- PlantX is the digital face of the plant-based community whose verticals operate across three main categories: products, distribution and community
- The company is leveraging a robust e-commerce ecosystem to link consumers to over 5,000 plant-based products
- By opening new locations for its XMarket brick and mortar stores, the company has strengthened its distribution capabilities
- PlantX also offers educational resources as well as fitness solutions
- Moving forward, the company has locked its sights on profitability, building on the growth witnessed in its most recent quarter
Created as a plant-based lifestyle brand, PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) has always targeted the enrichment of people’s lives through plant-based education and promoting general health, wellness and fitness, a goal that informed its adoption of a three-pronged, all-encompassing operational approach. Through its numerous verticals — whose operations are segmented into three main categories: products, distribution and community – the company has created a platform that has effectively become the one-stop shop for everything plant-based.
Under the products category, PlantX offers more than 5,000 plant-based products from different brands, both new and established, through a powerful e-commerce ecosystem encompassing disparate online shopping platforms, including Little West, Bloombox Club and PlantX. In addition, PlantX offers its complete product catalog on various other online marketplaces, including Walmart Canada, the Canadian Subsidiary of Walmart Inc. (NYSE: WMT), Amazon.com (NASDAQ: AMZN), and Hudson’s Bay (The Bay Marketplace).
But e-commerce would not be successful without distribution, which is why PlantX has invested in infrastructure that not only facilitates distribution but also acts as the company’s face, away from the virtuality of the digital world. Part of this infrastructure is branded XMarket, the company’s brick and mortar stores located in high-traffic epicenters of plant-based communities. So far, PlantX has opened XMarket stores in Venice Beach (Los Angeles), Squamish, San Diego, Chicago Uptown, Yorkdale, Rideau, and Tel Aviv, with plans to open additional stores under a franchising model, according to company president and CEO Lorne Rapkin (https://ibn.fm/WkAH0).
PlantX has also dedicated resources toward building a community, most recently adding a new fitness vertical — XFitness. XFitness is an online fitness service that will offer members access to a wide selection of live and on-demand fitness classes delivered by pre-selected professional instructors. At the same time, PlantX has sought to consistently create awareness about plant-based lifestyles, delicious recipes and products through videos published on its YouTube channel (https://www.youtube.com/c/PlantX) as well as educative blog posts uploaded on its websites.
Collectively, these verticals have immensely contributed to the company’s growth over the past year. In the three months ended Dec. 31, 2021, for example, PlantX reported gross revenue of CA$2.74 million, representing a year-over-year increase of CA$907,935 compared to the three months ended Dec. 31, 2020 (https://ibn.fm/Xg8WM). Motivated by this growth, the company is committed to extending the positive trajectory even further.
Having generated more than CA$5.4 million in gross proceeds from the completion of a recent private placement, PlantX intends to funnel the funds into business development, working capital and general corporate purposes (https://ibn.fm/IA4Wi). “The goal right now is to take the verticals we currently have and build them out into more profit centers, and we just needed a little bit more of a runway, and this raise certainly helps us get to that point,” Rapkin said of the benefits the proceeds will have on the company’s operations (https://ibn.fm/mhe6m).
“Where we are going into in 2022 is the growth mode. We’ve expanded a lot of our platforms into different parts of the world, and we’re really harnessing the profitability of our verticals. And that’s why we’ve spent the past 90 days restructuring a lot of the verticals to become more profitable,” continued Rapkin.
PlantX also aims to continue providing its products to more participants, customers and countries, while at the same time building on the lifestyle platform it has set out to offer the plant-based community and people interested in the plant-based lifestyle.
For more information, visit the company’s website at www.PlantX.com, www.PlantX.ca, and https://investor.plantx.com and view PlantX for Plant-Based Investors.
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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