PlantX Announces Approval of Import License for Plant-Based Foods from the Canadian Food Inspection Agency

News date: 05 April 2021Source: https://www.prnewswire.com/news-releases/plantx-announces-approval-of-import-license-for-plant-based-foods-from-the-canadian-food-inspection-agency-301261878.html

VANCOUVER, BC, April 5, 2021 /PRNewswire/ - PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) ("PlantX" or the "Company") is pleased to announce that the Canadian Food Inspection Agency ("CFIA") has granted PlantX with a license to import packaged plant-based products from the United States to Canada (the "Import License"). The operational milestone champions PlantX as a principal one-stop-shop for everything plant based and advances the Company's plant-based movement by distributing US-manufactured packaged plant-based products to the Canadian marketplace.

The Import License complements PlantX's success in creating a diverse infrastructure of partnerships with plant-based vendors across the United States. With the Import License, the Company seeks to make the most of its partnerships within the plant-based space to increase awareness of the plant-based lifestyle by providing access to a greater selection vegan and vegetarian food choices throughout Canada. PlantX's new operational capabilities have potential for bridging gaps between the United States and Canadian plant-based marketplaces.

"We are extremely pleased to be at the forefront of bringing US-manufactured plant-based goods to Canada," said Julia Frank, PlantX CEO. "The new license marks a crucial step in our expansion as leaders in the plant-based space, by ensuring that we can be first to market in Canada with plant-based brands originating in the USA."

To obtain the Import License, PlantX had to meet rigorous food safety standards and requirements that promote the health of Canadian consumers. The Import License allows PlantX to distribute vegan and vegetarian manufactured packaged products such as vegan dairy substitutes, snack foods, processed fruits and vegetables, infant foods, nuts, grains, spices, fats and oils. PlantX strives to go above and beyond to serve the needs and health of its plant-based community and this Import License will enable the Company to accelerate those efforts by making it easier for Canadian customers to purchase their favorite US-manufactured plant-based brands.

"As a Canadian company, we are very passionate about contributing to the health of the Canadian public" said PlantX Founder Sean Dollinger. "The new import license will open new doors to how we can promote the wellbeing of our customer in Canada by helping them access an ever-growing variety of plant-based products".

Corporate Update

The Company announces that it has granted 3,851,000 stock options ("Options") to purchase common shares of the Company ("Common Shares") to certain directors, officers, employees and consultants of the Company pursuant to the terms and conditions of the Company's incentive stock option plan. The Options are exercisable for a five (5) year period at a price of $0.80 per Common Share. One quarter (1/4) of the Options will vest every three (3) months from the date of grant.

The Company also announces that it has granted 2,687,000 restricted share units ("RSUs") to certain directors, officers, employees and consultants of the Company pursuant to terms and conditions of the Company's restricted share unit plan. The RSUs have a term of one (1) year of which one quarter (1/4) of the RSUs will vest every three (3) months from the date of grant.

An aggregate of 40,276 RSUs were granted to Northern Equities Inc. ("Northern Equities"), which provides investor relations services to the Company including services to raise awareness of the PlantX brand, deliver new communication channels to PlantX customers and retailers and increase stakeholder engagement. To the knowledge of the Company, Northern Equities and/or its principals do not own or control any securities of the company.

About PlantX Life Inc.

As the digital face of the plant-based community, PlantX's platform is the one-stop-shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of like-minded consumers, and most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.