- The Very Good Food Company has signed a U.S. distribution agreement with United Natural Foods (UNFI)
- UNFI distributes over 250,000 natural, organic and conventional products to supermarkets and foodservice customers across Canada and the U.S.
- VERY GOOD posted an increase in both revenue and adjusted gross profit for FY2020
- VERY GOOD plans to launch an eCommerce sales platform in the United Kingdom in the third quarter of 2021
- The Very Good Food Company Inc. is an emerging plant-based food technology company
- The Very Good Food Company Inc. (VERY) opened trading at C$4.49 per share
The Very Good Food Company (VERY) has signed a U.S. distribution agreement with United Natural Foods (UNFI).
VERY GOOD previously entered into a distribution partnership with United Natural Foods in Canada during the fourth quarter of fiscal year 2020.
UNFI distributes over 250,000 natural, organic and conventional products to more than 30,000 retailers including natural product superstores, independent retailers, conventional supermarket chains, eCommerce retailers and foodservice industry customers across the U.S. and Canada through its 58 distribution centres.
This distribution agreement will play a key role in VERY GOOD's retail expansion into the U.S. plant-based foods industry. In March, UNFI extended its primary wholesale grocery distribution relationship with Whole Foods Market to September 2027.
UNFI recently announced it is adding 53 all-electric transport refrigerated trailer units to its fleet located at their Riverside, California distribution centre. This effort is in keeping with UNFI's Better for All 2030 Environmental, Social and Governance (ESG) agenda. This bold commitment by UNFI aligns with VERY GOOD's core values including sustainability and our mission to help transform the future of food.
"As more households recognize the benefits that come from incorporating tasty, healthy and low-processed plant-based options into their diet, it is critical to The Very Good Food Company's success that we partner with established and respected wholesale distributors," said Co-founder and CEO Mitchell Scott.
"UNFI is not only one of the largest food distributors in North America, but they understand and support our steadfast mission to provide our customers plant-based food products that are delicious while maintaining a wholesome nutritional profile."
The company currently offers 14+ plant-based products through more than 1,300 distribution points and is poised to continue its growth through product innovation, expanded production capabilities, focused eCommerce digital marketing initiatives and new retail distribution partnerships.
The company recently shared its fiscal fourth quarter and 2020 year-end results, highlighted by a 364% increase in revenue to $4.6M compared to the prior year, as well as an increase in adjusted gross profit of 37% in the fourth quarter of fiscal 2020.
In addition to building the company's points of distribution across the U.S. and Canada, European expansion efforts are also underway. VERY GOOD plans to launch an eCommerce sales platform in the United Kingdom in the third quarter of 2021, as well as an online platform in the European Union late in the fourth quarter of 2021.
The Very Good Food Company is an emerging plant-based food technology company that produces plant-based meat and other food products.
The Very Good Food Company Inc. (VERY) opened trading at C$4.49 per share.