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The plant-based food market expected to grow at a CAGR of 11.9% from 2020 to 2027; this market is projected to reach $74.2 billion by 2027.
PlantX Life (CAD: VEGA & US: PLTXF) was launched at the beginning of 2020. PlantX believes that plant-based foods should be available to consumers everywhere they eat, and not just at home.
The company is growing along with the market; in the latest development, PlantX just announced that it has completed the acquisition of Score Enterprises Ltd., with PlantX acquiring all of Score’s issued and outstanding common shares.
Score Enterprises operates the Squamish, British Columbia-based Locavore Bar & Grill and other related businesses, including the Cloudburst Cafe and Locavore Food Truck. The restaurant location will be redesigned as PlantX’s flagship Canadian brick-and-mortar shop.
The 15,000-square-foot Locavore Bar & Grill will be redesigned as PlantX’s Canadian flagship location but will retain Locavore’s management staff. The popular Cloudburst Cafe will become the PlantX Cafe, with an updated design and new menu, keeping the top-selling items. This online/retail combo model is modeled after the Apple Stores, which Apple Inc. operates, though it can certainly sell everything online.
The company will also use the space as a showcase for franchises, including a multi-tiered pop-up shop concept, food truck, and full-service bar for beer, wine, and mixed drinks.
PlantX’s overall strategy combines the best of physical locations and e-commerce. The company will continue to advance its e-commerce growth by linking the Squamish location with its planned brick-and-mortar locations in San Diego, California, and Tel Aviv, Israel.
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The flagship location in British Columbia will tie into the company’s e-commerce outreach; it will offer all products currently available on the PlantX Website. Additionally, the location will be used as a training center for PlantX staff. The design, layout, and offerings will provide another avenue to help make a plant-based lifestyle accessible to residents of the province and eventually the rest of Canada.
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