PlantX Continues Business Momentum, Preliminary Year-To-Date Revenue Up 72%, Due to Strong Contributions from Little West and PlantX Living and Provides Corporate Update

VANCOUVER, British Columbia, Jan. 09, 2023 (GLOBE NEWSWIRE) -- PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX” or the “Company”), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced preliminary and unaudited financial metrics for the third quarter of 2022, the period ended December 31, 2022. 

Preliminary Financial Highlights:

• Consolidated third quarter revenue of $2.8 million, up from $2.7 million in the third quarter last year.
• For the three months, PlantX Living revenue was up 136.8%, PlantX Deli revenue increased 56.1%, EH & Portfolio Coffee revenue increased 46.0% and Little West Cold-Pressed Beverages revenue increased 25.0%.
• Consolidated year-to-date revenue of $11.7 million, up from $6.8 million last year.
• Year-to-date, PlantX Deli revenue increased 100.5%, Little West Cold-Pressed Beverages revenue increased 92.3%, and PlantX Living revenue was up 16.3%. EH & Portfolio Coffee was acquired during 2021 and PlantX Living began operations during 2021.
• Gross profit margins remained stable at approximately 35% both for the quarter and year-to-date periods. 

Operational Highlights:

“We continue to build a diversified platform for sustainable growth, leveraging our expanding presence in the plant-based ecosystem and greater cross-promotional capabilities,” said PlantX CEO, Lorne Rapkin. “Recent acquisitions of Little West and EH & Portfolio Coffee are playing key roles in our growth, and our New Deli and PlantX Living expansions are contributing to revenue diversification and market awareness. Geographically, our expansion to the UK and Israel have been successful, and we are growing our presence in these important regions. As we enter 2023, we believe this will be a year of continued growth for PlantX.”

The financial metrics disclosed in this press release are management prepared and have not been audited or reviewed by the Company’s auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.

Operational Changes:

PlantX still remains focused on becoming profitable in 2023. For the time being PlantX has paused operations in Israel and Plainfield, Illinois to focus on e-commerce and conserve capital to accelerate growth in its other verticals. The Company will provide updates once a final decision is made with Israel and Plainfield.

Management U pdate:

Mr. Peter Simeon, an independent director of the Company, has resigned from the Company’s board of directors. Mr. Simeon will continue to act as the Company's Canadian legal counsel through the law firm Gowling WLG.

PlantX would like to thank Mr. Simeon for his valuable service and guidance as a PlantX board member since being appointed to the board in 2020.

About PlantX Life Inc.

As the digital face of the plant-based community, PlantX’s platform is a one-stop shop for plant-based products. With its fast-growing category verticals, the Company offers customers across North America more than 5,000 plant-based products. In addition to offering delivery service for meals and indoor plants, the Company currently has plans underway to expand its product lines to include a juice and coffee company. The Company uses its digital platform to build a community of likeminded consumers and, most importantly, to provide education. Its successful enterprise is being built and fortified on partnerships with the top nutritionists, chefs, and brands. The Company’s digital presence works to eliminate the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.

Connect with PlantX: Email | Website | Facebook | LinkedIn | Twitter | Instagram | YouTube | TikTok

For additional information, please contact:

Lorne Rapkin 
Chief Executive Officer 
(416) 419-1415