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NEWS: PlantX Reports 2023 Financial Results @goplantx
Fiscal 2023 Highlights
Revenue increased 11.0% to $13,299,891 compared to $11,984,809 in 2022
Gross margin increased 30.4% to $5,088,767 compared to $3,903,314 in 2022, with gross margins expanding 570 basis points to 38.3% compared to 32.6% in 2022
Net loss improved to $21,384,656 compared to $54,802,666 in 2022
Commented Lorne Rapkin, PlantX CEO, "Fiscal 2023 was a tremendous year for PlantX. We sharpened our focus on driving profitable growth, and this focused approach yielded strong financial performance and positions us for continued success in the years ahead. As we forge ahead, profitability remains a central focus, driving growth, expansion, and success across our diverse business units. We are committed to delivering exceptional experiences within the plant-based industry while continually striving for improvement."
Business Review
In fiscal 2023, PlantX's strategic approach has been to nurture its high-growth business units and make necessary adjustments to those that do not meet stringent growth and margin thresholds. During 2023, PlantX focused on building certain verticals, including, but not limited to, Bloombox Club, XMarket Chicago and Little West. Additionally, by design, the Company's business operates with limited overhead and inventory, thus maximizing margins and, ultimately, net profit.
To further optimize operations, the company made the strategic decision to close two Canadian locations inside the Hudson's Bay (Yorkdale, Toronto, and Rideau, Ottawa) due to insufficient foot traffic. All inventory from these stores was transferred to the Chicago warehouse, making it available for purchase on both PlantX.com and VeganEssentials.com. Additionally, the equipment from these locations was repurposed for the XMarket Uptown store.
XMarket Uptown is currently undergoing construction as the Company embarks on the creation of Chicago's pioneering Vegan Foodhall. With all necessary permits obtained and successful inspections completed, the highly anticipated opening is scheduled around Labor Day. The Vegan Foodhall will showcase six local vegan restaurants, accompanied by a coffee shop run by PlantX's Portfolio Coffee brand, and a fully licensed bar offering an extensive selection of vegan-friendly beverages.
In an effort to enhance efficiency and customer experience, PlantX consolidated XMarket Squamish and the Cloudburst Coffee shop at the Locavore Bar and Grill. This move allowed for the expansion of the lounge area, providing customers with a more inviting space to spend time onsite. As a result, daily sales increased, and the Company gained additional revenue opportunities through hosting private events.
The Company's focused approach on profitability was transformative at BloomBox Club. The team size was reduced from 30 to 4 employees, positioning BloomBox Club on the verge of achieving profitability.
The Company's cold-pressed juice vertical, Little West, experienced continued expansion. Under the leadership of Chris Dodigovic overseeing operations, Little West successfully expanded to Northern California, Nevada, Montana, and structured a deal with Dr. Munsch to bring the juices to the East Coast. The Venice Beach location continued to experience growth and excitement through successful popup initiatives. Notably, TiNDLE extended its three-month popup for an additional three months, further driving customer engagement and sales.
In terms of e-commerce, the Company further strengthened its relationship with KEHE. Leveraging KEHE's inventory, the Company offered consumers case packs of every single plant-based item carried by KEHE, including frozen and refrigerated products. This offering, in addition to the Company's own curated assortment of vegan products shipped from the Chicago warehouse, contributed to increased sales and customer satisfaction. Geo Lopez was promoted to logistics manager at the Chicago warehouse. Geo's expertise in shipping cold products and his ability to source materials at the lowest possible costs played a crucial role in ensuring products reached end customers in optimal condition.
PlantX has recently entered into a share exchange agreement with a newly formed Cayman Islands corporation to secure additional funding and further grow its U.S. operations. Under this agreement, PlantX will exchange a selection of its assets, including wholly owned subsidiaries Vegaste Technologies US Corp., Little West LLC, Plant Based Deli LLC, and PlantX Living Inc., as well as its 53% interest in Portfolio Coffee, Inc. and 51% interest in Eh Coffee Corp. Upon completion of the transaction, it is anticipated that PlantX will own approximately 60% of the issued and outstanding shares of the newly formed corporation, referred to as NewCo, with any adjustments dependent on the NewCo Financing.
Additional Information
The Company's complete financial statements and management's discussion & analysis ("MD&A") for 2023 are available on PlantX's website (www.plantx.com) and SEDAR (www.sedar.com).
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
About PlantX Life
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.
