Boosh Plant-Based Brands Inc. engages in the production, distribution, and sale of plant-based frozen meals to grocery outlets in Canada. It intends to fund the development of the business using the proceeds of the offering. The company was founded on August 6, 2020, and is headquartered in Surrey, Canada.
Newly Traded Boosh Plant-Based Brands Inc. Looks Like the Future of a Skyrocketing Plant-Based Food Industry
- With climate change now a climate emergency, the plant-based foods industry is skyrocketing. UBS projects the plant-based foods sector to skyrocket from $5 billion to $85 billion in less than 10 years.
- More and more millennials and gen z's are adopting a plant-based lifestyle for health and nutritional benefits and to reduce carbon emissions.
- 27% of Canadians indicate that they plan to move to a plant-based diet. Retail sales of meat substitutes in Canada could also reach $226.7 million by 2022.
- Boosh IPO’d on the CSE under the ticker: VEGI.
- With 6 frozen entrees and 3 refrigerated entrees by Q3 2021, Boosh is well-positioned to disrupt the plant-based industry.
- Boosh Plant-Based Brands Inc. products are currently in or scheduled to distribute to over 375 stores throughout Canada. This is up from 150 in January 2021.
- Boosh Plant-Based Brands Inc. products are sold in Safeway, Metro, IGA, Choices, and more. Recently, Whole Foods in Canada agreed to carry its products.
- Boosh Plant-Based Brands Inc. has an alliance with Beyond Meat™ and a distribution deal with UNIFI, one of the world's largest natural food distributors.
- Boosh Plant-Based Brands Inc. products are 100% plant-based, gluten-Free, and non-GMO.
- Boosh Plant-Based Brands Inc. boasts a seasoned CEO, Jim Pakulis, who has significant capital markets experience, and an award-winning president, Connie Marples. They are joined by an experienced management team.
Climate change is no longer what it once was. In fact, many scientists today have begun referring to it as a climate emergency. As country after country pledges to reduce emissions, consumers are forced to question our own decisions and figure out ways to help.
One of the lifestyle choices consumers are increasingly turning to is adopting, in some form, a plant-based diet.
What was once considered a "fad diet" has now grown into a lifestyle. Plant-based foods or protein substitutes/alternatives to beef, poultry, seafood, eggs, dairy, and other types of ingredients from animals are becoming increasingly adopted.
In the U.S., for example, only about 290,000 Americans adhered to a plant-based lifestyle in 2004. Today, this figure is now roughly 9.7 million.
Health Focus International also reported that a staggering 17% of U.S. consumers ages 15 to 70 now eat a predominantly plant-based diet, also referred to as “flexitarians”. In addition, almost 60% of consumers surveyed report they intend to cut back on eating animal meat.
According to the Good Food Institute, the plant-based food market could see a CAGR of 27% over the next 5 years. They also claim that 57% of North American households have purchased plant-based foods, and 78% of households repeat order.
But nutrition and health are not the only reasons why UBS projects the plant-based foods sector to skyrocket from $5 billion to $85 billion in less than 10 years, or why Bloomberg News just a few weeks ago projected that plant-based meat could make up a quarter of the $1.8 trillion meat market by 2040.
As most consumers are learning, eating less meat can be your way of reducing your carbon footprint and help the environment. According to Our World In Data, the average footprint of beef, excluding methane, is about 36 kilograms of CO2eq per kilogram. This is between approximately10 to 100 times the footprint of most plant-based foods.
With all of these catalysts pushing the case for plant-based foods, Boosh Plant-Based Brands Inc. is a company you will want to keep your eyes on. Boosh is a Canadian company creating and distributing plant-based nutritionally balanced frozen meals to grocery outlets throughout Canada.
Canada isn't just any plant-based market either. 27% of Canadians indicate that they plan to move to a plant-based diet, and retail sales have already reflected this trend. Retail sales of meat substitutes in Canada were only about $119.9 million in 2015. By 2022, this number could reach $226.7 million. (Statista 2021)
Canada is also a global leader in plant protein, investing $950 million in its Super Cluster Initiative, an intense business activity made up of companies, academic institutions and not-for-profit organizations that boost innovation and growth in a particular industry, with Protein Industries Canada being one of five sector recipients.
Who Exactly Is Boosh?
Boosh Plant-Based Brands Inc. is a Canadian plant-based food company focused on nutritionally balanced, family-focused, plant-based comfort food. It is an emerging company creating and distributing plant-based nutritionally balanced frozen meals to grocery outlets.
Currently, Boosh Plant-Based Brands Inc. offers six exceptionally tasting frozen meals. Four of these meals are single-serve bowls, and two are entrees for two.
