PlantX Life Inc. (OTCMKTS:PLTXF) fell 12% and 40% in a month after announcing a broadcast entitled, “Investing in the Movement: Plant-Based Food is the New Black.” By 2030 the global plant-based food market could grow fivefold, according to Bloomberg. The increase will be a result of growing consumer demand for sustainable goods.
The Bloomberg piece stated that plant-based meat and dairy sales were $29.4 billion last year and could hit $162 billion by 2030. Notably, these are emerging trends which accelerated because of the pandemic, and the company is an early mover in this sector. It is the first public firm that focuses on the eCommerce sector for plant-based goods besides physical locations.
The company has also announced its interim unaudited consolidated fiscal Q1 2021 financial results for the period ended June 30, 2021. PlantX’s gross revenue was CA$4.09 million compared to CA$3.96 million on Q1 2020. Net loss was CA$10.283 million or $0.09 per share, with $5.94 of the loss attributed to share-based compensation. PLTXF is worth watching in the coming weeks.
Market Reaction:
On Friday, PLTXF stock fell 12.20% at $0.1775 with more than 324k shares, compared to its average volume of 185K shares. The stock has moved within a range of $0.1775 – 0.2073after opening the trade at $0.2045.
