PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Portfolio Coffee Inc. (“Portfolio Coffee”), has launched a new Canadian e-commerce platform aiming to reflect the Company’s ongoing rebranding efforts in line with its expansion strategy.
Portfolio Coffee’s new e-commerce platform under the new domain, https://www.portfoliocoffee.store/, emulates PlantX’s rebranding efforts to holistically modernize the identity of its subsidiaries in a way that echoes PlantX’s core values of quality and innovation. The new e-commerce strategy, which offers a user-friendly and interactive online shopping experience, is aimed to forward Portfolio Coffee’s mission of helping its customers to (re)discover coffee by offering farm-to-cup fresh, direct-trade coffee sourced from renowned farms around the world and roasted in Canada.
The decision to launch the new e-commerce platform was driven by the impact of PlantX’s previous efforts to rebrand its wholly-owned subsidiary, Little West, LLC (“Little West”). After implementing PlantX’s e-commerce strategy to launch its new website in April 2021, Little West has experienced growth for the 12 months after its website rebrand, compared to the 12 months prior to the rebrand. The favorable impact of the new e-commerce design is visible in Little West’s month-to-month revenue growth in March 2022, compared to March 2021, when Little West reported revenues of $53,296 and $21,797, respectively, reflecting a revenue increase of 145%. Additionally, compared to March 2021, the average order value and the number of online store visits for March 2022 increased by 16% and 136%, respectively.
Select Financial Information of Little West
March 2021 (pre-rebrand) March 2022 (post-rebrand) % Increase
Gross revenue $21,797 $53,000 145
Average Order Value $99.08 $116 16
Online store visits 4,526 23,522 136
“We know from various market research reports that e-commerce website designs are paramount in fostering customer loyalty and boosting brand awareness,” said PlantX CEO, Lorne Rapkin. “Almost 60% of all online consumers prioritize website design as the primary factor when judging a business’s credibility,1 75% of consumers evaluate their opinion of an e-commerce service based on its website design alone,2 and almost 90% of online shoppers are more likely to return to a website if they have a good online user experience.3 These are just a few considerations that informed our decision to heavily invest in an e-commerce design strategy that can help PlantX and its subsidiary companies propel e-commerce impact. Needless to say, we are looking forward to experiencing the multifaceted ways in which the PlantX signature website design will help Portfolio Coffee expand.”
The financial results 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.
About PlantX Life Inc.
As the digital face of the plant-based community, PlantX’s platform is the one-stop shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of likeminded consumers and, most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
About Portfolio Coffee Inc.
Portfolio Coffeeis led byan executive team with over 20 years ofexperienceworking with award winning farms through theglobalcoffee supply chain, androasting and retailingspecialty coffees.Through its wholesale roaster,Eh CoffeeCorp.,Portfolio Coffeedelivers exquisite, everyday specialty coffees to homes and businesses globally. Portfolio Coffee is aToronto-based specialty coffee and tea retailer and e-commerce platform (portfoliocoffee.store)that connectscustomers withdirectly tradedbarista-quality beans fromesteemedfamilyfarms,which aretypically reservedonlyfor coffee shops. Founded in 2016 and 2019 respectively, Eh Coffee and Portfolio Coffee workjointly tocarefully consider harvest selection and best practices in warehousing, transportation and coffee grading to ensuretheirspecialty lots maintain
The Company 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 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 relating to the launch of Portfolio Coffee’s new e-commerce platform 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: 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, 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.
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SOURCE PlantX Life Inc.
