The Very Good Food Company Announces Major U.S. Retail Distribution Partnership with UNFI

May 06, 2021
Fast-growing plant-based food technology company to significantly boost U.S. retail presence with new wholesale distribution partnership

Vancouver, British Columbia – May 6, 2021 – The Very Good Food Company Inc. (TSXV: VERY.V) (OTCQB: VRYYF) (FSE: 0SI) ("VERY GOOD" or the "Company"), a leading plant-based food technology company, today announced a significant milestone in its mission to help consumers rethink their food choices by deepening its relationship and signing a U.S. distribution agreement with United Natural Foods (UNFI), the largest publicly traded wholesale distributor of health and specialty food in North America. VERY GOOD previously entered into a distribution partnership with UNFI in Canada during the fourth quarter of the fiscal year 2020.

UNFI distributes over 250,000 natural, organic and conventional products to more than 30,000 retailers including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers and food service industry customers across the U.S. and Canada through its 58 distribution centres. This distribution agreement will play a key role in VERY GOOD’s retail expansion efforts driving its growing presence in the U.S. plant-based foods industry. In March, UNFI extended its primary wholesale grocery distribution relationship with Whole Foods Market to September 2027.

UNFI recently announced it is adding 53 all-electric transport refrigerated trailer units to its fleet located at their Riverside, California distribution centre. This effort is in keeping with UNFI’s Better for All 2030 Environmental, Social and Governance (ESG) agenda. This bold commitment by UNFI aligns with VERY GOOD’s core values including sustainability and our mission to help transform the future of food.

As more households recognize the benefits that come from incorporating tasty, healthy and low-processed plant-based options into their diet, it is critical to The Very Good Food Company’s success that we partner with established and respected wholesale distributors,” said Co-founder and CEO Mitchell Scott. “UNFI is not only one of the largest food distributors in North America, but they understand and support our steadfast mission to provide our customers plant-based food products that are delicious while maintaining a wholesome nutritional profile.”

VERY GOOD currently offers 14+ plant-based products through more than 1,300 distribution points and is poised to continue its growth through product innovation, expanded production capabilities, focused eCommerce digital marketing initiatives and new retail distribution partnerships. The Company recently shared its fiscal fourth quarter and 2020 year-end results, demonstrating a 364% increase in revenue to $4.6M compared to the prior year, as well as an increase in adjusted gross profit of 37% in the fourth quarter of fiscal 2020.

In addition to building the Company’s points of distribution across the U.S. and Canada, European expansion efforts are also underway. VERY GOOD plans to launch an eCommerce sales platform in the United Kingdom in the third quarter of 2021, as well as an online platform in the European Union late in the fourth quarter of 2021.

About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company that designs, develops, produces, distributes, and sells a variety of plant-based meat and other food alternatives. Our mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile. To date, we have developed a core product line under The Very Good Butchers brand.

For further information, please contact investor relations:
Email: invest@verygoodbutchers.com
Phone: +1 855-472-9841

Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. 

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes and the impact of and risks associated with the ongoing COVID-19 pandemic. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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