Business
The Very Good Food Company Provides Production Capacity Update for its Rupert Facility
The Very Good Food Company Provides Production Capacity Update for its Rupert Facility.
About this update from The Very Good Food Co Inc
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - July 28, 2021) - The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) (\"VERY GOOD\" or the \"Company\"), a leading plant-based food technology company, is pleased to provide a production and facility update after recently announcing the upcoming launch of its new Butcher's Select line of gluten and soy-free plant-based meats available this summer.VERY GOOD is pleased to report that its first production line (\"Line 1\") at its Rupert facility, located in Vancouver, Canada, is now producing four times the daily production volume of the Company's Victoria facility. Line 1 was commissioned in April 2021 with some food production starting in May. Currently operating five days a week with three shifts per day, Line 1 will be producing an average of 13,000 lbs per day starting in August. Production volume is rapidly increasing week over week from continuous operational and process improvements in conjunction with increased production hours. Line 1 is fully operational and mainly produces The Very Good Butchers original suite of products. The Company expects the ramp up of capacity of Line 1 to continue into the fall as it targets 40,000 lbs per day on average starting in Q4 2021; gradually increasing to an average of 60,000 lbs per day in early Q1 2022. This additional capacity will support the increasing demand for VERY GOOD's products which have an average sales price of CDN$14 per lb in e-Commerce and CDN$7 per lb in wholesale.VERY GOOD will be commissioning its second production line (\"Line 2\") at the Rupert facility in Q4 2021 which will be dedicated to the production of its new highly anticipated gluten and soy-free Butcher's Select Line. The new product line will diversify the Company's portfolio of plant-based meats and position The Very Good Butchers brand in the meat substitute category which has been largely dominated by Beyond Meat and Impossible Foods. Line 2 will also allow for expansion into the North American food service channel. VERY GOOD recently partnered with Copper Branch, the world's largest plant-based restaurant franchise with over 40 locations across North America, and with Fresh Prep, the Vancouver-based homegrown meal kit company.\"We are proud of our team and the milestones they have achieved to date at the Rupert facility,\" said Mitchell...