- Plant-based e-commerce outlet and lifestyle educator PlantX Life is expanding across Canada and the United States through strategic acquisitions that make its products more accessible to consumers
- PlantX Life is based in British Columbia, Canada, with additional flagship operations in Southern California to serve the United States through its branded XMarket stores and online partnerships
- The company recently announced Q3 2022 results showing revenue gains of nearly $1 million year-over-year with total revenues of $2.74 million and gross profits of $996,512 for the quarter
- PlantX’s most recent acquisitions in the Chicago area will serve as fulfillment centers for Midwestern e-commerce, and launched same-day delivery service this month for the plant-based community in the area served by the two stores
Within the plant-based lifestyle community, PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is becoming a one-stop shopping hub for consumers seeking news and relevant new products to help make their experiences as enjoyable as possible.
The plant-based product distributor and lifestyle educator recently announced its Q3 2022 interim unaudited condensed consolidated financial results, celebrating revenue growth of $907,935 year-over-year for overall revenues of $2.74 million for the three-month period that ended Dec. 31.
The revenue gains resulted in a gross profit of $996,512 for PlantX Life, which was a gain of $629,907 YOY.
“To see the growth in revenue since we started PlantX is inspiring. While we are strategically targeting long term expansion, PlantX’s results show that the hard work that has been put in is paying off,” PlantX Founder Sean Dollinger stated in the company’s announcement of its financial results (https://ibn.fm/2fezl). “We are proud to be the face of the plant-based community and to have a loyal customer base that loves the brand.”
Since the close of the quarter, the company has added important funding to its available capital through an oversubscribed non-brokered private placement of nearly 52.3 million share and warrant units for approximate aggregate gross proceeds that totaled just shy of $5.5 million.
The demand for plant-based proteins has been on a tremendous growth curve in recent years, expected to reach $23.4 billion by 2028 with a CAGR of 9.7 percent from 2021, according to analysts at Meticulous Research(TM) (https://ibn.fm/Kmx9x).
PlantX has been expanding across North America from its Vancouver, British Columbia base of operations and the United States launch of its XMarket branded stores in Southern California last year. By the end of 2022, PlantX expects to have dozens of stores in operation that will simultaneously serve their local communities’ plant-based cultures and provide fulfillment center operations for the company’s e-commerce infrastructure.
Two Chicago-area stores acquired from plant-based market and e-commerce platform Peter Rubi are the most recent openings by the company, transitioning to only carrying 100 percent plant-based items for their communities on Feb. 15 and serving e-commerce in the Midwestern states (https://ibn.fm/NSL8I).
PlantX announced March 3 that it has launched same-day delivery for its products in Illinois across the Chicago and Plainfield regions, merging the online and in-store experiences to create a personalized shopping experience for consumers served by the two Peter Rubi acquisitions.
“We see this new vertical as a way to increase our customer base through our retail locations, while offering customers more choices in how they shop,” PlantX CEO Lorne Rapkin stated (https://ibn.fm/0PAUc). “Allowing customers to order products for same day delivery through third party delivery apps is merging PlantX’s ecommerce strengths with the Company’s newer venture into retail.”
PlantX offers more than 5,000 products.
For more information, visit the company’s websites at www.PlantX.com, www.PlantX.ca, and https://investor.plantx.com/ and view PlantX for Plant-Based Investors.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
