The Canadian company is a one-stop destination for all things plant based, like an online shop and meal delivery services
Quick facts: PlantX Life Inc.
Price: 1.27 CAD CSE:VEGA
- Digital face of the plant-based community with a one-stop destination for all things vegan
- eCommerce platform with high gross margins
- Operates two fully digitized flagship brick and mortar stores in San Diego, California and Squamish, British Columbia
- Plans to list on the tech-laden NASDAQ exchange in the US
What PlantX Life does:
PlantX Life Inc (CSE:VEGA) (OTCMKTS:PLTXF) is spearheading the movement towards a plant-based lifestyle.
The 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 Vancouver-based company is more than just an eCommerce venture. It operates two fully digitized flagship brick and mortar stores in San Diego, California, and Squamish, British Columbia. Customers shopping at the PlantX stores scan QR codes of products and pay for everything via smartphone or tablet. During the ten-month period ended October 31, 2020, the Squamish business generated total revenue of $1.6 million, gross margin of 19% and gross profit of just over $310,000.
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. With its share price trading around C$1.47 on the Canadian Securities Exchange in Canada, this $74 million company has a lot of room to grow.
How is it doing:
PlantX got off to a quick start to the new year, beefing up its product line and building upon its physical retail presence.
In January, the company said it would add baby formula products from Else Nutrition Holdings Inc (CVE:BABY) (OTCQX:BABYF). The addition of plant-based baby formula allows PlantX to further expand its category verticals. Else Nutrition’s baby formula will be the first product available to order in the new baby products section of the company’s US ecommerce platform.
Another partnership is with West Coast-based Nootka & Sea, which sells essential oils and men’s grooming products. The group also completed its acquisition of Locavore Bar & Grill in Squamish, which will become a new 15,000 square foot (sq ft) Canadian flagship store.
The company is also partnering with food company Upmeals to deliver the meals from Upmeals’ HAACP-certified production facility. The meals are developed by registered dietician Amy Gensel, who will join PlantX’s board of directors.
On a corporate level, PlantX announced plans to list on the tech-laden NASDAQ exchange in the US as part of its push to increase brand awareness south of the border.
Its efforts appear to be paying off. For the month of December 2020, PlantX achieved record monthly gross revenue of C$1,029,883 – a 60% increase from the company’s gross revenue of about C$640,000 in November.
- New meals and programs from leading plant-based chefs
- Rollout of new flagship locations
- Ramp up of meal delivery service throughout Canada and into the US
- Online yoga and fitness classes
- International distribution into Europe
- PlantX-branded fruit-infused tequila
What the boss says:
“2020 has been a trying year for all of us, but our company is seeing incredible growth and some of the benefits due to the stay-at-home environment,” said PlantX Life CEO Julia Frank in a statement accompanying its December revenue figures.
“In December 2019, we had essentially zero sales revenue. To go from zero revenue per month to $1 million in revenue a month is a huge feat and a massive milestone for the company. I also want to bring up the incredible growth we’re seeing on a month-to-month basis growing 60% in December from November. The company has some new marketing initiatives in store for 2021, and we’re excited to continue our success.’’
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