PlantX Announces New Record Gross Revenue of $2,042,450 for April 2021

Rhea-AI Summary

PlantX Life Inc. reported record monthly gross revenues of $2,042,450 for April 2021, marking a 30% increase from March and an 87% increase from January 2021. The Cost of Goods Sold for the month was $1,639,568. This growth is attributed to strategic marketing and innovative partnerships, notably with tennis champion Venus Williams and vegan chef Matthew Kenney. PlantX aims to diversify further by expanding its product lines to include cosmetics and clothing, targeting a run rate of over $24M in the coming year.

Positive

• Achieved record gross revenue of $2,042,450 for April 2021.
• 30% revenue increase from March 2021.
• 87% revenue growth since January 2021.
• Projected run rate of over $24M in 12 months.

Negative

• None.

VANCOUVER, BC, May 11, 2021 /PRNewswire/ - PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) ("PlantX" or the "Company") is pleased to announce that it achieved new record monthly gross revenues of $2,042,450 for the month of April 2021. Cost of Goods Sold was $1,639,568 for the same month.

PlantX continues to experience significant month-over-month revenue increases, as shown by recent financial results in the last few months. For the month of April 2021, the Company achieved a new record gross revenue of $2,042,450, reflecting a 30% increase from March 2021, and 87% increase since January 2021.

"The monthly revenue increases are seen as one of the positive consequences of the Company's ongoing efforts to attain its strategic growth goals and plans", said PlantX CEO, Julia Frank. "The Company's expansion continues to be driven by its marketing and branding efforts, as well as the Company's innovative partnerships such as the new collaboration with tennis champion Venus Williams and world-renowned vegan Chef Matthew Kenney. The strong sales figures reflect PlantX's values-driven approach to successfully meeting consumer demand."

"We couldn't be more pleased to experience our Company's financial growth- we went from practically generating no revenue just a year ago, to having a run rate of over $24M in only 12 months, and there's no signs of this growth slowing down anytime soon" said PlantX Founder Sean Dollinger. "Our PlantX community is on the rise, and the growing demand for PlantX products is clearly reflected in the recent revenue numbers."

The financial results disclosed in this press release are management prepared and have not been audited or reviewed by the Company's auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.

About PlantX Life Inc.

As the digital face of the plant-based community, PlantX's platform is the one-stop shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of likeminded consumers and, most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

To watch the plant-based story of PlantX Founder Sean Dollinger, click here.

The Company website is http://investor.PlantX.com/. 

To visit the Company's YouTube channel, click here.

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, 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: 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; 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.

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SOURCE PlantX Life Inc.

FAQ

What are the record revenues reported by PlantX in April 2021?

PlantX reported record gross revenues of $2,042,450 for April 2021.

How much did PlantX's revenues increase compared to previous months?

PlantX's revenues increased by 30% from March 2021 and 87% since January 2021.

What are the main drivers behind PlantX's revenue growth?

The revenue growth is driven by strategic marketing efforts and partnerships, including collaborations with Venus Williams and Matthew Kenney.

What is PlantX's projected revenue run rate?

PlantX is targeting a revenue run rate of over $24M within the next year.