Last week, Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77I) added another revenue stream that is related to accepting orders from the food service industry.
The breadth of this market is attractive and the plant-based brand plans to provide meals to hotels, restaurants, bars, cafeterias, catering, airlines, and more. This represents the company’s fifth revenue stream and we are favorable on the diversity of the business.
Although consumer demand for plant based and gluten free options continues to increase, a major part of the food service sector is unable to capitalize on the demand due to the need to source special ingredients and cross contamination. Boosh’s product line can be easily adopted by the food service industry and can be used in a variety of ways to satisfy consumer demand.
Plant-based foods are one of the fastest growing markets in the world and we believe the industry has significant room for growth. Boosh has an attractive platform to capitalize on the burgeoning vertical and we believe the market does not appreciate the diversity of the business from a revenue stream standpoint.
The food service industry represents Boosh’s 5th revenue stream, and we are favorable on this avenue for growth. The company’s other revenue streams includes:
- Organic – The management team is executing on a strategy that is centered around selling to an increasing number of grocery stores. Currently, Boosh products are sold in almost 450 grocery stores (60% have recently been onboarded and started selling Boosh products in the past 9 months) and we are favorable on how this number has grown
- Acquisitions – The plant-based brand is focused on acquiring businesses that are synergistic and are led by a strong management team. Since February, Boosh has acquired three companies (Vegan Canteen, Salt Spring Harvest, and Pulse Kitchen)
- Expansion Into US – Boosh has expanded into the US through two channels. These outlets are Thrive, a leading natural food broker that has extensive relationships in the US grocery industry, and through e-commerce platforms (i.e. ShopVejii.com and its affiliates).
- E-Commerce – A few months ago, Boosh commenced Canadian home delivery via ShopVejii.com and is working with its affiliates for a planned launch in the US.
Last week, Boosh reported that Thrive has shipped its first 16,000 units to grocery stores and we are bullish on the growth prospects that are associated with the relationship. Going forward, we expect to see ramping product sales which should translate into strong revenue growth. We are favorable on the company’s multi-faceted growth strategy and consider this to be an underappreciated aspect of the story.
During the last month, Boosh has come under heavy pressure and the recent trend has been to the downside. We believe the recent pullback is overdone and find the risk-reward profile to be favorable at current levels. We are of the opinion that Boosh has substantial growth prospects and significant potential catalysts for the business.
If you are interested in learning more about Boosh Plant-Based Brands, please send an email to firstname.lastname@example.org with the subject “Boosh Plant-Based Brands” to be added to our distribution list.
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