According to a new report by Research and Markets, the worldwide organic food market is expected to grow at a CAGR of more than 16% through 2020.
The report notes that organic food sales globally are driven by rising lifestyle diseases and excessive contamination of conventional food. Further, retail chains are also helping in boosting sales of organic food. There are some innovative ideas being tried out in the organic food space. One such idea is being implemented by Fresh Healthy Vending International Inc. (OTCBB:VEND).
Based in San Diego, California, Fresh Healthy Vending is North America’s leading healthy vending franchisor. The company pioneered the concept of vending machines stock with tried-and-tested fresh, healthy snack options to serve the growing market of health-conscious consumers.
The Company has over 250 active franchisees throughout the United States, Canada, Puerto Rico and the Bahamas, and continually looks to partner with like-minded entrepreneurs who share its vision.
Not only has Fresh Healthy Vending implemented its innovative idea, it has also found success.
This morning, the company announced its financial results for the third quarter of its fiscal 2016.
The company registered impressive sales and premier location procurement during the quarter.
VEND closed out the quarter with an impressive 277 vending units sold, which represents $2.788 million in deferred revenue for the company. In the same period in the previous fiscal year, the company sold 279 machines for $2.8 million in deferred revenue.
VEND also expanded its reach and operator network during the third quarter of fiscal 2016. The company added 257 secured locations across the country and more than 22 new franchises to the Fresh Healthy Vending family.
Nick Yates, Chairman of Fresh Healthy Vending, said that the company continues to consistently secure a diverse range of new healthy vending machine and micro market locations for our franchisees, attracting high profile customers such as the NBA's OKC Thunder and the Lincoln Center in New York City as examples.
Yates said that one area the company will be focusing on in the next quarter is finding ways to increase the number of units the company
installs, which will result in increased revenues.
He added that the company’s shareholders deserve to see revenue being recognized versus sitting in a deferred basket on our books and to achieve this, the company will continue its capital raising efforts, among other programs in place, to facilitate this need.
Shares of VEND have ballooned in 2016, rising by over 400% since the start of the year as investors begin to get excited about the future of this health conscious Company.
