The Very Good Food Company has been making waves in the plant-based industry with its innovative approach to food production. The company's mission is to make plant-based eating accessible and convenient for everyone.
Their products are made with high-quality, non-GMO ingredients and are free from artificial preservatives and flavors. This commitment to quality has resonated with consumers who are looking for healthier alternatives to traditional meat products.
The Very Good Food Company's products have been well-received by the market, with their burgers and sausages gaining a loyal following. Their products are now available in major retailers across North America.
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The Very Good Food Company
The Very Good Food Company was a public company that traded on the TSX-V under the symbol VERY and on the Nasdaq under the symbol VGFC.
The company was founded in 2017 by Mitchell Scott and James Davison.
It was a food company that operated in the industry of food.
The Very Good Food Company was based in Victoria, BC, Canada.
The company's website was verygoodbutchers.com.
The Very Good Food Company was listed on the Canadian Securities Exchange (CSE) and the American Nasdaq exchange in June 2020 with 16.1 million shares.
Controversy and Change
The Very Good Food Company is going through a significant change, with the co-founders, Mitchell Scott and James Davison, being dismissed from the company. The board of directors made the decision to replace them, seeking to reverse stock price declines.
The company's share price was trading at an unsustainable level, with Scott estimating it was 300 times sales. This made it challenging for the company to manage expectations and maintain a stable business.
The board offered Scott and Davison the choice to resign or be fired, with Scott opting for termination and Davison voluntarily stepping down. Despite being let go, Scott and Davison still hold a significant amount of shares, owning 20% to 23% of the company.
The company is implementing cost improvement measures to transition from top-line growth to sustainable, profitable growth. This decision was made after the share price began to decline over the past six months.
Scott believes that many early investors are unaware of the struggles faced by plant-based companies like Beyond Meat and The Very Good Food Company. He notes that these companies are suffering, and their stock prices are reflecting this.
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Introduction
The Very Good Food Company is a Canadian vegan meat-maker that's flying under the radar with a market capitalization of just $260 million.
Its humble beginnings started at a local farmer's market in British Columbia in early 2016, where a chef was selling his own plant-based meats.
The company's products were a major hit, and by early 2017, that chef teamed up with a business executive to form The Very Good Butchers brand.
The brand's unofficial slogan is "we butcher beans, not animals", which gives you an idea of its mission.
The company is now a vertically integrated vegan meats producer with a range of popular products, including burgers and sausages.
Its online shop has rave reviews, with the burger having a 4.5-star rating and the taco stuffer getting a perfect 5-star rating.
Despite its impressive products and growth, the company is still worth just $260 million, compared to Beyond Meat's $10 billion valuation.
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