The Very Good Food Company - CEO, Mitchell Scott.
CEO, Mitchell Scott.
Source: The Very Good Food Company.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • The facility’s first production line (Line 1) is producing four times the daily production volume of the company’s Victoria facility
  • Line 1 will be producing an average of 13,000 lbs per day starting in August
  • The company expects to continue ramping up capacity as it targets 40,000 lbs per day on average starting in Q4 2021
  • The company will be commissioning its second production line at the Rupert facility in Q4 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$3.34 per share

The Very Good Food Company (VERY) is pleased to provide a production and facility update for its Rupert facility.

The facility’s first production line is now producing four times the daily production volume of the company’s Victoria facility.

Line 1 was commissioned in April 2021 with some food production starting in May. Currently operating five days a week with three shifts per day, Line 1 will be producing an average of 13,000 lbs per day starting in August. Production volume is rapidly increasing week over week from continuous operational and process improvements in conjunction with increased production hours.

Line 1 is fully operational and mainly produces The Very Good Butchers original suite of products. The company expects to continue ramping up capacity as it targets 40,000 lbs per day on average starting in Q4 2021; gradually increasing to an average of 60,000 lbs per day in early Q1 2022.

This additional capacity will support the increasing demand for VERY GOOD’s products which have an average sales price of C$14 per lb in e-Commerce and $7 per lb in wholesale.

VERY GOOD will be commissioning its second production line at the Rupert facility in Q4 2021 which will be dedicated to the production of its new highly anticipated gluten and soy-free Butcher’s Select Line. The new product line will diversify the company’s portfolio of plant-based meats and position The Very Good Butchers brand in the meat substitute category which has been largely dominated by Beyond Meat and Impossible Foods.

Line 2 will also allow for expansion into the North American foodservice channel. VERY GOOD recently partnered with Copper Branch, the world’s largest plant-based restaurant franchise with over 40 locations across North America, and with Fresh Prep, the Vancouver-based homegrown meal kit company.

“We are proud of our team and the milestones they have achieved to date at the Rupert facility,” said Mitchell Scott, co-founder and CEO of The Very Good Food Company. “We have already surpassed the production volume at our Victoria facility which, until recently, was our only source of capacity to meet the growing demand for our products. The Rupert facility is ramping up lock step with the timing of our entry into US retail stores.”

The Very Good Food Company is an emerging plant-based food technology company that uses progressive food technology to create plant-based meat and other food products.

The Very Good Food Company Inc. (VERY) opened trading at C$3.34 per share.

More From The Market Herald
TAAT Lifestyle & Wellness Ltd.

" TAAT (CSE:TAAT) closes acquisition of Ohio-based tobacco distributor

TAAT Global Alternatives (TAAT) has completed its acquisition of HLND Holdings, Inc.

" Unisync (TSX:UNI) withdraws its OCFC2 bid

Unisync (UNI) has reassessed the economic feasibility of a previous opportunity with the Department of National Defence.
George Weston Limited. - CEO, Galen G Weston

" George Weston Limited (TSX:WN) announces NCIB

George Weston Limited (WN) has received approval for a normal course issuer bid.
good natured Products - CEO, Paul Antoniadis.

" good natured Products (TSXV:GDNP) begins trading on the OTCQX and announces DTC eligibility

Common shares of good natured Products (GDNP) have begun trading on the OTCQX Best Market in the United States under the symbol GDNPF.