Shares of Beyond Meat fell seven percent last week after the 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 tells CNBC that, “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 says. “We feel good about what’s going to be happening, both there and potentially elsewhere.” Back 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 learnings from their recent test to inform future menu options.