Earlier this year, I started scanning for companies in the plant-based food niche and found that the list is extremely short, especially when you filter out companies that aren’t 100% vegan and the ones that aren’t showing substantial, sustained growth.
One company that has caught my attention is a Canadian vegan butcher with strong sales in 2020, both online and at its multiple locations. The name of the company is the Very Good Food Co. (CSE:VERY, OTC:VRYYF), and you’ll want to remember that name because you’ll definitely be hearing more about them soon.
I was already tracking this company when several crucial news updates came onto my screen. One of these is a potentially transformative development as Very Good Food recently announced that its common shares are approved for trading on the OTCQB Market under the symbol VRYYF.
This is a meaningful upgrade because companies must be current in their reporting and undergo an annual verification and management certification process in order to be listed on the OTCQB Market. At the same time, there will be no interruption or change of trading for the company’s Canadian or German stock symbols, which are VERY and 0SI.
VRYYF Stock Price Chart. Courtesy: Yahoo Finance
Mitchell Scott, CEO of Very Good Food, observed that his company has already seen increased trading volumes among U.S. investors with this upgrade. Plus, it’s providing enhanced exposure as the Very Good Food brand is becoming more internationally recognized.
Increased awareness and access to the brand and the shares could have profound implications on the stock price. Mr. Scott explains, “With an upgrade to the OTCQB, we expect our shares to become more widely accessible to a range of American investors, and we hope to continue building momentum and increasing our shareholder base internationally.”
And it’s not only the exchange upgrade that’s boosting the share price. The company also just revealed that sustainable online retailer and Canadian distributor SPUD will now be carrying Very Good Food subsidiary Very Good Butchers products.
Through its online store, and retail network in Alberta, SPUD will distribute the Very Good Butchers products to an expanding base of Canadian consumers. SPUD is a well-known winner of numerous awards, including The Best Grocery Delivery by Georgia Straight Magazine (2016-2020), The Sustainable Process/Facility Awards (2019), and The Think Beyond Plastic Innovation Challenge Award.
I suggest that you keep a close eye on Very Good Food stock as the trading volume is likely to continue surging – and as they say, “Volume precedes price,” so be prepared for outsized price action in this fascinating niche stock.
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