Zoglo’s Incredible Food Corp. (ZOG.C) announced today that it will be listing 12 plant-based food products from its new Incredible™ product line at 130 Metro Inc. supermarket locations across Ontario.
“We are very pleased to bring Zoglo’s innovative and flavourful products to Metro supermarket customers across Ontario…The roll out is part of our strategic go-to-market initiatives aimed to accelerate consumer adoption and increase brand awareness,” commented Anthony Morello, CEO of Zoglo’s.
After looking into Zoglo’s CEO, Anthony Morello, I was sorely disappointed to find out he does not have a background in circus entertainment. However, he does have three years of experience working at Sobeys as the company’s Vice President of Merchandising Services and its Vice President of Commercial Programs. Keep in mind, Zoglo’s products are distributed at Sobeys and more than 700 retail stores across Canada, including supermarkets like Walmart, Shoppers Drug Mart, and Loblaws. With that being said, although “Zoglo’s Incredible Food Corp.” may sound like a circus attraction, the Company’s operations are anything but a joke.
Having just launched on the Canadian Securities Exchange (CSE) on July 26, 2021, Zoglo’s is now set to launch its 12 new plant-based products at Metro, a leading Canadian supermarket chain. With more than 950 storefronts including 326 supermarkets in Quebec and Ontario, Metro is one of Canada’s largest food retailers alongside Sobeys Inc. and Loblaw Companies Limited. According to Metro’s 2020 Annual Report, the company achieved $17.9 billion in sales, up from $16.7 billion year-over-year. Furthermore, in Q2 2021, sales reached roughly $4.1 billion, up 5.1% compared to approximately $3.9 billion in Q2 2020.
The launch of 12 new plant-based products at 130 Metro supermarket locations across Ontario represents a huge milestone for Zoglo’s. Currently, there aren’t too many eyes on Zoglo’s, however, the Company could very well become a major distributor of plant-based products not only in Canada, but in Europe as well following the expected establishment of a definitive agreement with Monday Swiss UK Ltd. on August 27, 2021. With this in mind, Europe was projected to command the largest share of the global plant-based food market in 2020. In the future, the European plant protein market is expected to reach USD$3.8 billion by 2026, expanding at a CAGR of 6.66%.
Overall, Zoglo’s may be worth keeping on your radar. In particular, investors who are interested in Zoglo’s should keep an eye out of any updates related to the Company’s proposed non-binding Letter of Intent (LOI) with Monday Swiss. If a definitive agreement is established between both companies, Zoglo’s will be able to greatly improve its capacity to expand globally.
Zoglo’s share price opened at $0.45, up from a previous close of $0.445. The Company’s shares were trading at $0.445 as of 1:24PM ET.