Food Industry News, Insights, and Education for the CPG Community

Laird Superfood announced a net loss of $4.1 million in Q1 2023 as the plant-based food company continues its turnaround efforts.

On the NOSH Podcast, the team discusses the strategies brands use to boost perception of their sales strength, the Chicago Venture Summit, the impact of SPACs in CPG and an interview with FitJoy president Norman Taliaferro.

Factory, LLC’s name got a little more literal as the food and beverage investor and brand incubator opened up a 75,000 square foot co-manufacturing facility this year.

Beyond Meat showed “solid progression” in its goal to become cash flow positive despite a net loss for Q1 2023 while also announcing a $200 million “at the market” new stock offering to help bolster its cash reserves.

Despite previous indications on social media by an Erewhon executive, a spokesperson for the natural products retailer said it will not, in fact, be opening a previously teased New York City popup.

Aila, a maker of pre-workout wellness powders, has been acquired by retired Olympic athletes Andrew Steele and Greg Rutherford for an undisclosed fee.

Cholula is aiming to leverage its best-selling hot sauce to extend the brand into a variety of Mexican food products, starting with salsas and seasonings.

Investment firm VMG is calling off its Special Purpose Acquisition Company (SPAC), VMG Consumer Acquisition Corp, citing market conditions. The announcement follows the liquidation of several other CPG-focused SPACs.

Hain Celestial has downgraded its full-year 2023 guidance after posting a net sales of $455.2 million Tuesday morning, down about 9% from the same period last year.

Hershey’s expansion of its snacking business continues with today’s announcement of a new line of chocolate-dipped cranberry bites created in partnership with new Ocean Spray.

Gainful co-founder Eric Ji Sun Wu and former Motif FoodWorks and Better Meat Company scientist Adam Yee have teamed up to launch a frozen dumpling company called Sobo Foods, which is available for hand delivery in the San Francisco Bay Area through next week.

Price increases and improvements in its supply chain helped TreeHouse Foods beat analysts’ expectations and drive net sales up 15.8% year-over-year in Q1 2023, the company announced in an earnings call this morning.

Last week, ingredient company Sweegen received GRAS status for its new Ultratia line of brazzein sweeteners that claim to be 500 to 2000 times sweeter than regular sugar, marking another step forward in the race to create the next generation of better-for-you sugar alternatives.

In this week’s roundup: The EVERY Co. and Alpha Foods team up to develop “next-gen” alt-meat; Oatly hits a home run with MiLB; Tennessee announces new regulations for hemp-derived cannabinoids; and Mondelēz announces its 2023 CoLab class.