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

Beyond Meat was issued a class action lawsuit by institutional shareholders alleging that the plant-based meat company’s executives knowingly misled its investors about the strength of the company’s manufacturing and foodservice partnerships while, in the process, profiting on the inflated share price.

Prime Roots is one step closer to bringing its sliced-to-order koji-based meats to deli cases and restaurants across the country with today’s announcement of a $30 million in new funding to scale the business for national distribution.

A bipartisan bill in Congress will offer SNAP recipients access to frozen produce, Motif FoodWorks is launching a foodservice portfolio of its plant-based meat products and NFL quarterback Aaron Rodgers’ private equity firm RX3 Growth Partners announces a $150M fund II.

In this week’s notable new products roundup, Compartes teams up with Velveeta for a unique collaboration, Central Perk rolls out new FRIENDS-themed coffee blends and RXBAR grows its morning and mini offerings.

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.