PlantX Life Inc (CSE:VEGA) (OTCQB:PLXTF) (FRA:WNT1) said it has completed the acquisition of certain assets of Liv Marketplace LLC in a US$3.25 million cash and stock transaction conducted via its wholly-owned New Deli Hillcrest LLC subsidiary.
California-based Liv Marketplace is the exclusive online fulfillment partner and retail distributor of PlantX products within the US and is responsible for building and operating PlantX's 4,515 square foot brick-and-mortar retail store in San Diego.
The San Diego location will be rebranded as New Deli by PlantX, as a company-owned corporate location. Liv Marketplace will continue to lead the company's wholesale division, so that PlantX can focus its efforts on improving its brick-and-mortar operations in San Diego.
READ: PlantX Life begins selling its first products on Walmart Canada Marketplace
"Completing another acquisition is beyond encouraging and supports our vision for expansion as leaders in the plant-based space," PlantX CEO Julia Frank said in a statement. "The PlantX brick-and-mortar operations represent a crucial component of our business strategy, and this transaction demonstrates our commitment to execute this strategy effectively."
PlantX will settle the transaction with US$450,000 in cash plus 3,777,778 common shares issued at a deemed price of C$0.55 per common share. It will also assume C$1,000,000 in debt owed by Liv Marketplace to the company and US$96,938.73 in inventory.
Vancouver-based PlantX Life aims to be the digital face of the plant-based community with a one-stop destination for all things plant-based, like an online shop and meal delivery services. The online shop houses over 5,000 vegan products, and its recently added meal service delivers chef-created dishes straight to the doors of Western Canada. All in all, the company offers more than 10,000 plant-based products.
Contact the author at stephen.gunnion@proactiveinvestors.com