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

Canadian cannabis operator Canopy Growth Corporation has entered a definitive agreement to acquire cannabis edibles maker Wana Wellness for $297.5 million, which will go into effect upon federal legalization of THC in the U.S.

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.”

In this week’s distribution roundup: Undercover Snacks onboards with United Airlines, Stryve gains more ground in convenience and retail, AYO Foods expands presence nationwide and Jersey Tomato Co. sauces reach new shelves.

Join BevNET and NOSH on October 19 at 3 p.m. ET for a special SuperCharge: Innovation event. With our expert presenters and open discussion, we’ll be able to dial in the direction and timing of your innovation efforts to maximize their impact, minimize mistakes and allow you to feel more secure throughout your entire push toward food and beverage brilliance.

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.

The FDA issued voluntary guidance today aimed at incrementally reducing sodium levels in processed foods. The guidance comes five years after the action was first proposed in draft legislation and urges the food industry to decrease the average sodium levels found in products by about 12% over the next two and a half years.

Blended meat brand Misfit Foods may not have ultimately walked away from the television show Shark Tank with an investment deal, but it did garner some invaluable product feedback. The result of this insight debuted this week: a new Smoked Cauli Chicken Brat.

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.

Episode 44 of Elevator Talk features leaders from Essential Candy, GnuSante Creations, Beyond The Equator, Oomame and Meepo. Watch founders and CEOs introduce their brands and provide a recap of recent news and updates. Our co-host is Bloom CPG founder Sarah Nathan.

Clio Snacks is shaking up its executive team, bringing aboard CPG veteran John McGuckin as its new CEO.

Icelandic sugar-free food brand Good Good last week closed a $2 million funding round which the company said will support a planned expansion beyond alternative sweeteners and into a number of new food categories, starting with a pancake and waffle mix launching this month.

From national distribution to failed innovation to keto-driven disruption, it’s all in a decade’s work for Buddha Brands’ co-founders Chris Magnone and Mark Cigos, who we profile in this episode of Taste Radio. We also sat down with Jen Ballen and Joe Magliano, the co-founders of Otherworld Foods, an upstart brand that aligns locally sourced and upcycled ingredients with nostalgia-inspired products.

Following its sale and spin-off from Simply Good Foods last year, protein bar brand SimplyProtein is gearing up for its next growth phase, starting with a rebrand that the company says will set the stage for category expansions and omnichannel growth nationwide.

Private label products are “nipping at the heels” of name brands according to a new report from consumer market research firm the Hartman Group examining the key drivers behind consumers’ purchasing decisions. The report notes that although demand for private label brands typically increases during periods of economic downturn, current growth is also being driven by generational differences in why consumers make a purchase and how they interpret the meaning of a brand.