PlantX Life (VEGA.C) announced today that it has closed on a previously announced transaction to acquire Little West, a California-based small business that produces cold-pressed juices. PlantX Life announced on April 30, 2021 that it had entered into a membership interest purchased agreement dated April 29, 2021, through PlantX Lifestyle USA, its wholly-owned subsidiary. According to the agreement, PlantX Life will acquire all of the issued and outstanding limited liability membership interest of Little West.
“It is truly exciting to finalize our Acquisition and partnership with Little West…We’ve already seen a lot of interest in the Little West cold-pressed juices since we announced our intention to acquire this amazing company, and we are very much looking forward to working together with Little West team and capitalize on our mutual strengths to enhance the Company’s growth moving forward,” said Sean Dollinger, PlantX Founder.
A refreshing cold-pressed beverage from Little West would have been nice during my university days back when I was living in an apartment without air conditioning. In the heart of London, Ontario, temperatures reached 35 degrees Celsius during the summer, leaving me parched and soaked in sweat. To make matters worse, unreasonably large ants assaulted me day and night while I struggled to meet school deadlines. Oh man, I sure hope the poor tenants who took up my residence are doing okay. Although those days are behind me now, I can’t help but cheer for a company like PlantX, trying to bring refreshing plant-based products like cold-pressed juices to North America.
Currently, PlantX ecommerce platform offers a variety of refrigerated products including chia beverages, coconut water, kombucha, sparkling water, and wellness shots. In total, the Company offers customers across North America more than 10,000 plant-based products. Additionally, in the future PlantX plans to add cosmetics, clothing, and its own water brand to its existing product portfolio.
According to the transaction, Little West will continue to operate under its founders Cassandra Troy and Andrew Walker, Brad Neumann and their California-based team. However, the business will leverage PlantX’s ecommerce platform, technical business expertise and marketing resources to promote Little West products while simultaneously accelerating PlantX’s expansion across the U.S. and Canada. Furthermore, the acquisition of Little West will provide PlantX with experience in the cold-pressed juice market, which is expected to assist the Company’s growth in North America.
PlantX also announced today that it has achieved new record monthly gross revenues of $2,042,450 for the month of April 2021. This represents a 30% increase from March 2021, and an 87% increase since January 2021, demonstrating strong month-over-month growth. With this in mind, PlantX is positioned nicely for growth and shows potential as an investment opportunity as the Company expands its footprint in the North American market.
PlantX Life’s share price opened at $0.53 today, up from a previous close of $0.51. Shares are up 1.96% and are currently trading at $0.52 as of 11:48AM ET. This indicates that there has been some change following the news.