- PlantX Life is becoming a one-stop shop solution for fans of plant-based foods and other products
- The company has expanded its plant-based meal delivery service in Canada and has launched a similar food-delivery service across Southern California
- PlantX Life also recently announced year-end financials after nearly a year-and-a-half since its incorporation, showing gross revenue of $6.58 million as of March 31
- To help the company meet strategic growth goals, PlantX Life has restructured its administration, naming former CFO Lorne Rapkin as the new CEO and former CEO Julia Frank as the new COO
A British Columbia, Canada-based company with the potential to become an Amazon-like retailer for the plant-sustained community is reporting its continued growth in the United States and in its revenue stream.
PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) recently noted the launch of its XFood plant-based meal delivery service in the United States, as well as its year-end financial results and a restructuring of its leadership.
PlantX Life’s platform presents itself as the one-stop shop for everything plant-based, with more than 5,000 plant-based products and plans to expand its product lines from meal and indoor plant deliveries to cosmetics, clothing and its own water brand via e-commerce and brick-and-mortar stores. PlantX has stated its flagship physical store locations will be in Squamish, British Columbia; San Diego, California; and Tel Aviv in the state of Israel (https://nnw.fm/a27OQ).
The company announced July 28 that it is launching its XFood delivery service in Southern California, utilizing a ghost kitchen in central Los Angeles as part of an operation similar to food delivery services it is offering in Canada. The company’s San Diego store will open in September and PlantX expects to eventually expand its food delivery services across the United States.
“It has long been a dream of ours to be able to deliver food outside of the restaurant setting and in a more personal and personalized way,” PlantX Chief Culinary Officer Matthew Kenney stated in the news release (https://nnw.fm/daIXR).
Kenney added that the three-day meal kits for vegan recipes he has designed and curated “are a representation of how we can build a future where healthy, high-quality food is available to everyone on a daily basis” and that his team’s weekly meal plans reflect the “utmost in health, purity, and of course, pleasure.”
PlantX reported July 30 that its year-end (“YE”) financial outlook shows gross revenue of $6.58 million as of March 31, compared with $1,349 for the previous YE statement that reflected the company’s first five months since its Oct. 11, 2019 incorporation, with a gross margin of 21 percent (https://nnw.fm/Xmeal).
Its Q4 gross revenue grew 134 percent over Q3, according to the report, with a gross margin of 23 percent in Q4 compared with 20 percent in Q3.
“PlantX has been growing its revenue each quarter. We are attributing this to the Company’s investments in operational activities designed to strategically support PlantX’s growth plan,” company founder Sean Dollinger stated as part of the news release. “We are thoroughly focused on six key pillars to ensure the success of our growth strategy: marketing activities, boosting product and service diversity, supply chain expansion, geographic expansion and completing strategic acquisitions.”
In order to continue advancing the company toward fulfillment of its goals, PlantX announced Aug. 4 that it is restructuring its administrative operations, with former CEO Julia Frank becoming the chief operating officer and former CFO Lorne Rapkin taking over her place as CEO. Director of Finance Shariq Khan will succeed Rapkin as the new CFO (https://nnw.fm/P4o6f).
Other corporate news includes the announcements that PlantX has completed its integration as a seller on Walmart Canada Marketplace and Hudson’s Bay Marketplace, that cold-pressed juices maker Little West, LLC, has completed its integration as a subsidiary in the company’s operational structures, and that Khan has been granted 50,000 restricted share units for the term of a year.
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://nnw.fm/PLTXF
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