Shares of Beyond Meat fell seven percent last week after a CBC report that said McDonald’s stopped testing a burger made with its patties in Canada.
McDonald’s in Canada says the test ended on April sixth, mentioning on Twitter that they “have no plans to bring it back to our menu at the current time.” A Beyond Meat spokesperson told CNBC, “We can only comment generally and share that we were pleased with the test.”
The company’s CEO Ethan Brown said in early May that the test concluded for no negative reason at all. “We feel very good about our relationship with McDonald’s,” Brown said. “We feel good about what’s going to be happening, both there and potentially elsewhere.”
In September of 2019, McDonald’s joined the push for more meat alternatives in North America when it began testing the meat-free PLT burger in southwestern Ontario. McDonald’s says there has been no change in its relationship with Beyond Meat, noting that they’re evaluating results from their recent test to inform future menu options.