PlantX Reports Second Quarter 2022 Financial Results
VANCOUVER, BC, November 29, 2021 / CNW / – PlantX Life Inc. (the “Society” Where “PlantX“) (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is pleased to announce its unaudited condensed interim consolidated financial results for the three and six months ended September 30, 2021. All amounts are shown in Canadian dollars, unless otherwise indicated.
Highlights for the second quarter of 2022
The Company generated gross sales of $ 2,826,790 for the three-month period ended September 30, 2021, an augmentation of $ 2,499,788 of gross revenue generated for the three-month period ended September 30, 2020.
Cost of sales for the three months ended September 30, 2021, was $ 1,533,827.
The net loss was $ 7,617,163 of which $ 3,394,397 was the result of stock-based compensation and a loss per share of $ 0.07.
The Company achieved a gross margin of $ 1,292,963 for the three months ended September 30, 2021, compared to $ 15,913 for the three-month period ended September 30, 2020.
From September 30, 2021, the Company had working capital of $ 10,153,199, including species of $ 9,582,510.
PlantX had a strong quarter with a focus on diversification and the implementation of new technologies, physical retail stores and educational programs. These initiatives are strategically aimed at complementing the impact of the Company’s multi-channel e-commerce.
These strategies included launching new physical locations in San diego, california, and venice beach, California and the announcement of new physical locations in Toronto, Ontario, and Ottawa, Ontario. The company also redesigned PlantX’s physical retail presence under the XMarket brand. The XMarket ecosystem is focused on improving brand awareness and customer engagement, improving herbal education, and building new supply chain infrastructure. . By focusing on the XMarket business, the company aims to establish a basic consumer base and drive the growth of e-commerce in a sustainable manner.
Other e-commerce improvement strategies executed during the quarter include the launch of XFood, the Company’s meal delivery service in United States and start sales as a third party seller on Walmart Marketplace by United States and on the Amazon Marketplace in United States and Canada. The company has also entered into other brand ambassador partnerships with famous athletes, including the American football quarterback. Justin Champs and professional skier Nick mcnutt.
âThis has been an active quarter for PlantX as we continue to focus our efforts on delivering on our strategic expansion plan,â said PlantX Founder, Sean Dollinger. âFrom scaling up our operational capabilities to expanding our customer base and improving our educational activities, we have demonstrated increased efficiency in line with our goal of adding value and increasing our impact in the fast growing plant industry. As we approach the end of 2021, our goal is to support our community as best we can throughout the holiday season and to drive our progress forward with creativity and passion. “
The information provided in this press release should be read in conjunction with the unaudited condensed interim consolidated financial statements of PlantX for the three and six months ended. September 30, 2021, and management discussion and analysis for the three and six months completed September 30, 2021, which are available on the Company’s SEDAR profile at www.sedar.com.
About PlantX Life Inc.
As the digital face of the plant community, PlantX’s platform is the one-stop-shop for everything plant-related. With its rapidly growing verticals, the Company offers its customers across North America more than 5,000 herbal products. In addition to offering meal and houseplant deliveries, the Company is currently considering expanding its product lines to include cosmetics, clothing and its own water brand, but the company is not limited to to an electronic commerce platform. The company is using its digital platform to build a community of like-minded consumers and, more importantly, provide education. His thriving business is being built and strengthened through partnerships with the best nutritionists, chefs and brands. The company is removing 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 https://investor.plantx.com/.
This press release includes references to “gross margin”, which does not comply with International Financial Reporting Standards (“IFRS“) Financial measure. Non-IFRS measures are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by others Companies PlantX defines gross profit as the difference between revenue and cost of goods sold divided by revenue (expressed as a percentage), before the effect of a fair value adjustment for inventory. Readers are cautioned that such a non-IFRS measure may not be appropriate for other purposes Non-IFRS measures should not be viewed in isolation or as a substitute for performance measures prepared in accordance with IFRS.
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 verticals, the Company offers its clients through North America more than 10,000 products of plant origin. In addition to offering meal and houseplant deliveries, the Company is currently considering expanding its product lines to include cosmetics, clothing and its own water brand, but the company is not limited to to an electronic commerce platform. The company uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. His thriving business is being built and strengthened through partnerships with the best nutritionists, chefs and brands. The company is removing 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/.
This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained in this document which are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information may be identified by words or expressions such as “may”, “will”, “expect”, “likely”, “should”, “should”, “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 âmayâ or âwillâ occur, or through policy discussions. The forward-looking information contained in this document includes, without limitation, the business and strategic plans of the Company.
By their 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 expectations, forecasts, predictions, projections or conclusions will not prove to be correct; 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 Company’s ability to comply with all regulations, including all applicable food safety laws and regulations; the impacts on the Company’s activities and operations due to the COVID-19 epidemic; limited operating history; the Company’s ability to access capital to meet future financing needs; the Company’s dependence on management and key personnel; competetion; changes in consumption trends; fluctuations in foreign currencies; 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 viewed at www.sedar.com. Readers are urged to carefully consider these and other factors, uncertainties and potential events, and not to place undue reliance on forward-looking information. The forward-looking information contained in this document is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management at the date on which such forward-looking information is made. The Company assumes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, of future events or results or otherwise or to explain any material difference between events. subsequent actuals and such forward-looking information, except as required by applicable law.
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SOURCE PlantX Life Inc.
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