In addition, a new refrigerated line, anticipated to launch in July 2021, offers even more versatility and convenience for consumers and consists of:
- Chilli: stick to your ribs, four kinds of beans, loaded with veggies in a zesty sauce.
- Good Gravy: plant-based gravy, slow-simmered and full of mushrooms. Good to pour on anything or add to your favorite plant-based milk for mushroom soup.
- Sloppy Joes: an old-time classic reimagined. Beyond Meat™ crumbles, lentils, peppers, and onions slow-cooked in a zesty, ketchup-based sauce.
Today, Boosh Plant-Based Brands Inc. is sold or scheduled to be sold in over 375 grocery stores throughout Canada, including but not limited, to Safeway, Thrifty Foods, Nature's Fare Markets, Stong's Market, Nesters Market, Sobey's, Buy-Low Foods, IGA Markets, Metro, Choices Markets. This is an increase of 225 stores from 150 stores in January 2021. In addition, Whole Foods is also planning to offer Boosh products within their 14 Canadian locations by fall 2021.
Where Did Boosh Come From?
In 2018 Connie Marples, the founder of Boosh Food Inc., began selling her plant-based entrees to local Vancouver grocery outlets. A food and restaurant entrepreneur, Connie recognized the importance of creating plant-based nutritionally balanced family-oriented meals as an alternative to animal protein-based meals. As the number of grocery stores selling Boosh began to expand, so too did the number of accolades for Connie and Boosh's growing line of plant-based entrees.
Connie is a seasoned entrepreneur, and is quickly becoming recognized as an expert in the plant-based food sector in Greater Vancouver. Connie started as a pioneer in the wine bar industry, founding Vancouver-based Vintropolis. Vintropolis was included in Conde Nast's prestigious "Best New Restaurants in the World List" in 2005.
Since then, Connie and the Boosh brand continues to win awards. She received the Local Innovation Award in BC from Sobeys in 2019 and the 2020 BC Food & Beverage Rising Star award. Boosh's Shepherd's Pie was also a finalist in the "Product of The Year" awarded by BC Food & Beverage in 2020.
Further Growth Through Acquisitions:
On February 28, 2021, Boosh Plant-Based Brands Inc. entered into and completed an Asset Purchase Agreement with Vegan Canteen Limited Partnership. Under this Agreement, Boosh Plant-Based Brands Inc. acquired specific recipes and formulas to develop a shelf-stable 'Vegan Cheez' sauce formulation in both cheddar and nacho cheese flavors.
This acquisition is beneficial for two reasons:
First, it allows the company to immediately use the Vegan Cheez sauce in its new recipes without the average six-to-eight month time period in creating its own vegan cheese.
Second, the founder of Vegan Canteen brings to the Boosh team a unique and exciting set of cooking skills which are complimenting Connie in exploring a variety of plant-based meat substitutes.
This may only be the start, too. Boosh Plant-Based Brands Inc. plans to continue evaluating select privately held companies as candidates for potential acquisitions.
Beyond Meat™ Branding & Supply Partnership + Distribution With UNFI:
It certainly doesn't hurt that Boosh Plant-Based Brands Inc. has a branding and supply alliance with one of the largest plant-based food companies globally and a distribution deal with one of the largest natural food distributors in North America.
Boosh Plant-Based Brands Inc, first and foremost, has a branding and supply alliance with Beyond Meat™. Currently, Beyond Meat™ is used in 3 Boosh entrees.
In 2020, Boosh Plant-Based Brands Inc. also applied for and was accepted for product listing with UNFI through its Canadian division. Though Boosh products are distributed by two independent distribution firms, UNFI is the primary distributor of Boosh's products. Through this listing, UNFI makes Boosh Plant-Based Brands Inc. products available for distribution and sale to grocery retailers in Canada. In addition, UNFI acquires products at wholesale prices fixed by Boosh for further sale to retailers.
What Other Competitive Advantages Can The Company Boast?
First and foremost, you have to look at the products themselves.
Boosh Plant-Based Brands Inc. boasts the following:
- 100% plant-based
- Gluten free
- Prioritizing less sodium and sugar
- Non-GMO ingredients
- Single serve and Family-sized portions
- Six frozen entrees
- Three refrigerated products to be introduced in July, 2021
Next, let's talk about the IPO and the company's shrewd management. Management favors a more conservative capitalization table in which it believes will benefit shareholders and investors in the long term. As a result, the company will only have approximately 15 million shares outstanding post IPO, and insider ownership will be approximately 29%, with standard lock up and restrictions applying to insider’s positions.
