Organic Garage Ltd (OTCMKTS:OGGFF) is among the leading operators in the organic grocery space in Canada and remains an interesting company to follow. However, at the same time, it needs to be pointed out that over the course of the past few days, the company’s stock has performed poorly.
Market Stats
On Tuesday, OGGFF stock slid 4.20% to $0.3629 with more than 220k shares, compared to its average volume of 143k shares. The stock has moved within a range of $0.3471 – 0.3956 after opening trading at $0.3777.
Latest Buzz
The stock was in middle of a selloff yesterday and declined by 4% as a result. That took the cumulative decline over the course of the past week to as much as 14%. Yesterday, the company was in the news after it announced that Future of Cheese, its plant based food venture has come up with a new product.
The product in question is a truffle laced variant of the plant based butter that the company makes. It should be noted that the plant based butter had been launched by Future of Cheese back in October this year with considerable success. It goes without saying that the announcement is a significant one at a time when demand for such products are rising and especially because it was added just ahead of the festive season. However, the news did not lead to any particular optimism about the stock among investors.
Key Quote
“The consumer demand for truffle-infused products has been increasing significantly year over year, and as a retailer and distributor I see this first hand,” stated the Company’s Maître Fromager and Co-Founder Afrim Pristine. “It was a natural decision for us to craft our own product using black truffles of the finest quality and infusing our rich, cultured plant-based butter to create the perfect truffle butter that is sure to be a hit for the holidays, whether used to create rich sauces, enhance your favourite holiday dishes, or as a delectable flavourful spread.”