Connect with PlantX: Email | Website | Facebook |LinkedIn | Twitter |Instagram?| YouTube | TikTok
Contact
Lorne Rapkin
Chief Executive Officer
(416) 419-1415
https://accesswire.com/770806/PlantX-Reports-2023-Financial-Results $PLTXF:OTC $VEGA:TSX #NEWS
It's Friyay, Let's close the week Strong! $PLTXF $VEGA
Cold Pressed Juice Market Size to Touch USD 2,684.8 Million By 2030 https://www.globenewswire.com/news-release/2023/01/17/2589996/0/en/Cold-Pressed-Juice-Market-Size-to-Touch-USD-2-684-8-Million-By-2030.html $PLTXF $VEGA
PlantX: "Still time left to save 10% on all Tofutti cheeses, sour creams, and dips on
@goplantx
. Give Better Than Cream Cheese Smoked a try. Or, what about Better Than Sour Cream Guacamole, huh? Code valid until July 29th: Julytofutti10 https://bit.ly/tofuttiplantx🤘🥯;
#tofutti #vegan " $PLTXF $VEGA
Still time left to save 10% on all Tofutti cheeses, sour creams, and dips on @goplantx. Give Better Than Cream Cheese Smoked a try. Or, what about Better Than Sour Cream Guacamole, huh? Code valid until July 29th: Julytofutti10 https://t.co/mx1syA97Gm🤘🥯#tofutti #vegan pic.twitter.com/oIJgf4dgE3
— Tofutti Brands, Inc.™ (@tofuttibrand) July 27, 2023
$PLTXF .0194 +4.86% L2 Thin to .023
$PLTXF New HOD on deck at .0194 $VEGA
$PLTXF .0187 +1.07% holding yesterday's gains let's see a push to .025's! $VEGA
PLantX engaging local talent!
Who's in Chicago?!?!?!
We're gearing up for our grand opening event and would love some suggestions on available local musicians who can perform! 🎉🎵
Let us know 💚🌱
Who's in Chicago?!?!?!
— PlantX (@goplantx) July 25, 2023
We're gearing up for our grand opening event and would love some suggestions on available local musicians who can perform! 🎉🎵
Let us know 💚🌱 https://t.co/ZPxOKReVyC
Vegan Wines is one of the leading 100% vegan wine importer/distributors and consumer wine clubs in the U.S.
$PLTXF $VEGA
PlantX took over management of Vegan Wines' domain and ecommerce operations in March 2023, and also committed to invest $50,000 for a 10% stake of privately-held Vegan Wines.
$PLTXF .0239 +51.27% Breaking out here! $VEGA :CNX .025 up 25.00%!
$PLTXF .0181 +14.56% Up Early! Bullish wedge forming at these levels! $VEGA
PlantX -Refreshed Website for VeganWines.com is Live and Taking Ecommerce Orders
VANCOUVER, BC / ACCESSWIRE / July 25, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt: WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced that it has officially launched a redesigned and enhanced flagship website for Vegan Wines at veganwines.com, and the new website is now actively making ecommerce sales to customers. As previously announced, PlantX took over management of Vegan Wines' domain and ecommerce operations in March 2023, and also committed to invest $50,000 for a 10% stake of privately-held Vegan Wines.
https://vegainvestors.com/
Good morning $PLTXF $VEGA Breakout coming!
$PLTXF $VEGA Market reacting favorably on the news today. PlantX is the real deal!
https://finance.yahoo.com/news/plantx-officially-launches-revamped-website-125000802.html
Nice day of volume on news! $PLTXF $VEGA
PlantX Adds Jack & Annie’s as Ecommerce Fulfillment Partner
Fast-growing jackfruit-based food company now part of the growing PlantX family
VANCOUVER, BC / ACCESSWIRE / July 19, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt:WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced that it has added Jack & Annie's to its growing roster of brands adopting its ecommerce fulfillment solutions.
Colorado-based Jack & Annie's makes delicious whole-food meat alternatives using jackfruit as the base. One of the most underutilized and sustainable crops, jackfruit has a meaty consistency that results in food with both great flavor and texture, packed with nutrients, protein and fiber. Jack & Annie's lineup of frozen meat alternatives includes crispy tenders, chicken patties, buffalo patties, nuggets, meatballs, buffalo wings, breakfast sausage links, and breakfast sausage patties.
Through the partnership, Jack & Annie's plans to integrate PlantX directly with its product pages, and to direct customers to a dedicated Jack & Annie's storefront on the PlantX website here.
"Jack & Annie's is an inspirational brand and welcome addition to our platform," commented Lorne Rapkin, PlantX CEO. "Not only does Jack & Annie's make some of the most real, best tasting and nutritious plant-based food around, but it is doing this with admirable climate-friendly credentials by harnessing one of the most underutilized crops - jackfruit. Annie Ryu and team offer a lesson in sustainability for us all."
"Jack & Annie's is on a mission to deliver real food with real benefits," commented Jack & Annie's founder and CEO Annie Ryu. "We have chosen jackfruit as our critical first ingredient, and now we have chosen PlantX as one of our key ecommerce fulfillment partners for their unique capabilities to enable a seamless buying experience for our customers."
About PlantX Life
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.
Connect with PlantX: Email | Website | Facebook | LinkedIn | Twitter | Instagram?| YouTube | TikTok
About Jack & Annie's
Jack & Annie's, made by The Jackfruit Company, is on a mission to create real, delicious foods that feature jackfruit, an underutilized crop that is one of the world's most sustainable and regenerative plants, as the primary ingredient. Jack & Annie's plant-based offerings are more than just a delicious alternative to meat, they are also naturally nutrient-dense, high in fiber and protein, and lower in calories, and have a simpler ingredient panel than other meatless products. From crispy jack nuggets to savory jack sausage patties, the Jack & Annie's portfolio offers foods that are satisfying for meat eaters and plant-based eaters alike. Bite-by-bite, Jack & Annie's is building a better planet, supporting farming communities in India by preventing jackfruit from going to waste, operating the largest global jackfruit supply chain, and providing over 1,700 farming families with 10-40% of their income.
Connect with Jack & Annie's: Email | Website | Facebook | LinkedIn | Twitter?| Instagram | YouTube
Contact:
Lorne Rapkin
Chief Executive Officer
(416) 419-1415
Forward-looking Information
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.
$PLTXF :OTC $VEGA : CNX Fast-growing jackfruit-based food company now part of the growing PlantX family: PlantX Adds Jack & Annie’s as Ecommerce Fulfillment Partner https://www.accesswire.com/768887/PlantX-Adds-Jack-Annies-as-Ecommerce-Fulfillment-Partner
PlantX Tweet: 🌱🍷 More exciting news? 📢🎉 PlantX has officially launched the new and improved http://VeganWines.com website! 🚀💻 Our partnership with Frances is taking her company's ecommerce platform to the NEXT LEVEL! 🌟 Earlier this year, we announced this epic collab, and within a few months, we've unveiled a sleek, user-friendly website that our awesome customers are already LOVING! 🥰🌿
Cheers to an amazing journey ahead with VeganWines! 🍇🍾 Check it out: https://vegainvestors.com/press_release/plantx-officially-launches-revamped-website-for-veganwines-com/
#VeganWine #Ecommerce #NewWebsite #Partnership #Cheers #WineLovers #UIUX #VeganInvestors
🌱🍷 More exciting news? 📢🎉 PlantX has officially launched the new and improved https://t.co/fnilEAULcR website! 🚀💻 Our partnership with Frances is taking her company's ecommerce platform to the NEXT LEVEL! 🌟 Earlier this year, we announced this epic collab, and within a few…
— PlantX (@goplantx) July 25, 2023
$PLTXF .01573 +4.17% Green open on Today' s NEWS! Bullish chart forming!
Refreshed Website for VeganWines.com is Live and Taking Ecommerce Orders PLTXF VEGA
VANCOUVER, BC / ACCESSWIRE / July 25, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt: WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced that it has officially launched a redesigned and enhanced flagship website for Vegan Wines at veganwines.com, and the new website is now actively making ecommerce sales to customers. As previously announced, PlantX took over management of Vegan Wines' domain and ecommerce operations in March 2023, and also committed to invest $50,000 for a 10% stake of privately-held Vegan Wines.
NEWS: PlantX Officially Launches Revamped Website for VeganWines.com
Tuesday, July 25, 2023 8:50 AM
PlantX Life Inc.
https://investor.plantx.com/
Topic:
Company Update
Refreshed Website for VeganWines.com is Live and Taking Ecommerce Orders
VANCOUVER, BC / ACCESSWIRE / July 25, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt: WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced that it has officially launched a redesigned and enhanced flagship website for Vegan Wines at veganwines.com, and the new website is now actively making ecommerce sales to customers. As previously announced, PlantX took over management of Vegan Wines' domain and ecommerce operations in March 2023, and also committed to invest $50,000 for a 10% stake of privately-held Vegan Wines.
PlantX CEO, Lorne Rapkin said, "The new Vegan Wines website is a significant improvement from the old one, and initial feedback from consumers indicates that it is much easier to navigate and make purchases. Now that the new site is live, we working to enhance logistics with the goal of bringing all of Vegan Wines' products under a single platform, making veganwines.com the go-to site for the largest assortment of vegan wines in the world."
Founded in 2017 by long-time vegan and wine expert Frances Gonzalez, Vegan Wines is one of the leading 100% vegan wine importer/distributors and consumer wine clubs in the U.S. The company offers an exclusive selection of high-quality vegan wines from around the world that are not only delicious but also cruelty-free. It selects its wines with integrity by selecting wines only from vineyards that they have personally visited. The subscription-based club and online wine shop ships to over 41 states. Frances is also the founder and organizer of VegFest Puerto Rico, a nonprofit established in Puerto Rico after Hurricane Maria that hosts an annual all-day festival dedicated to promoting plant-based living and sustainability with local farmers, artisans, food vendors, and more.
Future development initiatives include adding Vegan Wines' full product catalog to PlantX's websites.
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.
Connect with PlantX: Email | Website | Facebook | LinkedIn | Twitter | Instagram?| YouTube | TikTok
For additional information, please contact:
Lorne Rapkin
Chief Executive Officer
(416) 419-1415
Forward-looking Information
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.
SOURCE: PlantX Life Inc.
Topic: Company Update
Good morning $PLTXF $VEGA Huge potential here!
$PLTXF PlantX Life reported June gross revenue of $901,000 https://seekingalpha.com/news/3986821-plantx-life-reports-june-gross-revenue-of-901000 $VEGA
$PLTXF New HOD @ .189 +18.12% Thin on ASK! $VEGA:CNX
Looking forward to the grand opening! #PLTXF $VEGA
PlantX very good structure - good management $PLTXF $VEGA
$PLTXF $VEGA Great article here on the opening: https://vegconomist.com/gastronomy-food-service/plantx-chicago-food-hall/
Good morning. $PLTXF $VEGA Bullish -Up early!
$PLTXF .0165 +3.13% @goplantx PlantX Life announced it has added Jack & Annie's to its growing roster of brands adopting its ecommerce fulfillment solutions. Colorado-based Jack & Annie's makes delicious whole-food meat alternatives using jackfruit. https://www.marketscreener.com/quote/stock/PLANTX-LIFE-INC-36926649/news/Plantx-Life-Inc-Adds-Jack-Annie-s-as-Ecommerce-Fulfillment-Partner-44390268/?utm_source=twitter&utm_medium=social&utm_campaign=share
Great potential with PlantX! Strong close coming here today. $PLTXF $VEGA
Next week is going to be lit with all the news articles and coverage coming our way recently! $PLTXF $VEGA
PlantX Huge Tweet! 🌱🙌 Thank you, VegNews , for sharing the excitement! 🎉 We're thrilled to be featured and grateful for your support! 🤗 At PlantX, we're proud to pioneer the creation of the largest vegan food hall EVER in Chicago! 🏙️🍴 Together with our incredible restaurant partners, we're curating a plant-based paradise like no other! 🌿🏰 Stay tuned for updates on our grand opening event - it's going to be a veggie-filled celebration you won't want to miss! 🎊🎈
#comingsoon #Vegan #VeganInvestors #PlantBased
$PLTXF $VEGA
Read full article: https://lnkd.in/eTADHBai
$PLTXF:OTC $VEGA:CNX Chicago’s First 100-Percent Vegan Food Hall Will Soon Arrive;
@goplantx
PlantX in Uptown will feature a bar with vegan wine, a coffee shop, and more
https://chicago.eater.com/2023/7/18/23799298/plantx-vegan-food-hall-chicago-uptown-xmarket
Let's close this week strong! $PLTXF $VEGA
Good morning $PLTXF $VEGA
Nice buys today, closing the day strong here! Thin to .02's $PLXTF $VEGA
This should be a HUGE revenue producer. $PLTXF $VEGA:CNX
Loading going on with PlantX! $PLTXF :OTC and $VEGA :CNX
Keep in mind the team at PlantX has delivered success. $PLTXF $VEGA
