PlantX Provides Corporate Update – GuruFocus.com

VANCOUVER, BC, May 31, 2022 /PRNewswire/ – PlantX Life Inc. (the “Company” Where “PlantX“) (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is pleased to announce the following key updates outlining current and future developments regarding its operations.

E-commerce strategy and performance

  • PlantX United States and Canadian platforms continue to excel as resources for the plant community. In collaboration with Conversion Rate Optimization (“CRO“) and user experience (“UX“), the company has employed CRO and UX strategies that consistently improve website performance through improved speed and navigation.
  • From May 31, 2022PlantX’s American e-commerce platform, PlantX.com, will offer an additional 10,000 new products at no charge to PlantX in terms of inventory investment.
  • From the company UK platform, PlantX.uk, has added 8,000 new products to the website since partnering with a UK-based distributor.
  • Bloombox Club, PlantX’s wholly-owned subsidiary and subscription-based e-commerce platform for Plants, now operates in five different countries on two continents. Since indoor plants are a seasonal product, the company has added more accessories, outdoor plants and plant-related gift items to the Bloombox Club e-commerce platform to accommodate any discounts. sales potential during the summer season. At the same time, the company’s teams of search engine optimization and performance marketing specialists reduced marketing spend and restructured advertising campaigns to drive customer subscription activity improve customer loyalty.
  • Little West, PlantX’s cold-pressed juice brand and e-commerce platform, saw an increase in average order value after adding the following two new products in bundles: Vive Shots and Rind Fruit Snacks .

Wholesale Expansion

  • The Locavore Bar & Grill, PlantX’s point of sale in Squamish, British Columbiacontinues to grow month after month and year after year under the leadership of its founder, Cory Balano.
  • Little West experienced revenue growth from its wholesale business, growing from $138,000 for the month of April 2021at $317,000 in April 2022. One of the main reasons for this increase in wholesale is due to the fact that Little West recently secured a new wholesale contract with Alfred Cafe in Los Angeles, California, which provided wholesale distribution for Little West along the West Coast of the United States. This recent partnership should lead to the national distribution of Little West cold-pressed juices in the coming months.
  • Portfolio Coffee, PlantX’s wholly-owned specialty coffee retail subsidiary, continues to expand its exclusive wholesale partnership with one of the best coffee shops in Toronto, Canada. This popular cafe has committed to purchasing 1000 pounds of Portfolio coffee beans each week, ensuring that Portfolio Coffee products can be found at each of its Toronto locations. The ramp-up of Portfolio Coffee’s wholesale business combined with the recent launch of its e-commerce site in April 2022 is expected to drive sales in this vertical by fall 2022.

Retail strategy and performance

  • Pierre Rubythe PlantX point of sale at Plainfield, Ill., continues to benefit from monthly revenue growth and excellent customer feedback. Turnover of the month of May 2022 ($183,000) increased by 17% compared to April 2022.
  • PlantX’s point of sale in Chicago, Ill.XMarket Uptown, was fully stocked with over $500,000 inventory and shipped over 2,000 orders between the week of May 23 and May 27, 2022. Integration of third-party delivery apps continues, and the company expects this vertical to be profitable by fall 2022.
  • PlantX Venice beach The retail site, Vegan Popup By XMarket, is now fully integrated with the company’s third-party delivery apps and has seen strong results with zero marketing spend. PlantX is expected to announce its next Vegan Popup by Xmarket partner at the end of June 2022.
  • PlantX Israel Retail site, PlantX Israel, recently partnered with Wolt Delivery, a delivery platform, and has seen significant revenue growth since launching in May 2022. PlantX is set to launch Double Zero in partnership with Matthew Kenny (MKC) for the first time in Israel in July 2022.
  • PlantX’s retail store at the Hudson’s Bay location in CF Rideau Center Ottawa, XMarket Rideau, is also gaining momentum after finalizing its integration with two popular Canadian delivery platforms, Instacart and Uber Eats. The warmer weather has improved store footfall at XMarket Rideau, and the store is seeing consistent customer feedback through its partner delivery apps.
  • The PlantX store at the Hudson’s Bay location in Yorkdale Mall, Toronto, is now fully integrated into the Hudson’s Bay checkout system and staffed by Hudson’s Bay employees. All delivery apps for this location are expected to go live in June 2022.
  • PlantX’s outlet in Hillcrest, San DiegoXMarket Hillcrest, has been permanently closed and all spending ceased effective June 1, 2022. PlantX filed a lawsuit against the landlord due to a problem with the location’s sewage system.

Management changes

  • Mr. Fred Leigh, the company’s former executive chairman, has left his position with the company. Mr. Leigh has decided to spend more time with his family and focus on travel this summer and with PlantX growing so rapidly, he doesn’t think it’s fair for him to stay on as Executive Chairman and to be remunerated. Mr. Leigh will continue to support PlantX as a special advisor to the Company.
  • Mr. Ralph Moxnessa PlantX board member for two years, will replace Mr. Leigh as Executive Chairman.

“Overall, in just two years, PlantX has achieved incredible growth that would not have been possible without the continued support of our shareholders,” said PlantX CEO, Lorne Rapkin. “PlantX looks forward to capitalizing on this growth in 2022.”

Little West’s wholesale revenues and the revenues of Pierre Ruby disclosed in this press release are prepared by management 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 community, the PlantX platform is the one-stop-shop for everything plant-related. With its fast-growing vertical categories, the company offers its customers across North America over 5,000 plant-based products. As well as offering meal and houseplant deliveries, the company currently plans to expand its product lines to include cosmetics and its own brand of water – but the business isn’t just about a flat. – form of e-commerce. The company uses its digital platform to create a community of like-minded consumers and, more importantly, to provide education. His successful business is built and strengthened on partnerships with top nutritionists, chefs and brands. The company is eliminating barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

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

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some instances, forward-looking information may be identified by words or phrases such as “may”, “will”, “expect”, “probable”, “should”, “would”, “expect”, ” anticipates”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative form of these terms, or other similar words, phrases and grammatical variations, or statements that certain events or conditions “can” or “will” happen, or through policy discussions. Forward-looking information contained herein includes, but is not limited to, the Company’s business and strategic plans.

By its nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions are not correct and that the 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 contained in this press release, including, without limitation: the ability to the Company to comply with all applicable government regulations, including all applicable food safety laws and regulations; impacts on the Company’s business and operations due to the COVID-19 outbreak; limited operating history; the Company’s ability to access capital to meet its future financing needs; the Company’s dependence on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.

Other risk factors can also be found in the Company’s continuous disclosure documents which have been filed on SEDAR and can be viewed at www.sedar.com. Readers are cautioned to carefully consider these factors, as well as other factors, uncertainties and potential events, and not to place undue reliance on any 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 as of 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 differences between subsequent actual events and such forward-looking information, except as required by applicable law.

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SOURCE PlantX Life Inc.

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