• 💰 UMYUM Raises $6 Million
• ✨ Nosh Best Of 2025 Awards
• 🏪 Frito-Lay Price Discrimination?
• 🌶️ Tate’s CEO Moves To TRUFF
• 🆕 What Else Is New?

The price of cocoa beans has jumped roughly 143% since January 2024, hitting record highs by the month, and the volatility shows no signs of slowing. Crop disease continues to plague farmers in West Africa, and the ever-present threat of tariffs being slapped on global goods in the U.S. doesn’t help either.

In fact, cocoa was the best performing commodity in 2024 due to the increases, but high prices don't spell good news for buyers who face rising overhead and are forced to pass the buck down to already-price-crunched consumers.

What’s a startup chocolate brand to do? If you’re Mid-Day Squares, you turn to technology. The Canadian company shared that it had begun buying some of its cocoa supply from global farm partners with Bitcoin, in lieu of traditional government-backed currencies. 

• The company began trading in crypto at the request of some farm partners in Cote D’Ivoire, Colombia and Peru, co-founder Nick Saltarelli told Nosh.
• The instant speed of Bitcoin transfers has also made it preferable, and these suppliers appear to be holding onto it, he said, instead of immediately converting to cash.

“There's an ecosystem that has been created,” Saltarelli said. “Bitcoin is in and of itself the currency that they're going to hold, and therefore no intermediaries are required.”

We reached out to some other chocolate manufacturers to learn if they’ve seen an embrace of crypto in cocoa, but so far Mid-Day Squares is the only one we’ve found.

However, at least some entrepreneurs see the potential. Chris Young, CEO of Pocket’s Chocolates, said via email that his company has hedged against the cocoa pricing crisis by locking in futures contracts, although he recognized that Bitcoin currently appreciates better than the U.S. dollar.

“We don't opt for that, since cacao has more than enough volatility as it is,” he wrote. “Flattening our COGS with a futures spread is most pertinent to us, but perhaps I should revisit this idea.”

Have you heard of any suppliers favoring crypto payments? How could this technology impact constrained commodity markets? Send your thoughts to bavery@bevnet.com.

Insiders can access the full story for all of the details on Mid-Day Square’s crypto situation. 

CPG brands don’t have time to deal with distributor deductions & disputes. Glimpse handles the dirty work of importing PDFs, categorizing line item deductions, proactively filing disputes and following up until you get the money you’re owed. Stop wasting your time. Get back to building your brand. Learn more

UMYUM closed a $6 million funding round late last month as the Canadian plant-based food tech entity works to support an expansion across new categories, per the announcement. 

🧀 UMYUM debuted with a range of artisan fermented vegan cheeses in 2021 made via traditional practices. Offerings include a camembert analog dubbed Monroe and an alternative butter. In 2024, the brand introduced its products in select regions in the U.S. 

💭 The brand is taking an “unconventional path” in order to “tackle multiple food categories with clean, whole-food ingredients that deliver on taste, texture, and functionality,” said Katherine Corden, co-founder and CEO, in a statement. 

Each year, Nosh recognizes the companies, brands, individuals, products, ideas, and trends shaping the packaged food industry through our annual Best Of Awards, presented at Nosh Live. This year’s winners will be announced live on December 5 in Marina del Rey, CA.

Nominations are now open – submit your top picks today!

Salty snacks are in the hot seat. This week a pair of California convenience stores – Alqosh Enterprises Inc. and NMRM Inc. – sued Frito-Lay and its parent PepsiCo for illegally favoring large retailers over indie shops when selling its salty snacks. 

🥨 Frito-Lay charges independent operators “illegally high” net prices when compared to the rates it gives chain grocers like Albertsons, Safeway, Walmart and Target, the suit claims. 

• For example: A bag of Ruffles potato chips (pre-priced at $5.99) sold to the c-stores for $4.41 per bag, while a nearby Albertsons got the same item for $2.49 per bag – a 43% discount, the suit outlines. 

📝 The company also offers more promotional payments in Customer Development Agreements and Customer Marketing Agreements with the larger retailers, including payments for “advantageous product placement and for stocking newly released snacks,” per a Law360 report. 

• In contrast, small stores are offered rebates relative to the amount of shelf space they dedicate to Frito-Lay products. Those payments max out at a 1.15% rebate for 70% of shelf space, the suit claims. 

📜 Plaintiffs allege these practices violate the Robinson-Patman Act, the California Unfair Practices Act and the California Unfair Competition Law. There’s increasing attention being paid to these practices, including a look at spirits distributor Southern Glazer’s.

Check out the full story for more details. 

Esi Seng has ditched sweet for spicy as she moves from the CEO spot at Tate’s Bake Shop to the same role at truffle-infused pantry staple brand TRUFF. 

🍪 Seng brings over 20 years of CPG industry experience to the role; she has served as CEO of Tate’s for the past nearly three years.

🚀 The appointment was a “strategic decision” by TRUFF co-founders and former co-CEOs Nick Ajluni and Nick Guillen in order to propel the brand’s next phase of growth and innovation, a release claims. 

• The move comes less than two years after Kardashian-based PE firm SKKY Partners took a minority stake in the business. 

Catch Up: TRUFF Secures Investment From SKKY Partners

It’s Hump Day! Here’s a look at the new drops and activations from the first half of the week.

♨️ Blue Diamond Almonds has partnered with Mike’s Hot Honey to launch Hot Honey Almonds on Amazon and at select Walmart locations nationwide.

🍽️ Bon appetit. Meal kit delivery service Home Chef joined forces with chef and author Ayesha Curry on a 4-week menu featuring meals like Jerk-Style Chicken and Rice Bowl and Hot Honey Fried Chicken Wrap. 

🍪 Daily Harvest’s new, reimagined Bites line is crafted with superfoods and no added sugar to “taste like a decadent dessert.” Bites are available in Chocolate Chip Cookie Dough, Fudgy Hazelnut Brownie, Peppermint Cacao Truffle and Banana Nut Bread flavors. 

👀 Newman’s Own introduced an organic seasoning line that includes Adobo, Churro with Rich Cocoa, Indian-Style Curry, Garlicky Citrus Herb, Herbes de Provence, New Orleans-Style Cajun, Paul’s Salt-Free Seasoning, Buon Gusto! Italian and Taco With Lime.