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Beyond Meat's stock price fell by 4.3% on Wednesday after Canadian fast food giant Tim Hortons announced it was pulling Beyond burgers from its menu.
Why it matters: Beyond Meat was one of 2019's biggest success stories — at its peak the stock rose 840% from its IPO price.
- Tim Hortons is less popular in the U.S., but a powerhouse in Canada and the top asset for fast food giant Restaurant Brands International, which also owns Burger King and Popeyes.
What they're saying: "Ultimately, the product was not embraced by our guests as we thought it would be," Tim Hortons said in a statement. "We may offer plant-based alternatives again in the future, but we have removed it from the menu for now.”
Yes, but: Beyond Meat's stock is still up by around 50% year to date and well above its $25 IPO price, even though it has fallen significantly from earlier highs.
Between the lines: The announcement came just two weeks after Beyond announced its Beyond D-O-Double-G breakfast sandwich collaboration with Snoop Dogg for Dunkin.
- It offers a "classic Snoop twist on a plant-based hit."