PlantX Life (VEGA.C) announced today that it has launched its new PlantX warehouse in Squamish, B.C. The new warehouse is a critical component of PlantX’s expansion plans and will be used to support the Company’s supply chain for the distribution of indoor plants across Canada.
“The increasing consumer demand for high-quality indoor plants has made this development a necessity moving forward and a crucial tool that will enable the Company to continue to improve customer satisfaction…The new space will allow Plantx to enhance the indoor plant offerings in Canada and distribute its plant products more efficiently. The warehouse is also an essential component of the Company’s expansion strategy which is focused on effective distribution of its products in the best conditions possible,” said Plantx Founder, Sean Dollinger.
When I first started writing about PlantX, the concept of “plant delivery” seemed questionable to me. After all, what kind of market could there possibly be for plant deliveries, right? Yet here I am, recalling the summer of my youth where I worked at a greenhouse. My duties included customer service, labor, and, you guessed it, plant deliveries. Looking back, most of the deliveries we made were during the week when customers were away at work. With this in mind, our plant delivery service allowed customers to purchase plants without having to endure the chaos of greenhouses during the summer.
Bloombox Club, PlantX’s recently acquired wholly-owned subsidiary, is a perfect example of a successful plant delivery business. Bloombox is based in the United Kingdom and delivers a variety of indoor plants and plant accessories. For the post-acquisition period between November 1, 2020 to March 31, 2021, Bloombox achieved gross revenue of $2,193,084, reflecting a 273% increase from the equivalent pre-acquisition period between November 1, 2019 to March 31, 2020.
“The new warehouse facility is another proactive PlantX initiative that will help the Company grow and adapt to evolving customer demands and industry trends…We are very excited to witness the positive impacts of this new development,” said PlantX CEO Julia Frank.
PlantX’s new 3,000 square foot warehouse facility is a partnership initiative between the Company and Nootka & Sea, a privately owned company providing apothecary and cosmetic services in British Columbia. The warehouse is currently fully operational and will be co-managed by PlantX and Nootka & Sea. The primary objective of PlantX’s new warehouse is to store and ship a variety of indoor plants, plant pots and plant accessories across Canada. Furthermore, PlantX’s Director of Greenhouse Operations, Kay Stratichuk, will oversee all warehouse operations to ensure that plants receive proper maintenance and care.
According to Advance Market Analytics, the indoor plant market is expected to see a growth rate of 10.24% and could potentially reach a market size of USD$7,267 million by 2026. Lets not forget that PlantX already has a loyal base of plant-based consumers. With this in mind, the Company already has a strong position in the plant-based and indoor plant market. Additionally, PlantX can leverage the ecommerce merchandising expertise of Bloombox.
PlantX Life’s share price opened at $0.53 today and is currently trading at $0.51 as of 12:07PM ET.