What's Going On With The Very Good Food Company?
The Very Good Food Company (VRYYF) stock rose on Wednesday after the company today announced that it has signed on with Save-On-Foods, a large Canadian grocer, to carry The Very Good Butchers suite of products in 184 of its retail stores across Canada. Shares of the company were trading 5.08% higher to $3.20 a share on Wednesday.
What Does This Mean For The Very Good Food Company?
Save-on-Foods will stock its shelves with The Very Good Butchers' top 5 SKUs including The Very Good Burger, Smokin' Bangers, Taco Stuff'er, Very Good Pepperoni and the Very Good Dog in 177 of its retail stores and 7 Urban Fare locations across Canada starting August 1, 2021. As a result, 573 stores in Canada will now stock the Very Good Butchers product, increasing the number of distribution points to approximately 2,476 from 1,356 at the end of March 2021.
"The expanded retail distribution in Canada is a direct result of us meeting our goals to ramp up production at our facilities in order to meet consumer demand and support our revenue growth," said Mitchell Scott, Co-Founder & CEO of The Very Good Food Company.
Very Good has also removed all pallet allocations for its wholesale distributors and retailers.
The Very Good Food Company Inc., a plant-based food technology company, designs, develops, produces, distributes, and sells various plant-based meats and other food alternatives in Canada and the United States.
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The Very Good Food Co Inc operates in the food industry. It is a food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives.