JIVA Tech - PLTXF STOCK NEWS

PlantX Life Inc. has received authorization to sell and distribute alcohol in its retail stores in Chicago, Illinois, and Venice Beach, California. This milestone allows the company to offer a variety of alcoholic beverages, enhancing its e-commerce platform by enabling national delivery and same-day services through partnerships with UberEats and Instacart. The U.S. alcoholic beverages market is valued at $222.6 billion, expected to grow at an annual rate of 7.45% from 2021 to 2025. This move positions PlantX to tap into a lucrative market while catering to consumer preferences for sustainable products.

PlantX Life Inc. (OTCQB: PLTXF) announced significant developments in its operations in a corporate update. The Company has expanded its e-commerce offerings in the US and UK, launching 10,000 and 8,000 new products, respectively. Notably, wholesale revenues for Little West surged from US$138,000 in April 2021 to US$317,000 in April 2022. The retail sector also showed positive signs with XMarket locations experiencing revenue growth. However, PlantX permanently closed its Hillcrest location and has initiated legal action against the landlord.

PlantX Life Inc. (OTCQB: PLTXF) has partnered with Instacart to offer same-day delivery of plant-based products in cities including Toronto, Ottawa, Chicago, and Squamish. The partnership aims to enhance customer satisfaction, lower shipping costs, and improve supply chain efficiency. PlantX plans to expand same-day delivery access across Canada and the U.S. CEO Lorne Rapkin highlighted the rising demand for fast delivery, while Founder Sean Dollinger emphasized the initiative's role in serving the growing plant-based community more effectively.

PlantX Life Inc. reported a robust monthly gross revenue of $1,744,248 for April 2022, marking a significant 164% year-over-year increase compared to April 2021. The cost of goods sold for the same month was $1,133,761. CEO Lorne Rapkin emphasized that this revenue reflects the company's ongoing investment in innovation, which positions it well for future growth. The financial figures are management-prepared and have not undergone an audit. All amounts are in Canadian dollars.

PlantX Life Inc. has announced the expansion of its Pop-up Initiative at its Venice Beach location, enhancing support for plant-based brands. This initiative follows successful pilot programs featuring Matthew Kenney Cuisine and BESTIES Vegan Paradise. The company aims to promote equity and diversity by rotating brands every three months, and encouraging long-term partnerships. Additionally, PlantX secured a $2 million convertible loan to boost distribution and delivery services while announcing the permanent closure of its San Diego store due to plumbing issues.

PlantX Life Inc. (CSE: VEGA) has launched a new e-commerce platform for Bloombox Club in France, enhancing its subscription service and online store in a strategic European market. The platform, accessible in English and French, expands Bloombox Club's reach to six countries. CEO Lorne Rapkin highlights the growth potential in France's indoor plants market, while founder Sean Dollinger points to the rapid expansion of Bloombox Club's operations across Europe. The centralized distribution system from the Netherlands will support all online orders.

PlantX Life Inc. (CSE: VEGA) announced on April 25, 2022, the launch of a new Canadian e-commerce platform by its subsidiary, Portfolio Coffee Inc. The initiative reflects PlantX's rebranding and expansion strategy. The platform aims to enhance customer experience with farm-to-cup direct-trade coffee. Previous e-commerce efforts, such as the rebranding of Little West, resulted in significant revenue growth of 145% year-over-year in March 2022. PlantX's focus on modern website design aims to boost brand loyalty and sales.

PlantX Life Inc. reported a strong financial performance for March 2022, generating $1,719,577 in gross revenue, a 28% increase from February 2022, and a 168% increase compared to March 2021 (excluding wholesale revenue). The Cost of Goods Sold for March was $1,117,725. The company highlights ongoing investments in strategic partnerships and service quality enhancements while focusing on direct-to-consumer efforts, leading to improved margins and customer loyalty.

PlantX Life Inc. (OTCQB: PLTXF) has launched its indoor plant e-commerce platform, Bloombox Club, in the Republic of Ireland. This recent expansion follows its entry into Austria less than two weeks prior, showcasing the company's digital growth strategy. Now operating in five countries, Bloombox Club provides an interactive online shopping experience, with orders shipped from the Netherlands. Founder Sean Dollinger emphasized innovation and tech investments as crucial for expanding their plant-based lifestyle offerings. PlantX aims to create a community focused on health and plant-based living.