PlantX Life Inc. (CAD: VEGA & US: PLTXF) SUMMARY
- October 1st 2020: On this date, the company announced the addition of juices to its e-commerce platform.
The addition of its own branded juices allows PlantX to further expand its category verticals.
- October 8th 2020: On this date, the company announced joining the $38.4bn North American pet food industry by launching pet food vertical with Kirtana Inc. products.
PlantX is now able to offer a variety of pet food products from Kirtana Inc. including Evolution Diet, Ami and Benevo brands, featuring plant-based dry kibble formulas, an assortment of wet food in cans, and delicious vegan bone treats.
Ami cat formula is well recognized among cat guardians, while Benevo offers a unique organic formula. Evolution Diet provides nutrition for dogs and cats of all life-stages with non-GMO and organic formulas.
- November 6th 2020: On this date, the company announced its acquisition of Bloombox Club UK.
* Bloombox Club UK is a privately-held e-commerce company, based in the United Kingdom, which sells and delivers indoor plants to its established wellness community via subscription service and online shop.
* Bloombox Club UK will continue to operate as a wholly owned subsidiary run by its founder, Dr. Katie Cooper and her UK team, while leveraging the deep e-commerce and technical expertise of PlantX to drive higher conversions and accelerate expansion into Netherlands, Germany and the rest of Europe.
* Bloombox Club UK started in 2015. Since then, Bloombox Club UK has delivered over 55,000 plants to over 24,000 customers across the UK and achieved a high 4.4 star rating on Trustpilot.
*Bloombox Club UK is currently on a C$3.9 million (£2.3 million) annual run rate (ARR) and is on target to achieve approximately C$4.5 million (£2.3 million) in gross revenue and approximately C$2.3 million (£1.4 million) in gross margin for its current financial year.
- November 10th 2020: On this date, the company announced a partnership with House Plant Shop to launch a new U.S. indoor plant store on PlantX.com.
The partnership will allow PlantX to offer an extensive plant selection to its U.S. consumer base. House Plant Shop will make available all of its products from its California greenhouse to PlantX customers throughout the U.S.
Today, House Plant Shop supplies several large e-commerce companies, with PlantX being the latest to source its products for the Company’s online platform and its eventual brick and mortar location in San Diego.
- November 27th 2020: On this date, the company announced an agreement to acquire the Locavore Bar & Grill and will redesign as its Canadian flagship shop.
The 15,000 square foot Locavore Bar & Grill will be redesigned as PlantX’s Canadian flagship location, keeping Locavore’s management staff. The popular Cloudburst Cafe will become the PlantX Cafe, with an updated design and new menu, keeping the top-selling items.
The Company will use the space as a showcase for franchises including a multi-tiered pop-up shop concept, food truck and full-service bar for beer, wine and mixed drinks.
For the ten-month period that ended October 31, 2020, the Squamish Business generated total revenue of $1,610,143, gross margin of 19% and gross profit of $310,024. For the year ending December 31, 2019, the Squamish Business generated total revenue of $1,875,455 and a gross margin of 24%.
These amounts are based on financial statements prepared by management of the Squamish Business and were neither reviewed nor audited.
For a company that size, this September 14th 2020 PRESS RELEASE was an important milestone, in our opinion. Our holding is 1.163M shares, and this agreement with Liv Marketplace is a significant achievement.
Under the terms of the Agreement, Liv Marketplace will purchase a minimum of US$25,000,000 (approximately CAD$33,000,000) of PlantX Life’s products over a one-year term for distribution in the United States.
In addition, Liv Marketplace will pay the Company a 6% royalty on the gross revenue generated under the Agreement. Under this model, the Company will not have to incur additional US labor costs and will virtually have no carrying costs for inventory in the U.S., due to Liv Marketplace fulfilling online orders using its facilities and staff.
Liv Marketplace will build and operate the Company’s first brick and mortar retail location in San Diego, California. The 4,515 square-foot store will be located at 3930 5th Avenue in San Diego, California and will serve as the Company’s showcase store in the United States with over 5,000 plant-based products available for purchase. This will bring the Company’s current Canadian meal delivery service to the United States.
The store will be a working prototype, where consumers will be able to shop and check out products using their mobile device via the Company’s mobile app.
The Company plans to make available plant-based vitamins and supplements from Stay Wyld Organics, Mid-Day Squares plant-based chocolate bars, groceries from popular plant-based brands, private label products and PlantX-branded water in its retail stores.
In addition, the San Diego store will include amenities such as a plant-based education center, coffee shop, a restaurant with plant-based meals made by LA-based chef Gregg Drusinsky, and grab-and-go meals from PlantX’s menu.
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On November 24th, 2020, in connection with our agreement with PlantX Life Inc, we received $400,000USD to Gold Standard Media LLC. This was for a 6 month agreement. Wallace Hill Partners LTD on December 5, 2020 purchased 1,163,636 common shares at CAD0.55 and 1,163,636 warrants with a price of CAD0.75 through a private placement.