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PlantX Life Inc. is a leading digital platform for plant-based products, serving as a one-stop shop for consumers across North America. With over 5,000 plant-based products and verticals, PlantX offers a diverse range of sustainable and cruelty-free options, including a successful line of plant-based pizzas, deep dish pizzas, and vegan essentials. The company's commitment to innovation and sustainability is evident in its partnerships and impressive monthly revenue growth. PlantX aims to make plant-based living accessible, enjoyable, and beneficial for all consumers, fostering a community of like-minded individuals seeking healthier, happier lifestyles.
PlantX Life Inc. (OTCQB: PLTXF) announced that the British Columbia Securities Commission (BCSC) granted an extension of its management cease trade order (MCTO) to October 14, 2022. The MCTO was originally issued due to the company's failure to file its audited annual financial statements and interim filings on time. PlantX is working with MNP LLP, its auditors, to finalize these documents, which include critical restatements from previous fiscal years. Despite these issues, the company assures that shareholders can still trade their securities.
PlantX Life Inc. announced the effective date for its share consolidation, scheduled for September 26, 2022. Post-consolidation, one share will be issued for every twenty shares held, resulting in approximately 10,048,329 outstanding shares, with around 4,671,220 shares reserved for issuance. The trading symbol 'VEGA' will remain unchanged. Additionally, the management cease trade order from August 2022 is still in effect due to delayed audited financial statements. The company operates a digital platform for plant-based products in North America, offering over 5,000 items.
PlantX Life Inc. (OTCQB: PLTXF) announced its acquisition of the domain veganessentials.com and related assets for C$900,000. The deal will enhance PlantX's existing e-commerce portfolio, known for providing a wide range of plant-based products. The acquisition includes 2,100 different cruelty-free items and a well-established brand with a robust organic search performance. Financing will involve C$150,000 in cash and 1,071,428 shares after a 20-for-1 share consolidation. The transaction is expected to close by October 15, 2022.
PlantX Life Inc. (OTCQB: PLTXF) has secured a wholesale distribution agreement with KeHE Distributors® to distribute its Little West cold-pressed juices across North America. This partnership aims to broaden Little West's market reach and access new business accounts. KeHE, a leading food distributor with nearly 70 years of experience, supports PlantX's growth strategy. Additionally, PlantX provides an update regarding its delayed financial statements, indicating that the audit is expected to be completed by September 27, 2022, following a management cease trade order from the British Columbia Securities Commission.
On September 12, 2022, PlantX Life Inc. (OTCQB: PLTXF) announced a collaboration with Future Farm at its Venice Beach Vegan Popup location. This partnership will feature two new sandwiches created by Chef Dennis Samala and highlight Future Farm products, including meatballs and burgers. Weekly events, including pizza nights, will promote these items. PlantX aims to expand Future Farm's presence across North America. The partnership follows a successful summer promotion and is expected to enhance sales through delivery options like Door Dash and Uber Eats.
PlantX Life Inc. (OTCQB: PLTXF) reported strong financial results for August 2022, achieving gross revenue of $1.381 million, a 32% increase year-over-year from $1.048 million in August 2021. The gross profit reached $525,000, reflecting a 38% gross margin, up from $367,000 and 35% margin the previous year. This growth is attributed to expanded distribution channels and retail presence, particularly the successful performance of the Little West cold-pressed juice brand and enhanced retail events. All amounts are in Canadian dollars.
PlantX Life Inc. (OTCQB: PLTXF) announced the success of recent live vegan events at its Chicagoland retail locations, driving significant foot traffic and product sales. Events featured partnerships with local vendors and attracted interest from consumers exploring plant-based lifestyles. Additionally, the company provided updates regarding its management cease trade order, related to delays in filing annual financial statements, now expected by September 27, 2022. PlantX aims to enhance community engagement while emphasizing its commitment to transparency during the financial audit process.
PlantX Life Inc. (OTCQB: PLTXF) reported monthly gross revenue of $1.2 million for July 2022, reflecting a 35% year-over-year increase from $910,000 in July 2021. The growth is attributed to the strong performance of its Little West cold-pressed juice brand. Gross profit reached $468,000, with a gross margin of 39%, up from $318,000 and 35% in July 2021. The Company also discussed a management cease trade order due to delayed filings but expects to resolve this by September 27, 2022.
PlantX Life Inc. (OTCQB: PLTXF) announced a partnership between its coffee subsidiary, Portfolio Coffee, and the Canadian Barista & Coffee Academy. This collaboration will focus on training aspiring baristas using Portfolio Coffee, enhancing their skills in various coffee varieties. CEO Lorne Rapkin highlighted the partnership's potential to familiarize students with the brand's offerings. Portfolio Coffee is available at multiple Toronto locations and online, emphasizing PlantX's commitment to the plant-based community with over 5,000 products.
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