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New Listing: The Very Good Food Company (CSE:VERY)

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The Victoria-based company is an emerging plant-based food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives.

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Additional Information:

Company: The Very Good Food Company
Website: http://www.VeryGoodButchers.com
Stock Symbol: CSE: VERY
Date Published: Jun 22, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

The Very Good Food Company is one of the latest new listings on the Canadian Securities Exchange, trading under the symbol “VERY”.

The Victoria-based company is an emerging plant-based food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives.

To date, the company has developed a core product line under The Very Good Butchers brand.

The company recently raised gross proceeds of approximately $4 million for the placement of 16.1 million shares priced at $0.25 per share.

Canaccord Genuity acted as agent for the IPO.

The company anticipates using the net proceeds from the offering to accelerate its expansion plans, and to continue developing innovative new products to increase market share.

Key priorities include funding the build-out of its Vancouver facility, increasing production capabilities, as well as investing in research & development.

The company currently produces products such as burgers, ribz, steaks, bacon, ham and pepperoni.

Mitchell Scott, CEO, stated: "This IPO is a critical milestone for VGF. It provides us with the capital to realize our vision of becoming a global leader in food technology, creating a healthier alternative to existing options and offering a premium customer experience. We have seen significant growth in our eCommerce and in-store sales, including a rapid increase in subscriptions to our monthly recurring delivery service. We intend to scale our operations aggressively and continuously reinvest in creating the highest quality, most innovative plant-based products for our customers."

According to the Plant Based Foods Association, it is estimated that the global plant-based meat market will increase from $10 billion annually to over $30 billion annually by 2026, with a compound annual growth rate of 14.8% as consumers continue to show an increasing appetite for plant-based products.

Michael Scott, CEO, added: "We were very pleased to see investors welcome our company to the public markets with open arms. After months of preparation for our public listing, we can all breathe a sigh of relief as the results of our first day truly exceeded our expectations. We are humbled to see customers become shareholders, as they look to align themselves with our vision. Yet, our work is far from done and we are focused on seizing on our momentum to grow the Very Good brand into a global leader in the plant-based food technology industry."

The company traded more than 10 million shares in its first 3 days and the shares are currently trading at $1.90.

For more information, please visit the company’s website www.VeryGoodButchers.com, contact Michael Scott, CEO, at 855-472-9841 or by email at invest@VeryGoodButchers.com.

I’m Fiona Forbes for Investmentpitch Media