The Very Good Food Company Receives Conditional Approval to List on the TSX Venture Exchange

Vancouver, British Columbia--(Newsfile Corp. - February 3, 2021) -  The Very Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company") is pleased to announce that it has received conditional approval to list its common shares on the TSX Venture Exchange ("TSXV"), subject to fulfilment of customary conditions including the filing of final documentation with the TSXV.

The Company will make a further announcement once the TSXV has issued a bulletin confirming the date on which trading on the TSXV will commence at which time the Company's shares will also be delisted from the Canadian Securities Exchange ("CSE"). Once listed on the TSXV, the Company will continue to trade under its existing symbol "VERY" and shareholders will not be required to take any action in connection with the listing. The Company's shares will also continue to be listed on the OTCQB under the symbol "VRYYF" and on the Frankfurt Stock Exchange under the symbol "0SI". VERY hopes to commence trading on the TSXV by the end of the first quarter of 2021.

CEO Mitchell Scott stated: "A TSXV listing will provide us with an excellent opportunity to expand our investor base and raise our company profile among the investment community. Due to the restrictions of certain trading platforms, many potential investors are not able to purchase our shares. With this approval, we will now be accessible to a larger audience. We would like to thank the CSE for their continued support after our successful initial public offering in June 2020 and welcoming us to the capital markets."

Annual Option Grant

The Company today also announced that it has completed its annual long-term incentive option grant meant to attract and retain officers, directors and employees of the Company. An aggregate of 3,155,000 options at an exercise price of $7.03 per share were granted of which 1,900,000 options were granted to the Company's CEO, President, CFO and Chief Research and Development Officer, 300,000 to members of the board of directors and 955,000 to employees across the organization. Options granted to insiders have a term of five years and will vest in equal tranches over a period of 24 months; and options granted to employees have a three year term with vesting to occur in equal tranches over an 18 month period.

About The Very Good Food Company

The Very Good Food Company Inc. is an emerging plant-based food technology company. Our mission is to use progressive food technology to create plant-based meat and other food products that are delicious while maintaining a wholesome nutritional profile. To date we have developed a core product line under The Very Good Butchers brand.

For further information, please contact:

Mitchell Scott
Chief Executive Officer and Director

Edge Communications Group
Corporate Communications and Investor Relations
Phone: +1 855-472-9841

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes, but is not limited to the proposed listing on the TSXV and benefits to be derived therefrom. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Certain assumptions in respect of the Company's ability to satisfy the conditions to listing on the TSXV including the filing requirements, that we do not experience material interruptions or supply chain failures as a result of COVID-19, our ability to retain key personnel, and changes and trends in our industry or the global economy are material assumptions made in preparing forward-looking statements or information and management's expectations. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations; dilution; limited history of operations and revenues and no history of earnings or dividends; competition; economic changes; and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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