PlantX Life Inc said its US customers will soon see alcoholic beverages on its retail shelves.
The Canadian company has received authorization to sell and distribute alcoholic beverages in its retail stores in Chicago, Illinois and Venice Beach, California.
The authorization means that Vancouver-based PlantX is now able to offer a wide variety of alcoholic beverages such as wine, beer, cider and liquor.
READ: PlantX Life says it continues to excel as resources for the plant-based community; adds 10,000 new products to its US e-commerce platform
Additionally, the license gives PlantX the ability to deliver alcoholic beverages across the US to fulfill orders placed on its national e-commerce platform, while also allowing same-day deliveries of alcoholic items via its partnerships with UberEats and Instacart.
PlantX said the “operational milestone” offers US customers access to more holistic shopping opportunities that can integrate alcoholic beverage options as part of the company's one-stop-shop retail and e-commerce experience.
"The new license is a thrilling opportunity for PlantX to tap into a multi-billion industry," said PlantX CEO Lorne Rapkin in a statement.
According to Statista, the alcoholic beverages market reached a volume of US$222.6 billion in 2020 nationally, a figure that is expected to grow annually by 7.45% over the next few years.
Rapkin told shareholders that there is an increasing collective preference for environmentally friendly products among consumers, who are shifting their attention towards products that are organic, vegan or free from additives, including alcoholic products.
“This is fully aligned with PlantX's vision, which now includes offering high-quality, sustainable and ethical alcoholic drinks,” he said. “This new milestone will undoubtedly forward the company's efforts to shape market innovation in both the US and Canada, where we have been active in the alcoholic industry for a while."
PlantX Founder Sean Dollinger highlighted the potential of the new license to become an “immense(ly) profitable revenue driver” for PlantX.
PlantX offers customers across North America more than 10,000 plant-based products.
Contact Angela at angela@proactiveinvestors.com
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