PlantX Life Inc. Reports 258% Increase in Profit for Q3 2024 at Its Experiential Locations, The Locavore Bar & Grill & Cloudburst Cafe in Squamish, BC

Rhea-AI Summary

PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) has reported a significant 258% increase in net profit for Q3 2024 at its Squamish, BC experiential locations, The Locavore Bar & Grill and Cloudburst Cafe. The company saw revenue of $1,314,208, a 2.27% increase compared to Q3 2023's revenue of $1,285,057. The Locavore Bar & Grill posted a net profit of $93,230 for Q3 2024, up from $25,991 in Q3 2023. CEO Lorne Rapkin expressed satisfaction with the growth, inviting visitors to experience the location. PlantX remains focused on leveraging its community-driven approach to foster growth at its experiential locations while expanding its plant-based living offerings.

Positive

• 258% year-over-year increase in net profit for Q3 2024
• Revenue growth of 2.27% to $1,314,208 in Q3 2024
• Net profit of $93,230 for The Locavore Bar & Grill in Q3 2024

Negative

• None.

VANCOUVER, BC, Oct. 9, 2024 /PRNewswire/ -- PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) ("PlantX" or the "Company"), a pioneer in building strong communities and operating innovative experiential online and in-store platforms that make it easier for individuals to lead happier, healthier lives, is pleased to announce a significant profit increase for its Squamish, BC experiential locations in Q3 2024. The Locavore Bar & Grill and Cloudburst Cafe saw a remarkable 258% net profit increase compared to the same period in 2023, signaling strong growth and long-term success.

Revenue for Q3 2024 was $1,314,208, a 2.27% increase compared to Q3 2023's revenue of $1,285,057. However, the true standout metric is profitability: The Locavore Bar & Grill posted a net profit of $93,230 for Q3 2024, up from $25,991 in Q3 2023, showcasing a 258% year-over-year profit increase.

Lorne Rapkin, CEO of PlantX Life Inc., commented, "It's incredibly impressive to see this level of growth coming from our Squamish BC location. We've always known that this was a special place with immense potential, and now the numbers are clearly reflecting that. If you're ever in the BC area, we'd love to invite you to visit the location and experience the magic for yourself."

PlantX remains committed to leveraging its strong community-driven approach to foster growth at its experiential locations while expanding its offerings to promote healthier, plant-based living.

About PlantX Life

The company focuses on fostering niche online wellness communities as well as creating physical immersive environments. Bloombox Club, an online plant delivery marketplace operating across the UK and EU, and The Locavore Bar and Grill, a unique dining experience that started as a humble food truck and coffee shop in the heart of Squamish, BC, are key verticals of PlantX. The company recently completed a share exchange agreement and is now a shareholder  in VEG House, a company whose portfolio of assets is leading the way in the plant-based space. PlantX works to build a community of like-minded consumers and provide education on plant-based living. Its enterprise is built on partnerships and collaboration. The company's digital presence aims to eliminate barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.

Connect with PlantX: Email | Website | Facebook | LinkedIn | Twitter | Instagram | YouTube | TikTok

Contact

Lorne Rapkin

Chief Executive Officer

(416) 419-1415

info@plantx.com

Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may," "will," "expect," "likely", "should," "would," "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 "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, statements regarding the availability of Future Farm products, PlantX promotional events and the business and strategic plans of the Company.

By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that 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 in this press release including, without limitation: receiving sufficient demand for the Offering; the Company's ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; the conflict in eastern Europe; having a limited operating history; the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; 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 accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

Contact

Lorne Rapkin
Chief Executive Officer
(416) 419-1415

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SOURCE PlantX Life Inc.

FAQ

What was PlantX's revenue for Q3 2024 at its Squamish, BC locations?

PlantX reported revenue of $1,314,208 for Q3 2024 at its Squamish, BC experiential locations, The Locavore Bar & Grill and Cloudburst Cafe.

How much did PlantX's net profit increase in Q3 2024 compared to Q3 2023?

PlantX's net profit for its Squamish, BC locations increased by 258% in Q3 2024 compared to the same period in 2023.

What was the net profit of The Locavore Bar & Grill for Q3 2024?

The Locavore Bar & Grill, one of PlantX's experiential locations, posted a net profit of $93,230 for Q3 2024.

How does PlantX plan to foster growth at its experiential locations?

PlantX remains committed to leveraging its strong community-driven approach to foster growth at its experiential locations while expanding its offerings to promote healthier, plant-based living.