VANCOUVER, British Columbia — September X, 2023 — PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX” or the “Company”), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced unaudited monthly financial metrics for August 2023. Revenue increased sequentially to $1,051,470 with continued growth from Little West, Bloombox Club, Portfolio Coffee, Locavore Bar & Grill, and Vegan Essentials.
This represents a remarkable 7% increase compared to July 2023, when the company reported a gross revenue of $982,844. This significant surge in revenue highlights PlantX’s ongoing commitment to providing top-quality plant-based products and services to its customers.
One of the standout successes contributing to this remarkable achievement is PlantX’s major vertical, Little West. Little West reported one of its most profitable months ever, with revenue soaring to an impressive $325,000 for August. This achievement underscores PlantX’s ability to cultivate profitable partnerships and expand its presence in the plant-based market.
Furthermore, PlantX’s flagship platform, PlantX.com, also made a substantial contribution to the impressive monthly revenue. PlantX.com recorded a noteworthy revenue of $104,397 in August 2023, showcasing the platform’s growing popularity among consumers seeking plant-based solutions. In addition to the impressive revenue growth, PlantX demonstrated strong financial performance in terms of gross margin. The company’s gross margin increased by 5% to $494,467 for the month of August 2023, compared to $470,613 in July 2023. This reflects PlantX’s commitment to maintaining a robust financial position while delivering exceptional value to its customers.
“We are thrilled to report such a remarkable month of growth and achievement for PlantX,” said Lorne Rapkin, CEO of PlantX. “Our continued dedication to providing top-quality plant-based products and expanding our market presence has led to this outstanding revenue milestone. We are excited about the future and remain committed to offering innovative and sustainable plant-based solutions to our customers.”
The financial metrics disclosed in this press release are management prepared and have not been audited or reviewed by the Company’s auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.
About PlantX Life Inc.
As the digital face of the plant-based community, PlantX’s platform is a one-stop shop for plant-based products. With its fast-growing category verticals, PlantX offers customers across North America more than 5,000 plant-based products. PlantX also has other brands in the PlantX portfolio including a juice brand, a coffee company, a plant shop, and brick-and-mortar grocery stores. PlantX uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. PlantX’s digital presence eliminates entry barriers for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.
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This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may,” “will,” “expect,” “likely”, “should,” “would,” “plan,” “anticipate,” “intend,” “potential,” “proposed,” “estimate,” “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, statements regarding the availability of Future Farm products, PlantX promotional events and the business and strategic plans of the Company.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: receiving sufficient demand for the Offering; the Company’s ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; the conflict in eastern Europe; having a limited operating history; the ability of the Company to access capital to meet future financing needs; the Company’s reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company’s continuous disclosure documents, which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.