Sector Roundup: Budding Plant-Based Companies, Featuring GDNP.V, MILK.C, BABY.V, MEAT.C, VERY.V (Week 4)

Week in Review (Week 4)

Labor Day was created to celebrate the achievements of workers like myself, although I don’t exactly have any impressive accolades to show off. As much as I would like to say that my long weekend included a cottage, friends, lakeside beers, and great weather, I actually spent most of it inside fermenting like kombucha. Instead of going to a cottage, I passed my time playing video games and contemplating my existence. Exciting, right? However, before the long weekend kicked off, I went on a date with this amazing girl. Yes, developments have been made with regards to my scuffed dating life. I’m just as surprised as you are. Anyways, she ended up making me a fantastic vegetarian dinner consisting of ravioli, garlic bread, and fine wine. The ravioli was filled with a blend of cheeses and topped with a delicious vodka sauce, pairing nicely with my glass of red wine. You’ll have to take my word for it, but this was some of the best damn ravioli I have ever had and I don’t even like pasta that much.

If you told me I was manifesting vegetarianism into my life by writing about plant-based companies every week, I would honestly believe you. In fact, most weeks I seem to have some sort of encounter with plant-based foods or vegetarianism. Whether this is purely coincidence or not, there’s no denying that the plant-based sector is growing at a phenomenal rate. As a matter of fact, the plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027, reaching a valuation of $74.2 billion by 2027. Leading the charge are companies like Else Nutrition Holdings Inc (BABY.V), The Very Good Food Company Inc. (VERY.V), Modern Plant Based Foods (MEAT.C), good natured® Products Inc. (GDNP.V), and Plant Veda Foods Ltd. (MILK.C). While most of these companies have been covered before, good natured® Products and Plant Veda are two new faces. Let’s get into it!

good natured® Products Inc.

$195.412M Market Capitalization

good natured® Products (GDNP.V) is a plant-based company committed to developing everyday earth-friendly packaging products that combine the very latest in plant-based renewable materials. Weren’t expecting that one were you? Although you probably could eat good natured®Products’ products, that’s definitely not what the Company had in mind. Instead, good natured® is focused on creating a seamless experience that makes it easy and affordable for more business owners and consumers to reduce their reliance on fossil fuels. good natured®offers 400 products and services, produced using plant-based materials, not petroleum. During the manufacturing process, good natured® purposefully eliminates BPAs, phthalates and other chemicals of concerns in order to create products that are better for our health, the planet, and the eco-system.

So, what has good natured® been up to lately? On September 9, 2021, the Company announced that two specialty meal kit providers, Simple Feast and Vegano, have partnered with good natured® to increase the use of sustainable packaging in the growing meal kit industry. Simple Feast is a California-based meal kit provider serving the Los Angeles area. Simple Feast has been using good natured® plant-based packaging for the last year with positive responses from its customers. Similarly, Canadian-based Vegano delivers plant-based meal kits and grocery staples to the Greater Vancouver Area using good natured® sustainable packaging.

“These are just two examples of meal kit providers we’ve partnered with to extend the focus on plant-based ingredients all the way through to their choice in packaging. Our team is consistently reviewing market trends to identify opportunities to work with like-minded partners who demand a strong focus on their health and our planet. We’re on a mission to detoxify the food industry, and we couldn’t be more pleased to be on this journey with customers like Simple Feast and Vegano,” commented Paul Antoniadis, CEO of good natured®.

You may not think plant-based packaging is a big deal, but it seriously is. On October 7, 2020, Canada’s Minister of Environment and Climate Change, Jonathan Wilkinson, announced the next steps in the Government of Canada’s plan to achieve zero plastic waste by 2030. A pivotal part of this plan includes a ban of six harmful single-use plastic items, including checkout bags, stir sticks, beverage six-pack rings, cutlery, straws and food packaging made from plastics that are difficult to recycle. With this in mind, good natured® is certainly doings its part to ensure plastic waste is kept to a minimum.

Plant Veda Foods Ltd.

