Plant-Based Movement Continues Growing as Consumers Flock to Healthier Food Options
- FinancialBuzz.com News Commentary
NEW YORK, Jan. 15, 2021 /PRNewswire/ -- 2020 was an interesting year in regards to consumer spending habits, with some trends resurfacing from the dead and others falling flat. One sector that experienced massive growth last year, and is expected to continue upward for years to come, is plant-based food. Dollar sales of plant-based foods grew 11% in the past year and 29% over the past two years. At the same time, the global plant-based protein market is anticipated to register an annual growth rate of 7.0% to reach a valuation of USD 16.63 Million by 2027. Plant-based food companies like Beyond Meat (NASDAQ: BYND), Tattooed Chef Inc. (NASDAQ: TTCF), The Very Good Food Company (CSE: VERY) (OTCQB: VRYYF), and Else Nutrition Holdings (TSX-V: BABY) (OTCQX: BABYF) are capitalizing on the growing trend. Then there is PlantX Life Inc. (CSE: VEGA) (OTCQB: PLTXF), which is focused on providing a one-stop-shop for everything plant-based and helping companies of all sizes get their products in front of consumers.
PlantX Life continuously grew its portfolio of products and services throughout 2020 and is showing no signs of slowing. Since the start of 2021, the Company has launched a baby product category, adding to its online e-commerce shop of over 10,000 plant-based products, completed the acquisition of a Squamish-based restaurant that will be redesigned as the PlantX Canadian Flagship brick and mortar shop, expanded into Israel, and applied to uplist on the Nasdaq.
PlantX Life Applies for Uplisting on the Nasdaq and Expands Portfolio
On January 11th, PlantX Life announced that it had taken a significant step to enhance its investor profile by launching a new capital markets strategy focused on the U.S. and applied to list on the Nasdaq. The Company believes the uplisting will provide opportunities to "broaden its institutional and retail investor base" and enhance its visibility, while accelerating growth.
"With our sustained and continuous growth, this is a natural step forward," PlantX Life founder, Sean Dollinger, said. "We're looking forward to the opportunities that this move can create for the plant-based movement."
A week prior, PlantX Life announced that it had completed the acquisition of the Squamish-based Locavore Bar & Grill, along with other related businesses, including the Cloudburst Café and Locavore Food Truck. The 15,000 sq. ft. Locavore Bar & Grill location will be redesigned as PlantX's Canadian flagship location, keeping Locavore's management staff. The popular Cloudburst Cafe will become the PlantX Cafe and include an updated design and a new menu. PlantX will be using the space as a showcase for franchises, including a multi-tiered pop-up shop concept, food truck, and full-service bar.
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