10:27 AM EST - The Very Good Food Company Inc. : Announced that it is proceeding with its planned expansion into the U.S. market with a new strategically located California production facility that will significantly increase VGF's production capacity and support growth in the Company's wholesale and ecommerce sales in the United States. On September 1, 2020, the Company signed a lease for approximately 25,000 square feet of space in a fully built-out food production facility located in Patterson, California. The California Facility requires minimal renovations as it already contains key food production infrastructure such as coolers and freezers, allowing for it to be brought online on an expedited time frame. When the initial 25,000 square feet is operating at full capacity after a ramp up period, the facility is anticipated to have a maximum production volume of 550,000 lbs per week to supply demand for VGF's products in the U.S. market. Under the terms of the lease, VGF has a right of first refusal on an additional 25,000 square feet in the same building to double the footprint of its facility. Within the overall complex, over 500,000 square feet of warehouse space is also available to the Company for cold storage as its operations expand. The Very Good Food Company Inc.
shares C.VERY are trading up 1 cent at $1.54.
