The Very Good Food Company (CSE: VERY) this morning released an update related to its production capabilities. The firm has seen its Victoria Facility improve its production to that of 20,000 lbs per week on average, up from the prior average of 11,000 lbs per week announced in October.
The increase in production is reportedly the result of a new logistics partnership. The third party distribution enabled the company to convert prior distribution space at the Victoria facility to that of production space, increasing the capacity of the operation. The partnership has evidently proved valuable for the firm, with an average of 1,800 ecommerce orders being fulfilled each week, compared to the prior average of 900 before the partnership was in place.
With respect to distribution, the company has expanded its retail reach as well, with products to enter the Farm Boy retail chain in Eastern Canada. Farm Boys, part of the Sobeys network, currently has thirty locations in Eastern Canada while focusing on farm to table wholesale.
The firm also provided an update on its Rupert Facility this morning, with the facility expected to come online in the first quarter of 2021. The facility is said to enable the firm to expand its product distribution across both Canada and the United States. The aforementioned logistics partner, whom is unnamed, is expected to assist in wholesale order fulfillment in both instances.
The Very Good Food Company last traded at $5.74 on the CSE.
Information for this briefing was found via Sedar and The Very Good Food Company. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