Boosh has a top-notch strategy. If you are an investor or believer in plant-based foods, we suggest keeping an eye on Boosh. It's also hard not to love their management and prudent capitalization strategy. However, this is a rapidly growing and red-hot sector. So many different companies are sprouting up in plant-based foods now, and we are at risk of becoming oversaturated. Boosh Plant-Based Brands Inc. appears to be doing the right things, and its leadership is its x-factor. But it will undoubtedly face stiffer competition in the future.
2. The Company Is Newly Traded
On Friday, May 21st the OTC issued its bulletin announcing that Boosh Plant-Based Brands Inc. (Ticker: VEGI) would be listed on the OTC May 26th, and commence trading May 27th. While this gives investors the potential of a ground floor opportunity, there are significant risks to consider, including, but not limited, to lack of disclosures, minimal sales, competitive marketplace, and ongoing challenges related to Covid-19. Obviously, the risk factors associated with junior issuers going public is extensive.
3. Will Its Growth Strategy Work Out?
The signs are encouraging for Boosh Plant-Based Brands Inc. It has an excellent management team, high-quality products, a distribution network, and an alliance with Beyond Meat™, arguably the face of plant-based foods. But this is still a speculative sector and a speculative stock. Young companies just going public are risky investments. As a result, we urge investors to perform their own due diligence prior to investing in any company.
Strong, Experienced Management Team
Boosh Plant-Based Brands Inc. has an experienced, seasoned management team with expertise in public markets as well as operations. CEO Jim Pakulis has extensive start up experience with emerging publicly traded companies, and Connie Marples has deep knowledge of operating food-related businesses. In addition, Jim and Connie have retained key individuals to fit critical roles within the company’s management structure.
Connie Marples, age 59 — Founder, Director & President, Boosh Plant-Based Brands Inc.
Connie is a seasoned executive and entrepreneur with an emphasis in the food and beverage industry. Connie has held several senior management positions in sales, promotions, marketing and fine dining. In 2003 Connie opened Vintropolis, a Vancouver-based wine bar and bistro/VQA Wine Store and in 2005 Vintropolis received the coveted position of being on the list of Condé Nast Traveller’s Best New Restaurants in the World.
Connie also launched Okanagan Experience, an Entertainment style fundraising coupon book in Kelowna which was later sold to “Entertainment Book”. As a sales representative Connie helped launch New York Seltzer, oversaw corporate travel accounts such as the Vancouver Canucks, as well as managed grocery vendor programs and promotional departments at numerous large grocery retailers and radio stations. In the fall of 2020, Connie won the 2020 BC Food & Beverage Rising Star Award for her development and expansion of Boosh Food. She has expanded Boosh Food into a nationally recognized plant-food brand in Canada where Boosh can be found in over 150 major food retail stores and independent grocers.
Jim Pakulis, age 57 — Director, CEO & Chairman, Boosh Plant-Based Brands Inc.
Jim has over three decades of experience working with public and private entrepreneurial companies in a variety of emerging sectors. He is the former founder, CEO, and chairman of TransCanna Holdings Inc. (CSE: TCAN), which through his initiative and execution acquired one of the largest vertically integrated cannabis-focused facilities in California. Jim has been in senior management positions for numerous publicly traded entities including CEO and Chairman of General Cannabis, Inc. which from 2010 to 2012 wholly owned WeedMaps.
Mr. Pakulis oversaw the growth of General Cannabis from zero to over $16-million in annual revenue in less than two years. Mr. Pakulis is a skilled leader, negotiator and consensus builder.
Ali is a seasoned executive with over 25 years of experience in food processing operations. He has a proven track record of expanding organizations, developing opportunities, and delivering goal-oriented results. His expertise in the food industry includes plant-based products, beverages, dairy, cereals, and snacks. Ali holds a bachelor’s degree in food technology and MBA in managerial leadership. He is currently the president of Wiseop Business Partners (a Vancouver based leading consulting firm in food processing operations), advisor to Plenty & Grace Food Hub, and Senior Advisor to Boosh Plant-Based Brands, Inc.
Jim Kavanagh, age 57 — Consultant
Jim has approximately thirty years in the food and grocery industry. His expertise includes in-store retail management, category management, and brand management. In May 2014 he founded BrandSeed Marketing Inc., which specializes in assisting growing enterprises in the food industry expand their distribution and store presence. Jim has held positions including Director of Marketing for Tree of Life Canada, Senior Category Manager for Metro Inc., and Senior National Buyer for Hudson’s Bay.
Key Takeaways for Investors
The upside for Boosh Plant-Based Brands Inc. is clear. The plant-based food industry's momentum is only heating up, and Boosh Plant-Based Brands Inc. looks like it's on the front lines. It appears well-positioned in one of the most plant-based friendly jurisdictions in the world. It also has so many competitive edges, from its CEO and president to its products to its business strategy. Since the successful IPO of this company, it's worth keeping an eye on Boosh.