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Highlights
- Stocks of Beyond Meat (NASDAQ: BYND, BYND: US) spiked by over 13 per cent on May 25 after Kim Kardashian joined as the company’s first Chief Taste Consultant.
- VERY stock also surged massively by over 117 per cent on May 25
- Maple Leaf’s Field RoastTM has launched a plant-based hot dog with its partner, Portillo’s (NASDAQ: PTLO, PLTO: NASDAQ).
Vegan stocks became the talk of the town this week after Beyond Meat (NASDAQ: BYND, BYND: US) announced recruiting Kim Kardashian as the company’s first Chief Taste Consultant. Following this development, BYND stock rose by over 13 per cent on Wednesday.
As Ms Kardashian joins Beyond Meat to promote its plant-based meat products, Canadian investors seem to be showing interest in vegan stocks once again to benefit from the growing plant-based food market.
If you are looking into Canadian vegan stocks too, here are a few to check out.
The Very Good Food Company (TSXV: VERY)
The Very Good Food Company expanded its retail distribution by making its vegan products available in more than 2,000 Loblaw Companies (TSX:L) stores. The C$ 45-million market cap firm further projects to increase its retail distribution for Summer this year.
VERY stock spiked massively by over 117 per cent on Wednesday, May 25. EODHD/Others data suggests that VERY stock’s Relative Strength Index (RSI) value notably improved to 55.51 on May 25, indicating growing price momentum.
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The Planting Hope Company Inc (TSXV:MYLK)
The Planting Hope Company offers plant-based food and beverages in the United States and Canada. On May 19. The company signed increased reach for Hope and Sesame® Barista Blend by signing with two new distribution partners in the Mid-Atlantic and San Francisco Bay area.
MYLK stock swelled by roughly four per cent in one week. Planting Hope’s RSI value surged to 41.8 on May 25, as per EODHD/Others.
Maple Leaf Foods Inc (TSX:MFI)
Though not solely focused on vegan food products, Maple Leaf Foods owns and runs vegan brands like Field RoastTM and Lightlife ®. Recently, Field RoastTM and Portillo’s (NASDAQ: PTLO, PLTO: NASDAQ) launched a plant-based hot dog.
MFI stock rose by about 11 per cent from its 52-week low of C$ 24.3 (August 4, 2021). As per EODHD/Others findings, MFI’s RSI value stood at 43.88 as of May 25.
Burcon Nutrascience Corporation (TSX:BU)
Burcon Nutrascience develops and provides plant-based proteins. The company founded a joint venture firm, Merit Functional Foods Corporation, in 2019. This JV firm partnered with Bunge Limited (NYSE: BG, BG: US) in 2020. Under this partnership, the company received an equity financing of US$ 30 million to accelerate the construction of its plant-based protein manufacturing facility in Manitoba.
BU stock plummeted by roughly 83 per cent in 12 months. Its RSI value was slightly up from the oversold mark of 30 on May 25, according to EODHD/Others.
Simply Better Brands Corp (TSXV:SBBC)
Simply Better Brands Corp is engaged in developing plant-based food and skincare products. Simply Brands’ vegan brand portfolio includes No B.S. Cosmetics and TRUWOMEN.
According to EODHD/Others findings, SBBC stock held an RSI value of 27 on May 25, signifying the bearish trend. This vegan stock plunged by about 58 per cent in a year.
Bottomline
Plant-based products are becoming increasingly popular with growing awareness of green alternatives to meat. Hence, investors can explore these Canadian plant-based product stocks as some of these are expanding their distribution footprints.
Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
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