- Plant-based food manufacturer Modern Meat (MEAT) is planning to expand into the US market but has yet to reveal any concrete plans
- In anticipation for its entry into the US, Modern Meat is currently considering a number of potential targeted acquisitions as well as internal growth initiatives
- While the company did not disclose the identity of the acquisition targets, it does intend to partner with similarly positioned vegan brands with a wide distribution network
- Modern Meat (MEAT) is up 1.55 per cent and is trading at C$2.62 per share
Plant-based food manufacturer Modern Meat (MEAT) is planning to expand into the US market but has yet to reveal its concrete plans.
In anticipation for its entry into the US, Modern Meat is currently considering a number of potential targeted acquisitions as well as internal growth initiatives.
While the company did not disclose the identity of the acquisition targets, it does intend to partner with similarly positioned vegan brands with a wide distribution network.
Despite only listing in on June 30 this year, Modern Meat’s international hopes reflect similar expansion at home. Late last month the company acquired a new manufacturing facility in Vancouver, which quadrupled its production footprint.
Tara Haddad, CEO of Modern Meat said the US market for meat substitute and vegan-labelled food products is witnessing strong year over year growth.
“As a lifestyle company focused on nutrition, health and wellness, we want to develop a strong pipeline of brand extensions and new products with the goal of carving out a niche for Modern Meat in the US vegan space,” she added.
Modern Meat will be hoping to follow in the footsteps of US-based Beyond Meat, which became an investor favourite last year after shooting up substantially in the weeks following its IPO.
That said, Beyond Meat’s Nasdaq-listed stocks have proven volatile in the year following its IPO, as investors hesitantly trade back and forth, as this still emerging industry continues to find its feet.
Modern Meat (MEAT) is up 1.55 per cent and is trading at C$2.62 per share at 10:53pm EDT.