Erin Cabrey

Canadian plant-based food company Above Food announced today its acquisition of Atlantic Natural Foods, including alt-protein brands Loma Linda and Neat, from AFT Holdings. The deal, valued at over $30 million, will grow the new company’s shelf-stable alternative protein offerings while allowing Atlantic Natural access to its vertically integrated plant-based protein supply chain.

In this week’s Checkout, Weee! acquires online Asian food delivery company RICEPO; Oatly debuts an upcycled merch line and announces a new research and innovation center in Sweden; JUST Egg’s key ingredient secures regulatory approval in the EU; and Nestlé reports its third quarter results.

Plant-based meat maker Abbot’s Butcher yesterday announced it had closed a $7 million funding round that the California-based company will use to support growth in foodservice and retail along with new product development. Melitas Ventures led the round, with actors Owen Wilson and Woody Harrelson and wife Laura Harrelson also participating alongside existing investors Unovis and SOSV.

During the Product Showcase portion of this month’s Category Close-Up, we’re talking with innovative baking brands about the news, trends and product strategies that are currently shaping this evolving category. This video features Miss Jones Baking Co., Supernatural, Meli’s Cookies, King Arthur Baking, Renewal Mill and Hearthy Foods.

In this week’s distribution roundup, Copper Cow launches at Whole Foods nationwide; TRUFF pasta sauces hit shelves at Target; Greenleaf Foods’ Lightlife and Field Roast expand their retail footprints; and ChocXO grows at Wegmans and Vons.

After securing investment from The Hershey Company in February, rare sugar producer Bonumose last week announced plans to open a new facility in Virginia in order to build on its partnership with the confectionery giant to develop zero and reduced sugar offerings.

In this week’s Checkout, Stonyfield Organic welcomes terminated Horizon suppliers to its Direct Supply Program; McDonald’s brings its McPlant to the U.S.; The National Confectioners Association publishes a new report on chocolate consumer habits and preferences; and Thrive Market launches a shoppable cookbook.

During an investor presentation on Thursday, Hormel Foods highlighted opportunities for expansion in categories like on-the-go snacking and plant-based meat as the company continues to evolve from its roots as a commodity-driven meat-focused platform to a “global branded food company.”

Caffeine is perhaps the original functional ingredient, with coffee and tea battling sleep-derived mornings and afternoon slumps for generations. Over recent years, demand has continued to surge, with the rise of RTD coffee and highly caffeinated energy drinks and shots making it even easier for consumers to get their caffeine fix. Food brands are trying to get in on this energy action, taking cues from beverage companies and stepping up their use of caffeine as an ingredient.

After facing financial challenges that led to layoffs and a pivot in manufacturing, plant-based meat brand No Evil Foods yesterday announced it had secured bridge note financing from Big Idea Ventures’ New Protein Fund I. The brand plans to use the capital to execute a previously announced switch from self-manufacturing to co-packing and to launch new innovations. The amount of the loan was not disclosed.