- PlantX kicked off 2021 with the commencement of trading on the OTCQB(R) Venture Market in the United States
- Later, the company would make key acquisitions, including Score Enterprises Ltd., Little West LLC, MKC’s Plant-Based Deli, LLC, Liv Marketplace LLC, Eh Coffee, Portfolio Coffee, and Peter Rubi, LLC.
- PlantX also made some critical appointments throughout the year, with the main ones including Lorne Rapkin’s appointment as CEO, Fred Leigh as the Executive Chairman
PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) had an impressive year 2021, achieving significant milestones that not only helped to grow the brand but also create value for its shareholders. The year was defined by strategic acquisitions, partnerships with key players in the retail space, and expansion into new markets in an aggressive market expansion plan.
Kicking off the year, PlantX commenced trading on the OTCQB(R) Venture Market in the United States, even as it continued to advance its plans to open its first brick-and-mortar locations in Squamish California and San Diego (https://ibn.fm/oYLNc). Over the course of the year, the company also applied to list its common shares on the Nasdaq Capital Market, and it remains optimistic that the application will go through. In addition, PlantX applied for up-listing to the Toronto Stock Exchange in October, subject to the approval of the TSX following the original listing requirements (https://ibn.fm/p2hfA).
2021 also marked the year when PlantX made some significant acquisitions that allowed it to further stamp its position as the digital face of the plant-based community. In January, the company completed the acquisition of Score Enterprises Ltd., a privately-held company that operates the Squamish-based Locavore Bar and Grill. PlantX would later redesign the restaurant location into XMarket Squamish, its Canadian flagship brick and mortar shop. Other notable acquisitions throughout the year included U.S.-based Little West LLC, MKC’s Plant-Based Deli, LLC, Liv Marketplace LLC, Eh Coffee, Portfolio Coffee, and Peter Rubi, LLC.
PlantX made notable appointments over the 2021 calendar year, including Chef Matthew Kenney as the company’s Chief Culinary Officer, Justin Fields and Venus Williams as the company’s ambassadors, Lorne Rapkin as the new Chief Executive Officer (“CEO”), and Fred Leigh as its Executive Chairman (https://ibn.fm/bWFI1).
At the beginning of the year, PlantX set out to expand into new strategic markets globally, coupled with the diversification of its product line. In February, it marked its entry into the German market with its popular plant subscription platform, Bloomboxclub Limited. Later, the company would expand its e-commerce capabilities for the North American market by introducing new subscription services and partnerships with key retailers such as Walmart and Amazon.
By the close of the year, PlantX had released its financial results for the three months ended September 20, 2021 (“Q2 2021”). The company posted a significant year-over-year increase in gross revenue and profits, mainly attributed to its e-commerce enhancement initiatives, the implementation of new technology, and its aggressive product diversification campaign (https://ibn.fm/efHn7).
Going into 2022, PlantX is confident that the foundation laid down over the past year will yield great results that will be integral to its growth. So far, it has announced the expansion of its e-commerce platform to the United Kingdom, offering customers a similar experience as PlantX’s customers in the United States and Canada. The company looks to expand even further into other markets globally, grow its product line and increase its global market share. These will be significantly shaped by the initiatives taken over the 2021 calendar year and their learnings so far.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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