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A One-Stop-Shop for Everything Plant-Based

How PlantX is Capitalizing on the Growing Vegan/Vegetarian Market

March 24, 2021

PlantX Life Inc. (CSE:VEGA) (OTCQB:PLTXF) (Frankfurt: WNT1) is like a plant-based Amazon. The online platform offers everything from vegan-friendly products to houseplant delivery, and their goal is to become the most convenient and trusted digital destination for anyone living a plant-based lifestyle. With excellent leadership, growing revenue, and a prime market, PlantX is positioned for massive growth.

PlantX Announces Record Q3 Results

VANCOUVER, British Columbia —March 1, 2021 /CNW/ — PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX” or the “Company“) today announced its interim unaudited financial results for the three and nine months ended December 31, 2020. All amounts are reported in Canadian dollars unless otherwise stated.

Third Quarter Highlights

  • The Company generated gross revenue of $1,832,484 for the three months ended December 31, 2020, an increase of 298% from Q2 gross revenue of $459,982.
  • Cost of sales for the three months ended December 31, 2020 was $1,465,879.
  • The Company achieved a gross margin of 20% for the three months ended December 31, 2020, an increase from 5.7% in Q2.

“The Company’s increase in revenue and sales during a highly unprecedented year positions the Company as one of the highest growing leaders in the plant-based industry,” said Julia Frank, PlantX CEO. “The Company attributes its revenue growth to its expanded product offerings, innovative partnerships and strategic acquisitions.”

“Over the last three quarters we have seen increases in revenue, which emphasizes the impact and potential that PlantX has in the plant-based marketplace,” said Sean Dollinger, PlantX Founder. “We seek to build on our current financial results, and deliver some of the most high-quality and dynamic experiences and products to our plant-based community through our evolving growth strategy and commitment to excellence”.

Find out more at PlantX Investor: Home

An Exciting Stock in the Plant-Based Space

  • Growing RevenuePlantX reported a 298% revenue increase from Q2 to Q3. This is encouraging, as PlantX is still relatively young and was able to hit CAD $1M in revenue for the month of December in 2020. 
  • Excellent Leadership The founder, Sean Dollinger, was 50-50 partners with Ryan Cohen (of Chewy and Gamestop) in 3 dot-coms. He would go on to start Namaste Technologies, which hit a USD $1.2B valuation in 2018. We’re thinking he can replicate his success with PlantX. 
  • Diverse Offerings PlantX truly could be the Amazon of all things plant-based. They currently have over 10,000 carefully curated products, they are in the process of opening several brick-and-mortar locations, and they offer specialized meals for delivery. They also have original content to listen to, watch, and read, giving them a large digital footprint. 
  • Vibrant Community The plant based community is passionate, exhibits loyal buying patterns, and is growing. According to a Meticulous Research report, the plant-based market is expected to grow at a CAGR of 11.9% through 2027, to reach USD$74.2B

PlantX Life, Explained

Making Plant-Based Living Easy

If you’ve ever dined out with a vegetarian or had a vegan over for dinner, you know how difficult it can be to find dishes that suit the plant-based lifestyle. Even reading the ingredients of things that seem innocuous, like chocolate, reveal that animal products are in pretty much everything. 

Roughly 4% of Americans are vegetarian, and that entire population (that’s about 13 million people) need trusted sources of plant-based products. The percentages vary across countries, but millions of people around the world struggle on a daily basis to maintain their lifestyle. 

PlantX is trying to change that. 

In a Startup Valley article, founder Sean Dollinger talks about the PlantX mission, “PlantX is the digital face of the plant-based community and the one-stop shop for all things plant-based,” he says. “When you’re ordering something and you’re plant-based, you often have to worry about what’s in the products that you’re ordering. Not at PlantX – everything we offer on the site is completely plant-based so you can order with confidence. Much like Apple took an education-first approach, and Amazon aims to be the one stop shop for anything your heart desires, PlantX is positioned to do exactly that for the plant-based community, which is growing daily.” 

Sean is a passionate vegan himself, and is driven to give back to the community by making PlantX the go-to for all things plant-based. His experience growing Namaste to a billion dollar company is certainly paying off, as PlantX grew it’s revenue by 298% from Q2 to Q3. The company is also benefiting from the overall spike in e-commerce growth, spurred by the restrictions imposed during the pandemic. 

E-commerce and Beyond

PlantX is more than just an e-commerce marketplace, though that is definitely a big selling point. The company is in the process of opening two brick-and-mortar storefronts in San Diego, California, and Squamish, British Columbia, with an aim to open a third store in Tel Aviv, State of Israel. They have a blog about a broad range of topics, offers podcasts and videos, and are actively pursuing partnerships that will grow their brand further. They also recently acquired a UK-based plant delivery business to enhance their position across the pond.

The plant-based market is projected to reach USD $74 B by 2027, and PlantX is positioned to ride that growth the whole way there. PlantX has no debt, cash on the balance sheet, and their diverse revenue streams are growing. The company is modeling itself after giants like Apple and Tesla, by infusing their offerings with education. Their hope is that by combining excellent product offerings with superior service and outreach, they will grow organically. 

Recent News and Press Releases

Management

Sean Dollinger

Founder

A serial entrepreneur, Sean Dollinger started a delivery company at the age of 17 that soon became one of the largest in Canada. In 2014, he launched his first public company, Namaste Technologies. He has since provided advisory services for three public companies that doubled their market caps in just three months, and is also a passionate vegan who has an excellent grasp of the plant-based market

 

Julia Frank

CEO

Julia is an experienced Marketing, Brand and Business Development Manager, who has worked multiple years for companies like BMW and Daimler in Germany. She holds an MBA and a Masters Degree in Digital Entrepreneurship and has successfully set up brand & company strategies. As the face of PlantX, Julia focuses on a healthy and active lifestyle, loves to cook plant-based recipes, and travels the world to experience as many different cultures as possible.

Lorne Rapkin

CFO

CPA, CA, LPA, and a partner at Rapkin Wein LLP, Lorne Rapkin has experience serving clients in multiple industries; including finance, real estate, professional services, automotive, manufacturing, and media. He works closely with private and public companies, to reach compliance with IFRS accounting standards. He often assists management with go-public transactions, mergers, and acquisitions.

Parting Thoughts

PlantX had an explosive Q3 in 2020, making CAD $1M gross revenue in December alone. The passionate community that they serve is set to benefit greatly by having a go-to marketplace they can trust for quality products. PlantX is well positioned to capitalize on their recent growth, with a robust strategy in place for 2021. Their founder’s experience will prove invaluable as they continue to pursue higher revenue and strategic partnership on their way to a NASDAQ uplisting. This diversified e-commerce company is on it’s way to becoming the Amazon of all things plant-based, and that can only be a good thing for its investors.

 

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  • Period of Campaign - 1/11/2021 - 1/11/2022
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  • Date Issued - 12/20/2020

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