Vancouver, British Columbia, October 9, 2020 – The Very Good Food Company Inc. (CSE: VERY) (OTC: VRYYF) (FSE: 0SI) (“VGFC” or the “Company“) is pleased to announce record orders for its popular holiday item “The Stuffed Beast”, an increase in production volume out of the Victoria facility, and the addition of a new Canadian distribution partner.
Record Sales of Holiday Specialty Product “The Stuffed Beast”
Sales for vegan holiday substitute product “The Stuffed Beast” have grown to record levels in 2020, with presales for both Thanksgiving and Christmas at maximum capacity. These sales include 2,000 pre-order units for Thanksgiving, 4,500 pre-order units for Christmas, and an additional 1,500 units sold direct-to-consumer online through the Company’s ecommerce store at www.verygoodbutchers.com.
The current pre-sales represent a greater than 300% annual increase in units sold, compared to less than 2000 units sold during last year’s holiday season and do not yet include upcoming ecommerce sales for Christmas or American Thanksgiving. The Stuffed Beast has an average retail sale price in stores of approximately CDN $44.
As part of the holiday orders, existing retailers Whole Foods and Sobeys (Thrifty Foods) will be selling “The Stuffed Beast” in their stores located in British Columbia, Canada.
CEO Mitchell Scott stated: “We are delighted to see not only record demand for one of our most popular products, but continued repeat orders from key partners Whole Foods and Sobeys. As we look to expand across their large combined network, the robust sales velocity we are experiencing at the stores we’re currently in gives us a lot of optimism for the future.”
Production Capacity Update
With continuously rising demand and the current backlog in orders, increasing production out of the Victoria facility continues to be a high priority item for the Company. As an update on the various initiatives to optimize and increase production, the Company is pleased to report the implementation of an updated ERP system which is expected to streamline inventory tracking and procurement.
In addition, pending possession of additional warehouse space in Victoria scheduled for later this year, the Company will be able to implement a just-in-time inventory management system, which is expected to further increase capacity and decrease order wait times.
The current initiatives have resulted in a significant boost in weekly production to greater than 11,000 lbs per week, an increase of nearly 50% above previously reported volume on August 11, 2020. The current trajectory of production is on track for the Company’s near term goal of 19,000 lbs per week.
New Distribution Partnership – SPUD
The Company is also pleased to announce that sustainable online retailer and Canadian distributor Spud.ca (“SPUD”) will now be carrying Very Good Butchers products. Through its online store, and retail network in Alberta, SPUD will distribute the Company’s products to an expanding base of Canadian consumers.
SPUD is a certified B-corp and the winner of numerous awards, including Best Grocery Delivery by Georgia Straight Magazine (2016-2020), The Sustainable Process/Facility Awards (2019), and The Think Beyond Plastic Innovation Challenge Award
About The Very Good Food Company
The Very Good Food Company Inc. 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. Our mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile. To date, we have developed a core product line under The Very Good Butchers brand.