Canadian restaurant chain Odd Burger (TSE:ODD) is indeed an odd burger because it’s focused on plant-based options. A whole chain of them may sound like an odd thing, too, but that’s precisely what we’re dealing with. And Florida is set to play host to several of them over the next few years, a move that’s left investors largely ambivalent, as shares are flat in Friday afternoon’s trading.
Back in 2023, Odd Burger made a play for the United States market by setting up a deal to open 20 locations in Washington state. Given the general proximity to Canada, this move made a certain amount of sense. But now, Odd Burger is planning to make a substantial push into the U.S. market by going for Florida, with a deal to open up 40 new locations therein over the course of the next five years.
Odd Burger set up the deal with StarMatt, a joint venture led by Odd Burger’s Ontario representative Prashant Dalal and real estate development company president Vishal Valsadia.
Truly Canadian Anymore?
Just two weeks ago, Odd Burger announced that it was opening three new restaurants in Canada, a move that would bring the total up to 16 locations in the country. If you’re noticing something amiss about those numbers, you’re absolutely not alone there. It now has 16 locations in Canada…but plans 20 in Washington state and 40 in Florida. That means it will have over three times the locations in the U.S. as it does in Canada and more than twice the number just in Florida.
Meanwhile, the CFO, Ted Sehl, announced his plans to depart the chain as he requires surgery for an “…unexpected and several medical event.”
Is ODD a Buy or Sell?
Turning to Wall Street, no analysts are covering ODD stock, so we turn to the last month in trading instead. Shares are up substantially over the last month, gaining just over 7% in that time frame. The sheer growth of locations likely will prove helpful, especially given the rising demand for vegan dining options. While the growth hasn’t been steady, it’s recovered anything it’s lost in the meantime.
