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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.
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.
PlantX Life Inc. has announced the expansion of its Little West cold-pressed juice brand into Canada, launching a dedicated e-commerce platform (littlewestjuice.ca). This move aims to leverage the brand's success in the U.S. and capitalize on the Canadian founders' heritage. However, PlantX is currently under a management cease trade order (MCTO) due to delays in filing audited financial statements. The company anticipates completing filings by September 27, 2022.
PlantX Life Inc. (OTCQB: PLTXF) has received a positive independent research report from Capital Y Management, a hedge fund based in New York. The report labels PlantX as a 'market leader' in a growing sector and sets a 12-month price target of C$0.67 per share, valuing the company at approximately C$68 million. CEO Lorne Rapkin expressed optimism regarding the company's position in the plant-based market. The full report is available on PlantX's website.
PlantX Life Inc. (OTCQB: PLTXF) has secured a debt financing of up to $10 million from an arm's length creditor, replacing its previously announced private placement. The financing, structured as a secured convertible promissory note, offers an interest rate of 5.0% per annum and matures on May 1, 2024. The proceeds will be used for working capital and general corporate purposes. This financing is expected to better align with shareholders' feedback, aiding the company's growth strategies in the plant-based product space.
PlantX Life Inc. reported a gross revenue of $1,489,988 for June 2022, up 97% from $754,000 in June 2021. The cost of goods sold for the month was $968,492. The company is delayed in filing its annual financial statements for the fiscal year ending March 31, 2022, due to restatement needs and is seeking a management cease trade order (MCTO) to allow continued trading amid this delay. The anticipated filing date is set for September 27, 2022. PlantX continues to expand its plant-based product offerings and build community through its digital platform.
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