Globally Local Technologies Inc., parent company of fast-food chain Globally Local, which currently operates eight locations in Canada with plans for 20 outlets across North America in the next year including the US, is to debut tomorrow on the Toronto Stock Exchange’s Venture Exchange under the symbol GBLY. The company says the listing will make it the first vegan first fast-food chain in the world to become publicly listed.
Rather than an IPO, Globally Local entered an agreement with Black Lion Capital Corp., a capital pool corporation listed on the TSXV to consolidate as Globally Local Technologies Inc. Globally Local’s early investors including musician Tony Kanal of the band No Doubt.
Founders James and Vasiliki McInnes opened the first location in 2016 in London, Ontario, with the goal of being superior to animal-based fast food in taste, nutrition, and affordability. The company scaled quickly by opening a food manufacturing facility in 2018, saying that because it produces its own proteins and dairy alternatives (burgers, “ChickUN,” shakes, etc.), its prices are around the same as conventional fast food.
Globally Local restaurant locations operate as compact smart kitchens, which facilitate primarily takeout and delivery business. Its business model offers online ordering, self-checkout kiosks, cashless transactions, and an ideal setup for its delivery app partners, allowing it to thrive during the global pandemic.
“Our team has spent five years developing an advanced fast-food restaurant concept and vertically integrated supply chain which, combined together, will revolutionize the fast-food industry,” said James McInnes, co-founder, CEO and one of the lead scientists at the company. “Our smart kitchens will soon be deploying proprietary automation technology that will not only enhance our efficiency but will also make us more affordable than traditional fast food, ultimately allowing us to create change through a better economic model.”
Those interested in details of this transaction may contact Globally Local investor relations at [email protected]. Interested investors in Canada may purchase shares of Globally Local by contacting their broker or placing an order via their electronic trading platform, and in the US through reputable brokerage firms that allow purchase of Canadian stocks via their trading platforms.
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