Will Very Good Food Company (CVE:VERY) (VRYYF) See Bounce After This news?

Very Good Food Company Inc (CVE:VERY) (OTCMKTS:VRYYF) stock has been under selling pressure over the past month with a fall of about 20%. Nevertheless, the stock has gained 170% over the past year.

Major Trigger:

The Very Good Food Company Significantly Increases Retail Distribution Points in Canada

Key Highlights:

  • Very Good Food Company announced that through its new wholesale distribution partnership with Horizon Grocery + Wellness, it has signed on with Save-On-Foods, a major Canadian grocer, to carry The Very Good Butchers suite of products in 184 of its retail stores across Canada.
  • On the Company’s home turf in Canada, VERY GOOD has entered into a new partnership with Horizon Grocery + Wellness (“Horizon”), Western Canada’s leading distributor of organic and natural foods, natural personal care items and nutritional health supplements. Horizon joins VERY GOOD’s North American network of wholesale, eCommerce and food service partners, helping to power the Company’s growth and move its plant-based offerings from its production facilities to customers’ plates.
  • Through the wholesale distribution partnership with Horizon, VERY GOOD’s popular brand, The Very Good Butchers, will now be carried in Canada’s largest Western-based grocery retailer, Save-On-Foods.

Key Quote:

“The expanded retail distribution in Canada is a direct result of us meeting our goals to ramp up production at our facilities in order to meet consumer demand and support our revenue growth,” said Mitchell Scott, Co-Founder & CEO of The Very Good Food Company.

Market Reaction

As of 10.19, VRYYF stock moved up 5% to $3.20 with more than 48k shares, compared to  its average volume of 154k shares. The stock has moved within a range of $3.0000 – 3.3700 after opening the trade at $3.37.

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