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In a world first, alternative protein and dairy restaurant chain player Globally Local debuted on the Toronto Stock Exchange’s Venture Exchange (TXCV) on April 16, thus becoming the first vegan fast-food company to go public in the country.
Canada-based food tech firm Globally Local develops its own proteins and dairy alternatives that are then incorporated in their menu items such as burgers, ‘ChickUN’, shakes and many more and is backed by British-American musician and animal rights activist Tony Kanal.
Founded back in 2016, apart from creating its own proteins, the company distributes them to several other restaurants and is able to supply the massive demand due to its food manufacturing facility.
On April 16, Globally Local began trading on TXCV, the eighth largest stock market in the world in terms of market capitalization, and the third-largest in North America.
In a press release seen by Green Queen, co-founder, CEO and one of the lead scientists at the company James McInnes said that this listing was possible due to the five years of hard work that went into making the company what it is today. “During this period, we have been developing an advanced fast-food restaurant concept and vertically integrated supply chain which, combined together, will revolutionize the fast-food industry. Our smart kitchens will soon be deploying proprietary automation technology that will not only enhance our efficiency but will also make us more affordable than traditional fast food, ultimately allowing us to create change through a better economic model.”
Our smart kitchens will soon be deploying proprietary automation technology that will not only enhance our efficiency but will also make us more affordable than traditional fast food, ultimately allowing us to create change through a better economic modelJames McInnes, co-founder and CEO, Globally Local
Instead of opting for an IPO, the company signed an agreement with a capital pool corporation listed on TSXV called Black Lion Capital.
The restaurant locations act as smart kitchens that enable takeout and deliveries and at the moment, the company has one corporate location and one franchise-based with six more to be opened as well as plans to launch 20 locations in North America by April 2022.
Elsewhere, major alternative protein and dairy giants are looking to public markets for an exit event. For instance, plant-based meat behemoth Impossible Foods is reported to be planning a public listing which could see the firm valued at US$10 billion or even more, and oat milk dairy giant Oatly has confidentially filed to go public with a Bloomberg report stating that the company is looking for a value of US$10 billion.
Lead image courtesy of Globally Locally.