suggesting the brand is gaining traction as it steadily builds toward profitability.
Very Good is also launching three new flavors of its plant-based BBQ ribs – Smoky BBQ, Maple Bourbon BBQ, and Southern Gold BBQ – which are available at select Loblaws-owned stores, and will launch at additional North American retailers this summer.
The announcement comes as the company works to pivot the direction of its business following a year of significant losses and plunging stock market value. In April, Very Good’s management team revealed CEO and co-founder Mitchell Scott was terminated from his position, while co-founder James Davison formally resigned.
Shortly thereafter, the company appointed Matt Hall, a former Nestle executive, as the new Interim CEO. According to Very Good’s board, Hall possesses knowledge and “expertise aligned with our refocused strategy, which is centered around sustainable growth and profitability coupled with operational excellence.”
Raising the plant-based bar
“We’re incredibly excited to bring our successful products to Loblaw customers across Canada and serve up even more plant-based goodness, getting us closer to achieving our wholesale expansion targets with what we have in our pipeline,” said Jordan Rogers, Chief Commercial Officer. “Our new BBQ Ribs and Very Good Steak will continue to raise the plant-based bar by offering consumers innovative and ‘value-added’ products that are unique in the market, making it easier for them to adopt a plant-based-based lifestyle.”