VANCOUVER, British Columbia — June 2, 2022 /CNW/ — PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX” or the “Company“) is pleased to announce that it has received authorization to sell and distribute alcoholic beverages in its U.S. retail stores in Chicago, Illinois and Venice Beach, California (the “Alcohol License”). This operational milestone offers U.S. customers access to more holistic shopping opportunities that can integrate alcoholic beverage options as part of the Company’s one-stop-shop retail and e-commerce experience.
PlantX is now able to offer a wide variety of alcoholic beverages such as wine, beer, cider and liquor by selling these items directly in its retail stores in Chicago, Illinois, and Venice Beach, California. Additionally, the Alcohol License grants PlantX the ability to deliver alcoholic beverages across the U.S. to fulfill orders placed on its U.S. e-commerce platform, while also enabling same-day deliveries of alcoholic items via its partnerships with UberEats and Instacart. As such, due to the new authorization to sell and distribute alcohol, the Company is now poised to tap into the rapidly growing alcoholic beverages market in the U.S., while boosting customer loyalty by fulfilling the demand for alcoholic drinks options in the U.S.
“The new license is a thrilling opportunity for PlantX to tap into a multi-billion industry,” said PlantX CEO, Lorne Rapkin. “The alcoholic beverages market reached a volume of $222.6 billion USD in 2020 in the U.S., and this revenue is expected to grow annually by 7.45% between 2021-2025.1 Even more poignant, there has been an increasing collective preference for environmentally friendly products among consumers, who are shifting their attention towards products that are organic, vegan or free from additives, including alcoholic products.2 This is fully aligned with PlantX’s vision, which now includes offering high-quality, sustainable and ethical alcoholic drinks. This new milestone will undoubtedly forward the Company’s efforts to shape market innovation in both the US and Canada, where we have been active in the alcoholic industry for a while.”
“We are thrilled to share this amazing news with our shareholders, and highlight the potential of the new license as an immense profitable revenue driver for PlantX,” said PlantX Founder, Sean Dollinger. “We are now able to sell and distribute alcoholic items which do not expire and which our customers have shown great interest in as part of their PlantX shopping experience.”
About PlantX Life Inc.
As the digital face of the plant-based community, PlantX’s platform is the one-stop-shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of like-minded consumers, and most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
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The Company website is http://investor.PlantX.com/.
This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the distribution of alcoholic beverages in the United States, the use of the Alcohol License and the business and strategic plans of the Company.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that 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 in this press release including, without limitation: the Company’s ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; a limited operating history, the ability of the Company to access capital to meet future financing needs; the Company’s reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company’s continuous disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on 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 on 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 difference between subsequent actual events and such forward-looking information, except as required by applicable law.