Modern Meat’s (MEAT.C) latest distribution partnership with Grey Jay Sales and Distribution will have them push MEAT’s products out to retail partners across Ontario, according to a press release.
Grey Jay Sales and Distribution is in the food distribution game in Canada, focused on delivering high quality local and specialty products to national food chains across Ontario.
“The addition of Grey Jay as a channel partner further strengthens our commitment to increasing the accessibility of our plant-based meat. Expanding our distribution network throughout Ontario is key to our growth and partnering with Grey Jay provides us with access to a network of over 400 retailers,” said Tara Hadadd, CEO of Modern Meat.
Their clients include Blue Diamond Almonds, Haribo, Olive Garden, Grimm’s Fine Foods, Clif Bar, illy and more.
“We pride ourselves in representing brands that are innovative and offer something unique to our valued list of retailers. We feel that Modern Meat fills a gap that has not been claimed in the food market by focusing on high-quality ingredients that are vegan and “Good for You”. Our retail partnerships include some of the largest grocery stores in Canada and our goal is to elevate the Modern Meat brand in this category,” said Laura Ender, CEO of Grey Jay.
The plant-based protein market is expected to reach USD$35.4 billion by 2027 according to Polaris Market Research, expanding at a compound annual growth rate (CAGR) of 15.8%.
“We expect the addition of Grey Jay to accelerate the interest in our plant-based meats. Consumer demand is high, and we remain committed to growing the network of where our products are offered with the goal of becoming the meat alternative of choice in Canada,” said Tara.
MEAT is presently trading at $2.99 after having dropped 5.1% on the day.