$34.198M Market Capitalization

Plant Veda Foods (MILK.C) is an award-winning dairy-alternative company on a mission to “accelerate humanity’s shift to a plant-based lifestyle.” The Company is focused on all-natural, low processed and nutritional choices that are better for people, animals and the planet. Why is a company like Plant Veda important? Well, most people, roughly 65% of the world’s population, are lactose intolerant. Unfortunately for me, I am both lactose and intolerant and madly in love with dairy products, including cheese, ice cream and chocolate. However, plant-based dairy alternatives like oat, almond, coconut and cashew milk have become increasingly popular in the last few years. In fact, the global plant-based dairy market is expected to reach $21.52 billion by 2024. Personally, I have only ever had almond milk and I absolutely detested it, but I have to admit that Plant Veda’s products look pretty delicious. Currently, the Company offers a variety of products, including its award-winning plant-based Lassi yogurt drink, coffee creamer, milk, yogurts, and dips.

So, what has Plant Veda been up to lately? On September 9, 2021, the Company announced that its blueberry lassi has been named a finalist for the Product of the Year award by the BC Food and Beverage Association (BCFB Awards). The BCFB Awards is an annual event that celebrates the accomplishments of companies, products, and individuals that have made an impact in the BC food, beverage, and natural health industry. With this in mind, Plant Veda’s blueberry lassi has been nominated as a finalist for Product of the Year in an event comparing both plant-based and non-plant-based foods and beverages. Keep in mind, the mango version of Plant Veda’s lassi product line has already received the Product of the Year Award at Veg Expo 2019 and the Clean Choice Award by the Clean Eating Magazine earlier this year.

“Plant Veda’s blueberry lassi has been a fan favorite since it was launched and it’s very close to my heart because it’s made with blueberries grown in British Columbia along with pure Canadian maple syrup and oats. Big congratulations to all the blueberry farmers of British Columbia for the achievement as it’s an honour to be nominated as one of the finest food products that BC has to offer”, says Sunny Gurnani, CEO of Plant Veda.

Additionally, Plant Veda also announced that it has renewed its agreement with Gina Capital to provide investor relations and digital marketing services. Overall, I would say Plant Veda has a good head on its shoulders. In addition to being available at more than 100 stores, including Whole Foods Market, the Company boasts a 25,000 square foot state of the art facility in Delta, BC. The Company is currently in the process of a Phase 1 upgrade that will support $10 million in sales per year, with plenty of room to grow.

Else Nutrition Holdings Inc.

$268.129M Market Capitalization

Else Nutrition (BABY.V) is a food and nutrition company focused on developing clean, plant-based food and nutrition products for infants, toddlers, children, and adults. The Company is credited for its plant-based, non-soy, formula, intended to be a clean-ingredient alternative to dairy based formulas. In terms of recognition, Else Nutrition won the “2017 Best Health and Diet Solutions” award at the Global Food Innovation Summit in Milan. Additionally, the Company’s Plant-Based Complete Nutrition for Toddlers was recently ranked as the #1 top seller in the baby and toddler formula category on Amazon.

So, what has Else Nutrition been up to lately? On September 8, 2021, the Company announced the launch of a new dedicated Health Care Professional (HCP) website in the US. The way I see it, Else Nutrition has dedicated some of its resources to create a website that will benefit both health care professionals and parents alike. Keep in mind, parents in the US rely heavily on their pediatrician for advice when it comes to feeding their babies. In fact, data shows that 89% of parents ask their pediatrician for specific recommendations related to nutritional products. In particular, most parents simply want confirmation that the product they intend to use is suitable for their child.

“We are pleased to provide this resource to over 80,000 pediatricians in the U.S. as well as many other healthcare professionals,” Stated Hamutal Yitzhak, CEO and Co-founder of Else Nutrition.

With this in mind, Else Nutrition’s new HCP website is intended to ensure that clinicians have all the information they need to confidently recommend Else Nutrition products to parents. Through this website, HCPs are able to get answers to questions and contact the Company directly. Additionally, doctors, nurses, and dietitians can order product samples for delivery directly to their office as well as access and download the full library of professional resources for all Else products. After taking a glance at Else Nutrition’s HCP website, I have got to say it looks pretty sleek. Via this website, visitors have access to the Company’s overview, science and research, clinical testimonies, products, and tools for patient care. These tools include parent resources, HCP product guidelines, and recipe dilution charts. Else Nutrition is like an open book and I think that is admirable considering how important nutrition is in the development of children.

Modern Plant-Based Foods Inc.

