The Very Good Food Company buys The Cultured Nut for $3 million

The Very Good Food Company has acquired The Cultured Nut--a Victoria, B.C.-based producer of artisanal vegan cheese--which it will rebrand as The Very Good Cheese Company later this year. The deal is valued at approximately $3 million.

The Cultured Nut produces block-style cheeses, cream cheese and a plant-based butter, which are available online and at grocery retailers including select Whole Foods locations.

In a press release, The Very Good Food Company CEO Mitchell Scott said the acquisition of The Cultured Nut allowed the company to "efficiently enter into the dairy alternatives space."

"This is a significant milestone in the realization of our long-term strategy of owning several brands under the banner of the Very Good Food Company in all major food categories providing consumers fun, innovative and healthier plant-based alternatives to everyday animal-based products,” said Scott.

The Very Good Food Company describes itself as "a plant-based food technology company" that creates plant-based meat under The Very Good Butchers brand.