VANCOUVER, BC, June 13, 2022 /PRNewswire/ – PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX“or the”Company“) is pleased to report that it has generated monthly gross income of $1,541,788 for May 2022. The Cost of Goods Sold value was $1,002,162 for the same month.
PlantX Gross Revenue for May 2022 increased by $823,842 compared to May 2021when the Company has achieved a gross turnover of $717,944 net of wholesale revenue, representing year-over-year gross revenue growth of approximately 115%.
“As we continue to post strong monthly financial performance, I would like to highlight our team’s impressive commitment to excellence and leadership in the plant-based e-commerce space,” said PlantX CEO, Lorne Rapkin. “We are so proud of PlantX’s growth trajectory and the passion and hard work of our team, which is reflected in our consistent year-over-year revenue increases. With this impressive growth in mind , we are delighted with our current efforts to achieve profitability and are confident that our impressive and expansive achievements, as demonstrated by recent announcements, position us well to transition into a sustainable and profitable business in the future.”
The gross revenue results 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.
Corporate update
PlantX announces that it has made the decision to withdraw its application to list its common shares on the Toronto Stock Exchange (the “TSX“), which was previously announced on October 7, 2021. The decision to withdraw its application from the TSX regulatory review process stems from the management team’s careful consideration of the current unfavorable market conditions.
The Company will continue to trade its common shares on the Canadian Securities Exchange in Canada under the symbol “VEGA”, the OTCQX market in United States under the symbol “PLTXF”, and the Frankfurt exchange under the symbol “WNT1”.
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, clothing and its own brand of water – but the company is not limiting itself. to an e-commerce platform. The company uses its digital platform to create a community of like-minded consumers and, most 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 cases, forward-looking information may be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, ” anticipate”, “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 discussions of strategy. The forward-looking information contained herein includes, but is not limited to, the withdrawal of the Company’s application to list on the TSX and 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 may not be 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; the conflict in Eastern Europe; a 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.
