Plant-Based Pioneer Odd Burger Goes National With 7-Eleven Canada Listing

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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 retail product line will be listed at 7-Eleven Canada stores in more than 500 locations across the country.

Four Odd Burger retail products, including its Crispy ChickUn Fillet, Chickpea Burger, Smash Burger and Breakfast Sausage, are expected to be on the shelves by mid-June of participating 7-Eleven locations across Canada.  The company has also agreed to provide 7-Eleven with exclusive distribution in the convenience-store vertical category for a period of six months.

"This is without a doubt one of those game-changing moments for our company," said Odd Burger Chief Executive Officer and Co-Founder James McInnes.  "We see incredible potential with this partnership, not only to grow our brand, but also to create truly accessible plant-based food options available to the masses.  We believe that we can create huge change with this partnership, and we are ready to embark on this next chapter of innovation and growth."

Odd Burger's retail line is currently produced by Preposterous Foods, a wholly owned subsidiary of Odd Burger Corp.  The company said its listing with 7-Eleven is expected to substantially increase its production output at Preposterous Foods and will allow it to continue to diversify its revenue sources and strategic direction. 

Marc Goodman, vice president and general manager of 7-Eleven Canada, is on the board of directors for Odd Burger.

"7-Eleven is excited to partner with Odd Burger for this national product launch," said 7-Eleven Canada Senior Director of Merchandising Jeff Monachello. "7-Eleven is committed to increasing its vegetarian options and being a leader in sustainability and Odd Burger is well positioned to help us push these initiatives forward."

Technical Analyst: News Is 'Huge'

*Technical Analyst Clive Maund called the 7-Eleven news "huge" in an update on the company.

"An outstanding feature of the company's food products is that, although they are technically classed as Vegan, you don't have to be Vegan to really like them," Maund wrote. "The reason that Odd Burger is very attractive to investors here is that, after many years of research and investment and the assembling of an exceptionally experienced management team, the company is now taking off and entering the mainstream."

Maund also pointed out that Odd Burger "produces its own food under its food technology division Preposterous Foods that was launched in 2018 under the guidance of Co-Founder and Food Scientist James McInnes."

"Odd Burger's retail locations are optimized to run at maximum efficiency and have an affordable build cost, compact footprint (floor area), automated cooking technology (and) … a self-checkout and can be run with as little as one staff member," he wrote.

On Odd Burger's charts, Maund said the Accumulation line has been trending higher since late February, which is a positive divergence suggesting the price may have just made a Double Bottom with its March lows and we can see that the latest low was not confirmed by momentum (MACD), which is another positive divergence.

"It is therefore considered likely that the price will now advance to break out above the falling 50-day moving average and the falling trendline shown, especially given the latest very positive news out of the company detailed above, a major technical development that once it occurs will trigger acceleration to the upside as these have been restraining factors up to now," wrote Maund, who said the stock was at a "very favorable point" to buy or add positions.

Creating 'Guilt-Free' Fast Food

Earlier this month, Odd Burger announced that Preposterous Foods had inked another major distribution deal with Dot Foods Canada.

Founded in 2016, Dot Foods Canada lists more than 3,300 products from over 100 suppliers and services nearly 400 distributors.  Dot specializes in Less Than Truckload (LTL) quantities, allowing its customers to order with a single case order minimum, making products more accessible and more affordable across the supply chain.

Odd Burger also has 20 operational units in four Canadian 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 — on the West Coast of Canada as much as CA$1 million. The company said it has 136 locations in the pipeline through signed franchise agreements in Canada and the United States.

Odd Burger makes the 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."

Its frozen retail line is currently listed in more than 550 retailers, including 7-Eleven Canada, Whole Foods Market, Goodness Me, Sobeys and 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 for "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.

The Catalyst: The Rise of Veganism

According to a report by Statista, there were more than 7,500 convenience stores in Canada that generate more than CA$8 billion in retail sales annually.

Despite convenience retailers in Canada registering a decline in retail current value sales in 2024, according to Research and Markets, those sales remained higher than the 2019 pre-pandemic level.

Vegan food is becoming a colossal market. It was valued at US$16.55 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.7% from 2023 to 2030, according to Grand View Research. A report by the Good Food Institute said the plant-based retail market was worth US$8.1 billion in the United States in 2024 alone.

"Increasing awareness about the benefits of following a vegan diet is the key factor driving the growth," the firm said. "Rising concern about animal health and animal cruelty has been encouraging people to shift from animal-based to plant-based meals. Thus, the shift in preference of consumers is leading to an upsurge in consumption of vegan food."

Key players are adopting advanced technology to make significant advancements in the flavors and textures of plant-based meals which are expected to present key growth opportunities" like Odd Burger, the report said.

According to another report by Grand View Research, 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.

"This type of food addresses the growing demand for healthier, environmentally friendly, and cruelty-free meal options," a report by Spherical Insights and Consulting 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."

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 98.44 million shares outstanding. Its market cap is CA$22.07 million and has traded in a 52-week range between CA$0.11 and CA$0.38.