Food Tech Company Launches Strategic US Market Entry

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Leading vegan fast-food restaurant chain and food technology company Odd Burger Corp. (ODD:TSX.V; ODDAF:OTC; IA9:FRA) announced its strategy to expand from Canada into the United States amid the recently announced tariffs on Canadian goods.

The company also announced a non-brokered private placement to support the initiatives.

The company said its strong, vertically integrated supply chain in Canada established through its manufacturing division, Preposterous Foods Inc., produces its own plant-based proteins and dairy alternatives at a dedicated manufacturing facility, using primarily Canadian-grown ingredients. This approach has allowed the company to "minimize external supply chain disruptions, maintain product quality, and reduce costs, even during challenging market conditions," the company said in a release.

As part of its expansion into the U.S. market, Odd Burger plans to replicate that Canadian model by sourcing ingredients from U.S. farmers and building its own manufacturing facility in the U.S.

Odd Burger said the approach will help mitigate any effects of tariffs and provide a more resilient supply chain for fresh and sustainable food in the U.S.

"Our experience in Canada has shown that a vertically integrated, localized supply chain is key to controlling costs and maintaining high-quality food production," said Chief Executive Officer and co-founder James McInnes. "We are confident that by implementing this strategy in the U.S., we can expand quickly while keeping prices stable and offering the same level of excellence that our customers expect."

Non-Brokered Private Placement

To help with the U.S. expansion efforts, Odd Burger issued a non-brokered private placement 6,666,666 units CA$0.30 per unit for total gross proceeds of up to CA$2 million the company said.

The proceeds will go to the establishment of U.S. manufacturing facilities, expanding the company's franchise operations across North America, and for general working capital purposes.

Completion of the offering is subject to TSX Venture Exchange approval, and all securities issued will be subject to a four-month and one-day hold period from the date of issuance.

Odd Burger said certain insiders may participate in the offering, including co-founder and Chief Operating Officer Vasiliki McInnes, who added 50,000 shares between March 3 and March 5, according to filings provided by the company.

'Guilt-Free Fast Food'

Odd Burger has 20 operational units in four provinces, including six corporate-owned restaurants, 12 franchised restaurants, and two franchised mobile units, producing an average annual revenue per restaurant of nearly CA$500,000. The company notes that its average sales per restaurant at locations in the West Coast of Canada are closer to CA$1,000,000 per unit annualized, with demographics in the West better matching the Odd Burger product offering.  The company said it has 136 locations in the pipeline through signed franchise agreements in Canada and the United States and expects its first US location to open in Q4 of 2025.

The company manufactures its food at its own manufacturing facility in London, Ontario, using primarily whole food, plant-based ingredients including chickpeas, wheat, oats, and beans.  The company said it produces 11 plant-based proteins and eight dairy-free sauces and dressing "that pair with restaurant cooking technology." It also recently launched plant-based pizza at its Canadian restaurants, including one called "Plant-Meat Lovers," highlighting the diversity of product offerings possible at Odd Burger.

Its frozen retail line is currently listed in more than 60 retailers, including Whole Foods Market, Goodness Me, Sobeys, and now Calgary Coop Odd Burger said. The company confirms that it plans to greatly expand the distribution of its CPG line in 2025 as part of its strategic initiatives to drive profitable growth.

Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions "customers craving healthier and more sustainable fast food," the company said.

Stores have small footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain, and healthier ingredients, "creating guilt-free fast food," the company said.

Analyst Likes Business Model

*On February 20, Technical Analyst Clive Maund assessed Odd Burger as a "Strong Buy," citing its technological approach to plant-based fast food.

He described the company's vertically integrated business model as a key differentiator, allowing it to control costs and maintain quality across both its restaurant and CPG segments. Maund noted that Odd Burger's automation initiatives, including the "OddOmation" system, had the potential to increase efficiency and enhance customer experience. He also highlighted the expertise of the company's leadership, stating that Odd Burger had "attracted an exceptionally experienced management team" that included Marc Goodman, Vice President and General Manager at 7-Eleven, overseeing over 620 locations.

Maund emphasized that the company's compact, automation-driven locations and franchise strategy positioned it for scalability, with expansion into the U.S. and international markets.

The Catalyst: A 'Desire to Live Healthier Lives'

The global vegan fast foods market size is set to grow from US$24.11 billion in 2023 to US$70.42 billion by 2033, a Compound Annual Growth Rate (CAGR) of 11.31% during the projected period, according to a report by Spherical Insights and Consulting released last year.

"This type of food addresses the growing demand for healthier, environmentally friendly, and cruelty-free meal options," Spherical noted. "Fast food has long been associated with unhealthy and animal-based products, but the rise of veganism and increased awareness of its benefits has led to the development of vegan substitutes."

Spherical continued, "This change is motivated by a genuine desire to live healthier lives and improve long-term health, rather than simply following a trend. This growing awareness and desire for better health is encouraging more people to research and incorporate vegan options into their daily diet."

According to a report by Grand View Research, the global market size for meat substitutes was valued at US$18.78 billion in 2023 and is expected to grow at a large compound annual growth rate (CAGR) of 42.4% from 2024 to 2030.

"Diets that reduce or eliminate animal products are gaining popularity, which is expected to fuel the growth of the market," the report said. "More people are adopting vegan lifestyles, driven by increased awareness of the health risks associated with meat consumption, as well as concerns about the ethical and environmental impacts of animal agriculture."

Grand View said a 2023 study by Soylent found that 68.1% of those who choose veganism are motivated by animal welfare, 17.4% by health reasons, and 9.7% by environmental and sustainability concerns.

Ownership and Share Structure

According to Odd Burger, about 62% of the company is owned by insiders, and in addition, 10% of shareholders are close to management, while less than 1% is owned by institutions. The rest is retail.

Top shareholders include co-founders James and Vasiliki McInnes, who both hold nearly 23% each, BoxOne Ventures Inc. with 13.62%, and board member Francois Arbor with 2.14%.

The company said it has 98.4 million shares outstanding. Its market cap is CA$25.24 million and has traded in a 52-week range between CA$0.11 and CA$0.38.