- First-mover advantage in the plant-based e-commerce space
- A growing network of digitized brick-and-mortar retail outlets
- Proven management team
What PlantX Life does:
PlantX Life Inc (CSE:VEGA) (OTCQB:PLXTF) (FRA:WNT1) is spearheading the movement towards a plant-based lifestyle.
The Vancouver-based company styles itself as the digital face of the plant-based community with a one-stop destination for all things plant-based, like an online shop and meal delivery services. The online shop houses over 5,000 vegan products, and its recently-added meal service delivers chef-created dishes straight to the doors of western Canada. All in all, the company offers more than 10,000 plant-based products.
In addition to offering meal and indoor plant deliveries, PlantX currently has plans to expand its product lines to include cosmetics, clothing, and its own water brand. It also offers a restaurant directory, unique recipes and a community forum to share plant-based ideas with other like-minded individuals.
The company also operates its wholly-owned Bloomboxclub Limited subsidiary, an e-commerce company based in the UK that sells and delivers indoor plants and plant accessories to its established wellness community. PlantX said Bloomboxclub achieved gross revenue of $2,193,084 during the five-month period ending March 31, 2021, a 273% year-over-year increase.
As well, the company operates fully digitized brick and mortar retail stores in California and British Columbia, where customers scan QR codes of products and pay for everything via smartphone or tablet.
Founded by entrepreneur Sean Dollinger and led by CEO Julia Frank, PlantX’s experienced executive team is supported by both business and medical advisory teams to guide the company’s strategic objectives.
How it is doing:
PlantX has been active in its growth phase thus far in 2021.
In May, PlantX began selling the first set of its products online on Hudson’s Bay Marketplace. Its initial items include indoor house plants as well as cosmetics and personal care products by its partner Nootka & Sea, but the company said it intends to expand its Hudson’s Bay Marketplace offerings to more than 2,000 PlantX products.
Earlier in the month, PlantX launched its new PlantX warehouse in Squamish, British Columbia, which the company said is a critical component of its expansion plans and will be used to support its supply chain for the distribution of indoor plants across Canada. The 3,000-square-foot warehouse facility is a partnership initiative between PlantX and Nootka & Sea, a privately-held company that carries on the business of apothecary and cosmetics in British Columbia.
Previously, the company reported the opening of its first Canadian brick-and-mortar store under the PlantX brand in Squamish. PlantX said since acquiring PlantX Living Squamish Inc on January 7, 2021, it has realized year-over-year revenue increases of 62% in January, 34% in February, 127% in March, and 119% in April.
Also in May, the company announced an agreement to acquire, through its wholly-owned PlantX Lifestyle USA Inc subsidiary, Matthew Kenney Cuisine Global LLC’s California-based Plant-Based Deli LLC (New Deli) for a purchase price of about US$1.6 million.
New Deli, with its retail outlet located in Venice Beach, California, is a sustainable and plant-based neighborhood bodega offering retail goods that range from household supplies and personal hygiene products to frozen foods, pantry staples, snacks, beer, and wine.
PlantX noted that New Deli has experienced year-over-year sequential growth in revenue and profitability, including a 1.75 times increase in gross revenue based on 1Q 2021 annualized compared to year-end 2019. The US$1.6 million purchase price for New Deli will consist of US$470,999.70 in cash plus 2,515,983 PlantX common shares issued at C$0.53 per share.
Following the acquisition, the company said it plans to launch its newly-rebranded New Deli by PlantX brick-and-mortar stores globally while continuing to focus on e-commerce expansion and growth through online operations across North America.
Meanwhile, in April, the company announced a deal to buy privately-held Little West LLC, a cold-pressed juice maker based in California, in an all-stock transaction that would involve issuing 6,703,158 PlantX Life shares in quarterly installments over a 15-month period.
Little West’s health and wellness products are distributed throughout California in well-known Fortune 500 company corporate headquarters, coffee shops, restaurants, grocery stores and hotels. The company said it expects the acquisition to accelerate its strategic growth in the US market.
On the financial front, PlantX reported record gross revenue of $2,042,450 for the month of April 2021, a 30% increase from March and an 87% increase since January.
- International distribution into Europe and Israel
- Further expansion into the US
- Additional Merger & Acquisition opportunities
What the boss says:
Commenting on the company’s acquisition of California-based New Deli, PlantX Life CEO Julia Frank said in a statement: “This new acquisition strengthens PlantX’s position as a leading plant-based company, while facilitating the company’s physical and e-commerce expansion across North America.”
Frank added: “In addition to e-commerce, PlantX has always believed that an interactive one-stop-shop that consumers interested in plant-based living could visit, should be accessible throughout the United States and Canada – a void that New Deli by PlantX plans to fill.”
Contact Sean at [email protected]
Story by ProactiveInvestors
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