- Modern Meat (MEAT) has successfully completed its acquisition of a new manufacturing facility in Vancouver, British Columbia
- The facility is expected to quadruple the company’s manufacturing footprint and significantly increase its production capabilities
- In connection with the acquisition, Modern Meat has also made substantial investments in machinery to expedite production efficiency
- The acquisition comes off the back of public listing in June 30 and a recent expansion to more than 50 retail locations
- Modern Meat (MEAT) is currently up 10 per cent and is trading at C$2.20 per share
Modern Meat (MEAT) has successfully completed its acquisition of a new manufacturing facility in Vancouver, British Columbia.
The acquisition was originally proposed on August 17, and is expected to quadruple the company’s manufacturing footprint and significantly increase its production capabilities, while its plant-based products continue to sell out on a weekly basis.
Today’s release noted that, with demand for plant-based foods continuing to skyrocket, the new facility will also provide for increased growth through new product launches.
Modern Meat also said it has made substantial investments in additional machinery in an effort to expedite its production efficiency.
Tara Haddad, CEO of Modern Meat, said the acquisition will support continued growth and leadership in a rapidly expanding market for plant-based protein.
“At current output rates our company has experienced a production bottleneck and we have not been able to keep pace with our current sales.
“By relieving this congestion, we will have the ability satisfy existing orders as well as on-board new vendors and big box retail accounts,” she added.
Modern Meat completed its listing on the Canadian Securities Exchange of June 30 this year, and has since expanded its presence in British Columbia to more than 50 retail locations.
The Vancouver-based company also completed a two-tranche private placement earlier this month, raising C$2.5 million to fund brand awareness, investor relations activities, product development and inventory purchases.
The company’s share price reached a peak on July 31 at a price of $4.31 per share, but has remained relatively steady overall and is currently up 5.26 per cent since going public.
Modern Meat (MEAT) is currently up 10 per cent to $2.20 per share at 10:14am EDT.