VANCOUVER – FEEL FOODS LTD. (CSE: FEEL) (OTC: FLLLF) reported it has completed construction of its new cold storage facility consisting of 2,600 cubic square feet of cold storage.
The cold storage and corporate headquarters located in Port Coquitlam, BC will serve as the logistical hub for both its plant-based meat and cheese products. This lower mainland location will enhance inventory management of the recently announced Black Sheep Vegan Cheeze products, allowing the Company to keep retailer’s shelves stocked with Black Sheep products and allow for additional product availability. The new cold storage facility will allow for the launch of the Company’s upcoming e-commerce marketplace and the commencement of Province wide online sales.
On September 7th the Company received its “CFIA” Safe Food For Canadians Licence and is in the process of applying for its CFIA export licence. This will allow the company to both export its products to the US and overseas as well as import products for sale in the Canadian market.
Feel Foods CEO David Greenway states: “As the company continues to grow, both organically and by way of acquisitions into new verticals it was clear that a strategically located, central distribution and storage facility was a necessary component to both reduce costs of contract cold storage and shipping logics. We are excited to have this completed and look forward to utilizing our new facility to reduce costs and touch points in our supply chain.”
The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027. The growth of this market is mainly attributed to the factors such as increasing incidence of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in this sector.
FEEL is an agri-food holdings company focused on innovative products and technologies in the food services industry including its wholly owned BE Good plant-based foods line of plant-based chicken, pork and beef products as well as is currently investing in the research and development of keto-friendly plant-based candy products.
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