Goodfood Announces $21 Million Expansion of its Syndicated Bank Financing to Further Increase its Financial Flexibility

Goodfood Market Corp. (“Goodfood'' or “the Company”), a leading online grocery company in Canada, announced the expansion of its credit financing by $21 million for total credit facilities of $67 million, including the upsize of its revolving credit facility by $15 million to reach $42.5 million, and $6 million in additional short-term financing. The financing transaction sees the Canadian Imperial Bank of Commerce join Desjardins Capital Markets and Investissement Québec as part of the syndicate.

“We are thrilled to have gained additional financial flexibility to support our growth and strategy. As we look to increase selection and delivery flexibility to our subscribers, Goodfood is pleased to count on such strong and reputable financial partners,” said Jonathan Ferrari, Chief Executive Officer of Goodfood. “We will soon have access to over $200 million of liquidity, providing us with the balance sheet and the platform to continue executing our strategic plan. The grocery industry continues to shift online at an accelerating pace, and we are ideally positioned to gain market share and penetrate an increasing number of households from coast to coast,” concluded Mr. Ferrari.

ABOUT GOODFOOD

Goodfood (TSX:FOOD) is a leading online grocery company in Canada, delivering fresh meal solutions and grocery items that make it easy for members from across Canada to enjoy delicious meals at home every day. Goodfood’s vision is to be in every kitchen every day by enabling members to complete their grocery shopping and meal planning in minutes. Goodfood members have access to a unique selection of online products as well as exclusive pricing made possible by its world class direct-to-consumer infrastructure and technology that eliminate food waste and costly retail overhead. The Company’s main production facility and administrative offices are based in Montreal, Québec, with five additional production facilities located in the provinces of Québec, Ontario, Alberta, and British Columbia. A seventh production facility located in the province of Ontario is currently under construction and is scheduled to commence operations in 2021. As at November 30, 2020, Goodfood had 306,000 active subscribers. www.makegoodfood.ca.

For further information:

Investors and Media     

Philippe Adam
Chief Financial Officer
(855) 515-5191
IR@makegoodfood.ca

Roslane Aouameur
Senior Director, FP&A and Investor Relations
(855) 515-5191
IR@makegoodfood.ca