Beyond Meat slides the most in a month after Tim Hortons pulls its breakfast sandwiches out of stores
- Tim Hortons confirmed Wednesday that it would discontinue Beyond Meat breakfast sandwiches in all Canadian provinces except British Columbia and Ontario.
- Shares of Beyond Meat fell as much as 7.1% on the news.
- Restaurant partnerships are integral to Beyond Meat's success going forward.
- Watch Beyond Meat trade live on Markets Insider.
Shares of Beyond Meat fell as much as 7.1% in intraday trading Wednesday after news broke that Tim Hortons would drop Beyond breakfast sandwiches in all provinces in Canada except for British Columbia and Ontario.
The loss is the stock's biggest on an intraday basis since Aug. 15. The company confirmed the change to Markets Insider.
"Both the Beyond Burger and Beyond Meat breakfast sandwiches were introduced as a limited time offer," Tim Hortons said in an email. "We have particularly seen positive reaction to our Beyond Meat offering in Ontario and BC, especially in breakfast, and are proud to offer both alternatives in those regions."
Going forward, the company indicated that the move to pull Beyond from the remainder of stores in Canada may not be permanent.
"Like any limited time offer, we may explore offering the product again in other provinces at a future date based on ongoing guest feedback," the company said. "We are always listening to our guests and testing a wide variety of products across the country."
Beyond Meat has secured many high-profile partnerships with fast-casual restaurants and other companies in the food industry, and that strategy is integral to its success. After the company went public, analysts estimated that a partnership with McDonald's could send the stock up as much as 30%.
In addition, when Tim Hortons announced that it had partnered with Beyond to offer plant-based products in breakfast sandwiches across Canada, it sent shares of Beyond up as much as 12%.
Beyond Meat has had a blockbuster year. It soared up to 800% after its IPO in May, and although it's trended down since its peak, is still trading more than 500% above it's initial price.
The stakes are high for the plant-based meat alternatives producer. Demand for plant-based products is soaring, and analysts have estimated that the current $14 billion market could grow to be $140 billion in the next decade.
Beyond Meat is now up roughly 500% since going public.
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