PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTC: PLTXF), the digital face of the plant-based community operating a one-stop shop for plant-based products, is releasing its unaudited monthly financial metrics for April 2023, with gross profit improving significantly across all key growth areas of the business. According to the announcement, the company reported gross revenues for the month of $897,000, an 11% increase from the previous month. The company attributed the increase to strong growth in its PlantX Midwest, PlantX UK and Vegan Essentials sectors and noted that gross margins expanded 323 basis points, indicating progress in achieving profitability. The company also reported that its Locavore Bar & Grill concept and Portfolio Coffee beverage business continue to generate double-digit growth; PLTXF’s Little West cold-pressed juice business saw 6% growth as well. “Our geographic expansion, building on our growing reputation in California, Canada and online, is driving top- and bottom-line growth,” said PlantX Life CEO Lorne Rapkin in the press release. “We have established a robust platform, representing the most valuable plant-based assets in the ecosystem, and this portfolio is leading to greater brand awareness, increasing cross-selling and cross-promotion opportunities and facilitating geographic expansion. We continue to drive notable growth in the Chicagoland area, as well as the UK, and we recently launched our Israeli ecommerce site, furthering our global expansion. Importantly, our geographic expansion and the concepts and products where we are focusing our efforts all generated improved profit margins, demonstrating significant progress in our path to profitability. We are nearing a key inflection point, where additional growth should drive disproportionate improvement in our profitability as we more effectively leverage our established platform and our competitive position in the marketplace. The addition of leading brands to our ecommerce properties is another example of this, as we add profitable revenue with little or no fixed costs, accelerating our profitability initiatives.”
To view the full press release, visit https://ibn.fm/VgwIr
About PlantX Life Inc.
PlantX is committed to being the digital face of the plant-based community as well as the one-stop shop for plant-based products. With its fast-growing category verticals, the company offers customers across North America more than 5,000 plant-based products. PlantX also has other brands in the PlantX portfolio, including a juice brand, a coffee company, a plant shop and brick-and-mortar grocery stores. PlantX uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. PlantX’s digital presence eliminates entry barriers for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life. For more information about this company, please visit www.PlantX.com and www.PlantX.ca.
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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