PlantX Life Inc. (CSE:VEGA) has told investors that it continues to experience ‘impressive’ growth, with revenue for May 2022 coming in 115% higher than gross revenue for the same month last year, net of wholesale revenue.
Vancouver-based PlantX said it generated gross revenue of $1,541,788 in May, while the cost of goods sold for the month came in at $1,002,162.
"As we continue to experience strong monthly financial performance, I would like to highlight our team's impressive commitment to excellence and leadership in the e-commerce plant-based space," the company's CEO Lorne Rapkin said in a statement.
"We are so proud of PlantX's growth trajectory and our team's passion and hard work, which are reflected by our consistent year-over-year revenue increases," he added.
READ: PlantX Life receives authorization to sell alcoholic beverages at its US retail locations and e-commerce platform
"With this impressive growth in mind, we're excited about our current efforts to build towards profitability and are confident that our impressive achievements and expansion as seen in recent announcements position us well to transition into a sustainable and profitable business in the future,” Rapkin concluded.
PlantX also announced that it has withdrawn its application to list its common shares on the Toronto Stock Exchange. The decision to withdraw its application from the TSX's regulatory review process was rooted in the management team's careful consideration of current adverse market conditions, it added.
The company said it will continue to trade its common shares on the Canadian Securities Exchange in Canada under the symbol VEGA, the OTCQX market in the United States under the symbol PLTXF, and the Frankfurt exchange under the symbol WNT1.
PlantX styles itself as 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 company offers customers across North America more than 10,000 plant-based products.
Contact the author at stephen.gunnion@proactiveinvestors.com