- PlantX President and CEO Lorne Rapkin was recently part of an EDGE Podcast episode hosted by Brandon C. White, an entrepreneur and angel investor
- Lorne detailed his background and how he joined PlantX
- The interview explored the company’s growth and progress as well as the factors behind this growth, including acquisitions, marketing campaigns, and going public
- Lorne also discussed the company’s plans for the future, including adopting a franchising model and investing in warehousing facilities
Since its establishment in 2020, PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF), a company making a mark in the global plant-based scene, has made significant strides. For instance, the company, which started with four personnel, has grown its workforce to over 75 people spread across multiple countries.
One of the founding employees, Lorne Rapkin, joined host Brandon C. White, an Entrepreneur and Angel Investor, in a recent EDGE Podcast interview (https://ibn.fm/WAoJK). Lorne, who began his journey at PlantX as its Chief Financial Officer (“CFO”) before becoming its President and Chief Executive Officer (a position he holds to date), shared insights into the progress made since 2020 as well as the company’s vision and plans moving forward.
Lorne started the interview by discussing his background as an entrepreneur and Certified Public Accountant (“CPA”). In this role, he amassed a lot of experience dealing with different business owners in various industries as an advisor, a position that helped him gravitate toward leading a company. When PlantX Founder Sean Dollinger, with whom he goes back many years, asked if he would be interested in taking on the CFO role to help guide the young business along the way, Lorne took him up on his offer. The company has only grown since.
For instance, PlantX’s revenue increased from $1,349 to $6.5 million within the first year. Lorne credits this growth to the leadership and guidance offered by the then CEO Julia Frank (current COO). Currently, the company generates monthly recurring revenue of over $1.3 million. This growth, Lorne noted, is due to several key factors, among them acquisitions and marketing campaigns.
“We have had some successful acquisitions over the past year and even into Q1 of this year – Bloombox Club UK, a juice company out of California (Little West), boutique-style grocery and food preparation company (New Deli), and a restaurant flagship store in Squamish, British Columbia (Locavore Bar & Grill). Certainly, they have helped grow the top-line revenue,” stated Lorne.
“We have spent a great deal of time and resources on promoting the brand and the company through partnering with different influencers or doing out-of-the-box marketing campaigns, which has now done what we have set out PlantX to be. It’s not only offering a product but also educating the public on what is living a plant-based lifestyle… [and] also attracting the potential customers and investors to what we are truly about,” Lorne added.
In addition, Lorne noted that the company’s move to go public very early on also helped its ability to scale by providing funding for the acquisitions and expansion. Using the funds, PlantX has been able to build out its e-commerce platforms, acquire companies, attract different influencers, and spend the resources needed on its website, accomplishments that are resource-intensive. Lorne also pointed out that the company ruled out traditional ways of raising capital, including taking a loan from the bank or getting funding from venture capitalists. These approaches, Lorne says, would have restricted the company’s growth trajectory to what it is today.
At its core, PlantX is an e-commerce business. But the company also offers additional services, such as meal delivery, aided by its brick-and-mortar stores. “The root of our business is e-commerce, and then we have all of these new enhancements where we have flagship stores sitting in Canada, the US, and Israel, where people can come in and purchase grocery items, perishable and non-perishable goods, and plants. We are using those centers for advertising (foot traffic), warehousing and distribution, and education,” Lorne explained.
PlantX intends to expand its brick-and-mortar stores business via a franchising model. First, the company plans to establish flagship stores in specific locations – it expects to open new stores in Los Angeles and Israel later in December. Next, PlantX will help people learn about the stores and then sell franchise licenses. Already, there are different interested parties.
“If we can show people that this brick-and-mortar model is very attractive; we will have a variety of products – it’s not all going to be food – fitting in these respective stores, which we know will do well just based on our acquisition of New Deli in Venice. We know that there’s a demand, we know what the top-line revenue and margins are, and we know that there’s a great ability to get the businesses to where they need to be, to be profitable,” Lorne continued.
Moving forward, the company intends to focus on groceries as the next phase of growth. As a result, PlantX is investing in warehousing facilities, which will allow it to achieve more real-time and efficient deliveries. The company has already secured several strategically located warehouses in Canada and the United States. At the same time, PlantX will also concentrate on its e-commerce business as well as brick-and-mortar stores under the franchising model.
For more information, visit the company’s websites at www.PlantX.com, www.PlantX.ca, and https://investor.plantx.com/ and view PlantX for Plant-Based Investors.
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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