PlantX Reports First Quarter 2021 Financial Results

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VANCOUVER, BC, August 27, 2021 / PRNewswire / – PlantX Life Inc. (the “Society” Where “PlantX“) (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is pleased to report its unaudited condensed interim consolidated financial results for the quarter ended June 30, 2021. All amounts are shown in Canadian dollars, unless otherwise indicated.

PlantX Reports First Quarter 2021 Financial Results (CNW Group / Vegaste Technologies Corp.)

Highlights for the first quarter of 2021

  • The Company generated gross sales of $ 4,089,705 for the three-month period ended June 30, 2021, an augmentation of $ 3,956,815 of gross sales generated in the first quarter of 2020.

  • Cost of sales for the three months ended June 30, 2021 was $ 2,952,592.

  • The net loss was $ 10,283,084 of which $ 5,937,614 was the result of stock-based compensation and a loss per share of $ 0.09.

  • The Company achieved a gross margin of 28% for the three months ended June 30, 2021, compared to 23% in the fourth quarter of 2020.

  • From June 31, 2021, the Company had working capital of $ 14,905,700, including species of $ 13,573,427.

“PlantX continues to invest its efforts and resources strategically to grow and meet the demand for our herbal products,” said the founder of PlantX, Sean Dollinger. “It is encouraging to see the impact of our work. We are more determined than ever to continue to grow our business by delivering on our mission and expansion goals. “

The information provided in this press release should be read in conjunction with the unaudited condensed interim consolidated financial statements of PlantX for the three months ended. June 30, 2021 and the accompanying discussion and management analysis for the three months ended June 30, 2021, which are available on the Company’s SEDAR profile at www.sedar.com.

About PlantX Life Inc.

As the digital face of the plant community, PlantX’s platform is the one-stop-shop for everything plant-related. With its rapidly growing verticals, the Company offers its customers across North America more than 10,000 herbal products. In addition to offering meal and houseplant deliveries, the Company is currently considering expanding its product lines to include cosmetics, clothing and its own brand of water, but the business is not limited to to an electronic commerce platform. The Company uses its digital platform to create a community of like-minded consumers and, most importantly, to provide education. His thriving business is being built and strengthened through partnerships with the best nutritionists, chefs and brands. The company is removing barriers to entry for anyone interested in living a plant-based lifestyle and thriving into a longer, healthier and happier life.

The Company’s website is https://investor.plantx.com/.

Non-IFRS measures

This press release includes references to “gross margin”, which does not comply with International Financial Reporting Standards (“IFRS“) Financial measure. Non-IFRS measures are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by others Companies PlantX defines gross margin as the difference between revenue and cost of goods sold divided by revenue (expressed as a percentage), before the effect of a fair value adjustment for inventory. Readers are cautioned that such a non-IFRS measure may not be appropriate for other purposes Non-IFRS measures should not be viewed in isolation or as a substitute for performance measures prepared in accordance with IFRS.

About PlantX Life Inc.

As the digital face of the plant community, the PlantX platform is the one-stop-shop for everything plant-related. With its rapidly growing verticals, the Company offers its clients through North America more than 10,000 products of plant origin. In addition to offering meal and houseplant deliveries, the Company is currently considering expanding its product lines to include cosmetics, clothing and its own brand of water, but the business is not limited to to an electronic commerce platform. The company uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. His thriving business is being built and strengthened through partnerships with the best nutritionists, chefs and brands. The company is removing barriers to entry for anyone interested in living a plant-based lifestyle and thriving into a longer, healthier and happier life.

The Company’s website is http://investor.PlantX.com/.

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained in this document which are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information may be identified by words or expressions such as “may”, “will”, “expect”, “likely”, “should”, “should”, “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” occur, or through policy discussions. The forward-looking information contained in this document includes, without limitation, the business and strategic plans of the Company.

By their nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be correct; that the assumptions may not be correct; and that the 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 contained in this press release, including, without limitation: the Company’s ability to comply with all regulations, including all applicable food safety laws and regulations; the impacts on the Company’s activities and operations due to the COVID-19 epidemic; limited operating history; the Company’s ability to access capital to meet future financing needs; the Company’s dependence on management and key personnel; competetion; changes in consumption trends; fluctuations in foreign currencies; 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 viewed at www.sedar.com. Readers are urged to carefully consider these and other factors, uncertainties and potential events, and not to place undue reliance on forward-looking information. The forward-looking information contained in this document is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management at the date on which such forward-looking information is made. The Company assumes 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 differences between subsequent actual events and such forward-looking information, except as required by applicable law.

Cision

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SOURCE Vegaste Technologies Corp.


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