The London-based vegan food business Globally Local is looking to grow its profile by becoming a publicly traded company.
The company will trade on the Toronto Stock Exchange’s (TSX) Venture Exchange using the symbol GBLY. The Venture Exchange is a marketplace for emerging companies that operates as a subset of the main TSX.
Founded in 2014 as a service that delivers locally sourced food and vegetables directly to consumers, Globally Local has since launched a food truck, a manufacturing centre and Canada’s first vegan fast-food restaurant, which has three current locations. The largely automated restaurant offers plant-based versions of traditional fare like burgers, wings and milkshakes.
Rather than a typical initial public offering, Globally Local consolidated with Black Lion Capital Corp, which was already listed on the exchange. The company has raised $4.2 million for its expansion plans, with one source being musician Tony Kanal of famous ska band No Doubt. The restaurant plans to expand to over 20 locations in the next year, including Windsor, Toronto and at least one restaurant in the United States, alongside grocery and retail products. Expansion plans like this can sometimes be tricky, involving everything from navigating different areas’ regulations to creating a new Logo Design, but it can also be very lucrative.
Globally Local’s London store is currently being relocated from Dundas Street to Commissioners Road East, and it is expected to re-open in June, with a North London branch also on the way.
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