- Company reports Q3 gross revenue of C$1,832,484, an increase from Q2 gross revenue of C$459,982
- PlantX becoming digital face of plant-based community through e-commerce, flagship locations
- Revenue growth attributed to expanded product offerings, innovative partnerships and strategic acquisitions
PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF), a multifaceted marketplace providing consumers with all things plant based, reported triple-digit growth from Q2 2020 to Q3 2020 (https://ibn.fm/pUSrX). The significant increase emphasizes the company’s impact and potential in the plant-based marketplace.
Financial records released by PlantX on March 1, 2021, show the company generated gross revenue of revenue of C$1,832,484 for the three months ended December 31, 2020, an increase of 298% from Q2 gross revenue of C$459,982. Over the same period, PlantX achieved a gross margin of 20%, an increase from 5.7% in Q2.
These impressive numbers seem to indicate the company, which launched barely one year ago, is achieving its mission: to become the digital face of the plant-based community by being the first known, publicly listed one-stop shop for all things plant-based. Through e-commerce and state-of-the-art flagship locations, PlantX is building a community of like-minded people by providing:
- plant-based grocery items
- meal delivery (currently in Canada only but plans to expand to the United States)
- plant-based pet supplies
- beauty and personal care items
- home plant delivery
- recipes
- forums
- partnerships with restaurants, nutritionists, chefs and brands
“The company’s increase in revenue and sales during a highly unprecedented year positions PlantX as one of the highest growing leaders in the plant-based industry,” said PlantX CEO Julia Frank. “The company attributes its revenue growth to its expanded product offerings, innovative partnerships and strategic acquisitions.”
PlantX product offerings range from a variety of plant-based grocery items to chef-curated meals and home plant delivery. The company’s online shop offers more than 5,000 plant-based products with more added daily. PlantX strives to offer something for everyone, wherever they are at on their plant-based journey. Products can be browsed by one’s individual dietary needs and preferences.
PlantX has also created several innovative partnerships and strategic acquisitions. For instance, through a partnership with Geoponics Inc. and House Plant Shop, the company provides home plant delivery across Canada and the United States. The company has also acquired Bloombox Club UK, which plans to expand to the rest of Europe and then into the American market. PlantX is also looking to further partner with restaurants to help them accommodate plant-based, vegan and vegetarian customers.
Currently, the plant-based food industry is experiencing record growth as more consumers rethink their diets and gravitate towards plant-based health benefits. Overall, online grocery sales grew by 53% in 2020 (https://ibn.fm/FJDVl), and by 2027, the plant-based food market is expected to reach $74.2 billion (https://ibn.fm/QcYH1). Those two numbers bode well for PlantX as the company is working to be ideally positioned in this burgeoning space. In just over a year, the company has seen remarkable growth — including record revenue numbers — and looks to be well on its way to becoming one of the most trusted and convenient destinations for consumers choosing to live plant-based lives.
For more information, visit the company’s websites at www.PlantX.com, www.PlantX.ca and www.Investor.PlantX.com.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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