Boosh Plant-Based Brands Inc (CSE:VEGI, OTC:VGGIF) said it has completed the audit of Beanfields Inc, the bean-based chip brand that Boosh acquired in February 2022.
“Beautiful Beanfields Inc is now officially in our family of Brands,” Boosh said in a statement.
Beanfields produces and sells a healthy, gluten-free, non-GMO, vegan, top eight allergen-free flavored bean-based chip. The portfolio includes a broad offering of nine flavors, including Black Bean, Sour Cream and Onion, Fiery Hot and Nacho flavors.
READ: Boosh acquires Beanfields, one of the fastest growing producers of plant-based snacks in the US and Canada
The company filed a business acquisition report, which includes audited carve out financial statements for the business of Beanfields for the year ended December 31, 2021 with unaudited comparative for the year ended December 30, 2020.
“Since we acquired the Beanfields business in February, our team has been increasing production levels to meet high demands from retailers,” Boosh said.
“Our first priority was to purchase large quantities of raw material to prevent supply disruption, increase production to match demand, and reach out to the current customer base - all of which has been successfully orchestrated.”
Boosh told investors that the company was able to maintain the vast majority of Beanfields' approximate 7,000 retailers. Beanfields chips are currently sold throughout all 50 states, Canada, and other countries.
The brand generated net revenues of US$8.8 million in 2021, which consisted of US$11.5 million in gross sales, net of US$2.7 million in sales discounts and manufacture chargebacks.
“We expect to continue to push sales momentum and drive further growth within the company's full product portfolio,” Boosh added.
Beanfields received the "Rising Star Award" from NOSH (Natural, Organic, Sustainable and Healthy) organization in 2019. In June 2021, it introduced its Rings line, which became one of its fastest-selling products, for which NOSH named Best New Product for 2021.
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