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In a world first, a player in the protein and dairy alternative restaurant chain Globally local debuted on the Toronto Stock Exchange’s Venture Exchange (TXCV) on April 16, becoming the first vegan fast food company to go public in the country.
Canadian food technology company Globally Local develops its own proteins and dairy alternatives which are then incorporated into their menu items such as burgers, ‘ChickUN’, shakes and many more and are supported by British-American musician and animal rights activist Tony Kanal.
Founded in 2016, in addition to creating its own proteins, the company distributes them in several other restaurants and is able to meet massive demand through its food manufacturing plant.
On April 16, Globally Local began trading on TXCV, the eighth largest stock exchange in the world by market capitalization and the third largest in North America.
In a press release seen by Green queenJames McInnes, co-founder, CEO and lead scientist James McInnes said the listing was made possible by the five years of hard work that helped make the company what it is today. âDuring this period, we have developed an advanced concept of fast food and a vertically integrated supply chain which, combined together, will revolutionize the fast food industry. Our smart kitchens will soon deploy proprietary automation technology that will not only improve our efficiency, but also make us more affordable than traditional fast food, ultimately allowing us to create change through a better business model.
Our smart kitchens will soon deploy proprietary automation technology that will not only improve our efficiency, but also make us more affordable than traditional fast food, ultimately enabling us to create change through a better business model.
James McInnes, Co-Founder and CEO, Globally Local
Instead of opting for an IPO, the company signed an agreement with a TSXV-listed seed capital firm called Black Lion Capital.
Restaurants act as smart kitchens that enable take-out and delivery and, at the moment, the company has a corporate location and franchise with six more to open and plans to launch 20 locations in America. North by April 2022.
Elsewhere, the major alternative protein and dairy giants are looking to public markets for a release event. For example, plant-based meat giant Impossible Foods is reportedly planning a public listing that could see the company valued at $ 10 billion or even more, and oat dairy giant Oatly has filed confidential to make public a Bloomberg report indicating that the company is looking for a value of 10 billion US dollars.
Main image courtesy of Globally Localally.