PlantX Life Inc. (CSE:VEGA) has announced the continuation of its successful live event initiative to support the company's retail locations and to bolster its growing reputation as the leader in the plant-based lifestyle.
Over the past weekend, PlantX said it hosted events at the Peter Rubi store on Montrose Avenue and at the XMarket Uptown store, both in Chicago, to drive traffic as well as to promote a healthy plant-based lifestyle.
"This past weekend's live vegan event activations were a huge success for PlantX and our brand partners," said PlantX CEO Lorne Rapkin in a statement. "At both Chicagoland locations, we drove a measurable impact on the sell-through of these great products and a lift in store sales overall at both locations."
READ: PlantX's XMarket stores partner with Too Good To Go to reduce food waste
At the Peter Rubi store, PlantX partnered with Good2Go Veggies to offer free samples of Shock'n Shrimp and Blaz'n Bacon, selling out both products as a result of the sampling session, while at the XMarket Uptown location, PlantX partnered with Chicago Vegan Test Kitchen to host Vegan Paradise, a farmers market-style event with 18 local vendors participating, that led to record foot traffic at the store.
"For PlantX, this is further evidence of the power of events and community engagement. Vegans, people looking for a healthier diet, and simply those that are curious, are joining us at these live events to learn about plant-based and healthy lifestyles, and to try new products,” Rapkin said.
“Meanwhile, brands are recognizing us as a valued partner to gain wider exposure and to accelerate their sales. We plan to continue to host regular events as a way to continue to build the PlantX community and partner with brands all at the same time," he concluded.
Financial statements update
PlantX also provided an update on its previously-announced management cease trade order (MCTO) issued by the British Columbia Securities Commission on August 2, 2022, in connection with the delay in filing the company’s audited annual financial statements, management's discussion and analysis, and related officer certifications for the fiscal year ended March 31, 2022, before the prescribed deadline of July 29, 2022.
The MCTO was granted after the company requested and received an extension under National Policy 12-203 - Management Cease Trade Orders (NP 12-203) to delay the filing as more time is needed to complete the restatement of its annual audited comparative financial statements for the 2021 fiscal year, which will see additional internal control procedures implemented.
As a result of the filing delay, PlantX has also yet to file its financial statements, management's discussion and analysis, and related officer certifications for the three months ended June 30, 2022, before the prescribed deadline of August 29, 2022, it said.
PlantX is working diligently with its auditors and expects to complete and file the annual as well as the interim financial statements by September 27, 2022, the company added.
In connection with the status update, the company said it is required to state that (i) there are no changes to the information contained in its default announcement on July 11, 2022, that would reasonably be expected to be material to an investor; (ii) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the annual filings and interim filings is continuing, which will be issued in the form of a news release; (iii) there has not been any other specified default by the company under NP 12-203 (other than the failure to file the annual filings and interim filings) and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the company that has not been generally disclosed.
The MCTO does not affect the ability of shareholders who are not insiders of the company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the company affecting all of the securities of the company, it added.
PlantX's platform is a one-stop shop for plant-based products.
Contact the author at jon.hopkins@proactiveinvestors.com