The Very Good Food Company Inc (OTCMKTS:VRYYF) was in the news yesterday after the company made a major announcement with regards to the launch of a new product. The company announced that it is going to launch the new Butcher’s Select brand of plant based meats at some point this summer.
The product is not only going to be gluten free but also soy free. The announcement seems to have come as a major boost for investors and the stock ended up recording gains of 3.50%. The stock could be in action against today and investors could consider keeping an eye on the stock today.
The launch of this product is expected to be a major event for The Very Good Food Company Inc since it is going to be in competition with established companies in the plant based meats space like Impossible Foods and Beyond Meat.
The company announced that the product is going to be different from its competition due to its texture and taste which is very close to the real thing. Additionally, more and more consumers are now interested in plant based meats and The Very Good Food Company’s entry into the space could prove to be a major development for the company.
Market Reaction:
On Tuesday, VRYYF stock gained 3.40% at $2.40 with more than 154k shares, compared to its average volume of 160k shares. The stock had moved within a range of $2.3100 – 2.4500 after opening the trade at $2.34. Over the past 52-week, the stock has been trading within a range of $0.5650 – 7.4300.
 Stock Gains Momentum: Is it a Buy Now?){kind=link}