Beyond Meat surges after coffee chain Tim Hortons launches vegan sandwiches

2 weeks ago NAMEX Comments Off on Beyond Meat surges after coffee chain Tim Hortons launches vegan sandwiches
Beyond Meat surges after coffee chain Tim Hortons launches vegan sandwiches

A giant digital display shows Beyond Meat (BYND) listed on the NASDAQ stock exchange during the company’s IPO at the NASDAQ Market Site in Times Square in New York City, New York, U.S., May 2, 2019. REUTERS/Mike Segar

(Reuters) – Shares of Beyond Meat rose as much as 16% on Wednesday after Restaurant Brands International Inc’s coffee chain Tim Hortons said it had launched breakfast sandwiches with the vegan burger marker’s plant-based sausages.

Tim Horton said it is testing the vegan market as demand for vegan alternatives grows in Canada.

Beyond Meat’s shares have nearly doubled since its debut on the New York Stock Exchange earlier this month, taking its market capitalization to $5.35 billion at a high of $91.80.

German discount supermarket chain Lidl in a statement on Wednesday said it would be the country’s first grocery chain to offer Beyond Meat burgers during a trial period starting May 29.

“We very much look forward to seeing the response to our campaign,” the company said.

Beyond Meat’s burgers and sausages are also featured on U.S. fast-food restaurant Carl’s Jr’s menu.

(This story corrects paragraph 6 to remove reference to White Castle)

Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli