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The Planting Hope Company Inc. (MYLKF) is reimagining and reinventing food to feed 10 billion people tomorrow. This Foodtech-driven company creates innovative, nutrient-rich products like Sesamemilk, High-Protein Veggie Rice, and Real Veggie Chips, disrupting global markets and reducing environmental footprints. With a focus on sustainability and culinary innovation, their products are available across the US and Canada, catering to the demands of consumers. Planting Hope aims to make a positive impact on the world while providing investors with valuable opportunities in the sustainable food market.
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Planting Hope reports Q2 2023 revenues of USD $2.7 million, a decrease of 19% YoY. SG&A expenses decreased by 16% in Q2 2023. The Company aims to achieve EBITDA profitability in the next seven quarters. Strategic shifts resulted in lower quarterly sales revenue but are expected to increase profitability in the long term. The Company expanded distribution of its products in key channels and achieved significant milestones in Foodservice and Retail distribution.
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Combined Gross Revenues for Q1 + Q2 2023 exceeded Q1 + Q2 revenues for 2022. Q2 2023 Revenues decreased by 19% compared to Q2 2022. SG&A expenses decreased by 16% in Q2 2023. Company focused on increasing bottom line profitability and achieving EBITDA profitability over the next seven quarters. Strategic re-alignment in Grocery Retail business to improve profitability. Focus on developing opportunities in Foodservice. Sales growth and acceleration in scalable profitable channels. Reductions in SG&A expenses. Achieved various distribution and retail partnerships.
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Consumer Reports recognizes Hope and Sesame® Sesamemilk as a core subcategory in plant milk, boosting its position in the market.
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Planting Hope closes non-brokered private placement of convertible debentures worth $1,059,710 CAD
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Planting Hope acquires Argo Tea assets, receives $1,000,000 loan. Argo Tea assets include contracts with Sodexo and Aramark, licenses for 8 cafes at US universities. Loan has advanced $400,000. Acquisition expected to accelerate revenue and profitability in 2024 and beyond. Cafes to serve as test market for new products. Company plans to expand supplier agreements and develop menus for cafes. Candace Pappas joins as VP of Foodservice Business Development. Loan bears interest at 11% per annum. Lender to receive revenue share on Argo Tea products. Liabilities assumed for $270,000 note payable. Revenue share agreement begins in 2024.
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Planting Hope partners with regional distributors to expand presence of Hope and Sesame® Sesamemilk in Quebec and New York City
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FAQ
What is the current stock price of PLANTING HOPE CO SUB VTG (MYLKF)?
The current stock price of PLANTING HOPE CO SUB VTG (MYLKF) is $0.0014 as of October 15, 2024.
What is the market cap of PLANTING HOPE CO SUB VTG (MYLKF)?
The market cap of PLANTING HOPE CO SUB VTG (MYLKF) is approximately 1.3M.
What is The Planting Hope Company Inc. focused on?
The company is dedicated to creating innovative, nutrient-rich food products aimed at feeding 10 billion people in the future.
What are some of the products offered by Planting Hope?
Planting Hope offers products like Sesamemilk, High-Protein Veggie Rice, and Real Veggie Chips that are disrupting global markets.
Where are the products of Planting Hope available?
The products are available across the US and Canada, catering to consumer demands and sustainability goals.
What is the mission of Planting Hope?
Planting Hope aims to make a positive impact on the world by providing sustainable and innovative food options to consumers.
How does Planting Hope contribute to environmental sustainability?
By reducing environmental footprints and focusing on sustainable practices, Planting Hope ensures that their products are not only innovative but also eco-friendly.
PLANTING HOPE CO SUB VTG