- Plant-based food manufacturer Modern Meat (MEAT) has entered into a contract to acquire a new production facility
- The new facility will more than quadruple the company’s production capacity, allowing it to keep up with increasing demand for plant-based meat alternatives
- The acquisition is part of the company’s overall expansion across British Columbia
- The company’s share price has already risen more than 70 per cent since its IPO in June, reflecting investor interest in the emerging consumer sector
- Modern Meat (MEAT) is down 3.06 per cent and is trading at C$3.48 per share
Plant-based food manufacturer Modern Meat (MEAT) is set to acquire a new production facility in British Colombia.
The new facility will more than quadruple the company’s production capacity, allowing it to keep up with increased demand for its products. The company’s current portfolio includes plant-based meat alternatives for burgers, meatballs and crab cakes.
Tara Haddad, CEO of Modern Meat said the company had been actively searching for a larger manufacturing space to keep up with rising demand.
“Our current facility quickly reached capacity and we want to ensure our customer’s orders will be met as we continue to manage growth and the development of a national distribution network through our sales and marketing efforts.
“We are thrilled for our company to have its own dedicated facility to address our growing production requirements. It is another milestone in our continued success and expansion across British Columbia,” she said.
Once the purchase is finalised, the company expects to hire more employees and further expand its sales channels and distribution network in the region.
After first listing in June, the company’s shares are faring well and have already surpassed its initial IPO price.
Launching at just over C$2 per share, the company’s share price has already risen more than 70 per cent, reflecting investor interest in the emerging market of plant-based meat alternatives.
Investors are hoping to cash in on the rise in meat-alternatives seen in Beyond Meat’s share price, which rose sharply after launching on the Nasdaq early last year.
Modern Meat (MEAT) is down 3.06 per cent and is trading at $3.48 per share at 12:58pm EDT.