VANCOUVER, BC, Canada – PlantX Life Inc., the digital face of the plant-based community, operating a one-stop shop for plant-based products, yesterday announced unaudited monthly financial metrics for August 2022.
PlantX generated monthly gross revenue of $1.381 million in August 2022, an increase of 32% compared to $1.048 million in August 2021. The increase was driven primarily by expansion of our distribution channels and retail footprint.
Gross profit for August 2022 was $525,000, or 38% gross margin, compared to gross profit of $367,000, or 35% gross margin in August 2021.
Notably, the Little West cold-pressed juice brand continues to generate strong sell-through across its retail distribution partners.
Additionally, the Chicago Uptown location had its best month since it was acquired by PlantX in December 2021. This growth was driven by expanded selection and special events.
“PlantX continues to generate significant year-over-year growth, driven by positive market reception to the Little West cold-pressed juice brand and the success of live events at our retail locations to drive store traffic as we build loyal customers,” said PlantX CEO, Lorne Rapkin.
“Consumers increasingly see PlantX as the first stop for all things involved with the plant-based lifestyle, and this growing presence is resulting in revenue acceleration.”
The financial metrics disclosed in this press release are management prepared and have not been audited or reviewed by the Company’s auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.