$72.833M Market Capitalization

Modern Plant-Based (MEAT.C) is a plant-based meat alternative company based in Vancouver, Canada. The Company currently has two retail locations in Vancouver offering a smoothie bar and health products with a plant-based focus. Moreover, Modern Plant Based Foods’ top chefs have created a selection of healthy, gourmet vegan options crafted entirely from natural ingredients. Additionally, Modern Plant-Based products are soy, gluten, nut and GMO-free in addition to being made with no artificial preservatives or additives. Some of the Company’s plant-based food products and services include meat alternatives, homemade style soups, vegan cheese, sauces and candies. Modern Plant Based Foods is recognized for its brands, KitsKitchen™, Modern Meat, Modern Wellness, and Snacks from the Sun.

So, what has Modern Plant Based Foods been up to lately? On September 9, 2021, the Company announced that it has expanded its distribution of its plant-based snacks including Snacks from the Sun™ “Popped Potato Crisps” and Sunsational jellies with one of America’s largest multinational off-price department store corporations. For context, off-price refers to a method of retailing where brand-name goods are sold for less than their usual retail price. As someone who has an unhealthy obsession with chips, I can get behind a plant-based alternative that tastes just as good. When I was still in university, I would eat Sweet Chili Heat Doritos and Sun Chips for dinner more often than I would like to admit. Hey, it was either that or ramen, and cheap ramen gets old really quick.

“We are excited to have our products on the store shelves of these reputable brands. Distribution deals like this, across multiple regions, allow us to position ourselves to take advantage of future opportunities in these major metropolitan markets…With the continued increased interest in healthy snacking, this was an opportune time to list with such a global group. Millions of people will be able to see and try our brands and based on the ingredients and flavor profile we are confident that we will be able to secure repeat customers,” stated Tara Haddad, Founder of Modern Plant-Based Foods.

The department store corporation working with Modern Plant Based Foods is no joke. This group is the leading off-price retailer in the US and worldwide. Furthermore, it has several familiar and reputable department store brands operating 4,665 stores in nine countries, achieving net sales of $41.7 billion in FY 2020. The corporation is impressive, but let’s talk about the real winners here. Modern Plant Based Food’s Snacks from the Sun™ “Popped Potato Crisps” are light and airy crisps made from all-natural potatoes, whole grains, and seasonings. In addition to being free of gluten, cholesterol, and saturated fats, these chips are available in over 7,700 stores throughout the US and Canada. On the other hand, the Company’s Sunsations jelly candies are kosher, vegan, and free of gluten, fat, and GMOs.

The Very Good Food Company Inc.

$307.64M Market Capitalization

The Very Good Food Company Inc. (VERY.V) is a plant-based food technology company dedicated to producing nutritious and delicious plant-based meat and cheese products under its core brands, The Very Good Butchers and the Very Good Cheese Co. The Very Good Butchers is a plant-based food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives. Ultimately, the company hopes to create products that are delicious while maintaining a wholesome nutritional profile. When it comes to switching to a plant-based diet, I have a few hesitations. The nutritional value of plant-based meat alternatives is one of them. However, after looking at some of The Very Good Butchers’ products, I must say they are quite convincing. A 100g serving of chicken is roughly 165 calories and 31 grams of protein. In contrast, The Very Good Butchers’ The Very Good Burger packs 210 calories and 23g of protein in one burger patty. That’s pretty good.

“We are quickly building a fast network of retailers across the country, and our partnership with Sobeys, one of North America’s largest grocery chains, has allowed us to rapidly expand our presence across Canada,” said Mitchell Scott, Co-Founder & CEO of The Very Good Food Company.

So, what has The Very Good Food Company been up to? On September 9, 2021, the Company announced that it has further expanded its product offering within Sobeys Inc.’s retail network. More specifically, the Company’s The Very Good Butchers product line is now available for the first time in Quebec at Rachelle Béry health food stores, and online throughout the Greater Toronto Area (GTA) via Voilà by Sobeys’ online home delivery service. It is worth noting that Rachelle Béry has 10 grocery stores and over 80 Espace Santé sections in IGA supermarkets throughout Quebec. Meanwhile, Voilà by Sobeys is an online grocery home delivery service in the GTA. More recently, Voilà by Sobeys has expanded with the launch of curbside pickup in Nova Scotia and Alberta. Keep in mind, last month the Company announced that its The Very Good Butchers products were available in more than 750 outlets across North America, including over 100 stores in the US. With further distribution expansion planned for Q1 2022, The Very Good Food Company is making leaps and bounds in the plant-based sector.