Under the ticker VERY, The Very Good Food Company (VGF) owned vegan meat brand, The Very Good Butchers (VGB) has begun trading on the Canadian Securities Exchange (CSE). The initial public offering (IPO) of 16,100,000 common shares was completed by the company at the price of CAD$0.25 per share. The result was gross proceeds of approximately CAD$4,025,000. The funds earned will be used by the company to develop new vegan products. This money will also help them accelerate their expansion plans.
Marketing director Mitchell Scott says that this is a critical milestone for the brand. It will provide them enough capital to bring their vision of becoming a global leader in food technology to life. The company wants to provide a healthier alternative to existing options available to consumers.
The company will be soon opening a new shop in Vancouver. The brand is run by a couple who met each other when they both worked at a vegetarian restaurant in Vancouver. James Davison and Tania Friesen, together, began selling the vegan and organic products they made at a local farmer’s market in 2016.
The couple has always had the goal of making vegan products accessible. They have been trying to make sure their customers choose a vegan product over meat consumption. They were surprised and happy to see the demand for their products at the farmer’s market. The demand outpaced their production capabilities, so then the couple decided to partner with Scott to open the first VGB storefront on Canada’s west coast in Victoria, BC in 2017. Their vegan meats are available at retailers across Canada and as part of a subscription butcher box.
The company shifted to a larger location in Victoria within four months of opening. They took over the place of shuttered, meat-heavy Cowichan Bay Seafood. Their menu includes VGB’s housemade vegan meats and cheeses such as burgers, subs, mac n’ cheese, and loaded fries.
Now with the new step the company intends to scale their operations aggressively and establish a market leadership position. They have continuously reinvesting in creating the highest quality, most innovative plant-based products for their customers and also to lure meat eaters to buy vegan food instead of consuming non vegan product.