USA News Group News Commentary
Issued on behalf of PlantX Life Inc.
VANCOUVER – USA News Group News Commentary – How we eat is always changing, and recent food trends are making it clear that restaurants that embrace a more local and/or sustainable dining experience are gaining traction as one of the biggest trends for restaurants in 2024. Restaurants from fast-food chains to fine dining restaurants are shifting their ways to focus on sustainability. According to a panel led by London’s Regent Street (a prestigious lifestyle destination) the most promising food trend involves sustainability and a more locally-sourced dining experience. In another report from ICL Group, locally manufactured proteins is one of the top food tech trends in 2024. Several restaurant, food, and wellness stocks are reaping the benefits of this local/sustainability trend, with recent market developments coming from: PlantX Life Inc. (CSE: VEGA) (OTCQB: PLTXF), Chipotle Mexican Grill, Inc. (NYSE: CMG), Sweetgreen, Inc. (NYSE: SG), Sprouts Farmers Market, Inc. (NASDAQ: SFM), and Edible Garden AG Incorporated (NASDAQ: EDBL, EDBLW).
At a global level, Future Data Stats is projecting the Global Sustainable Food Market to grow at a CAGR of 10.3% to reach US$2.5 trillion by 2030.
PlantX Life Inc. Reports 258% Increase in Profit for Q3 2024 at Its Experiential Locations, The Locavore Bar & Grill & Cloudburst Cafe in Squamish, BC
PlantX Life Inc. (CSE: VEGA) (OTCQB: PLTXF), a pioneer in building strong communities and operating innovative experiential online and in-store platforms that make it easier for individuals to lead happier and healthier lives, today announced a significant profit increase for its Squamish, BC experiential locations in Q3 2024. In particular, its Locavore Bar & Grill and Cloudburst Café saw a remarkable 258% net profit increase compared to the same period in 2023, signaling strong growth and long-term success.
“It’s incredibly impressive to see this level of growth coming from our Squamish BC location,” said Lorne Rapkin, CEO of PlantX Life Inc. “We’ve always known that this was a special place with immense potential, and now the numbers are clearly reflecting that. If you’re ever in the BC area, we’d love to invite you to visit the location and experience the magic for yourself.”
Revenue for Q3 2024 was $1,314,208, a 2.27% increase compared to Q3 2023’s revenue of $1,285,057. However, the true standout metric was the profitability of The Locavore Bar & Grill, which posted a net profit of $93,230 for Q3 2024, up from $25,991 in Q3 2023, showcasing a 258% year-over-year profit increase.
PlantX remains committed to leveraging its strong community-driven approach to foster growth at its experiential locations while expanding its offerings to promote healthier, plant-based living.
The Locavore and Cloudburst update comes just one day after PlantX Life provided an update on its ecommerce platform BloomBox Club with an expanded product catalog and streamlined shipping processes. According to the update, BloomBox Club will now benefit from its fulfillment partner, Flora, having been acquired by Bloomique, a Netherlands-based greenhouse provider. According to Bloomique, this acquisition significantly expands the product catalog by providing access to a larger range of greenhouses, enabling BloomBox Club to offer customers an even broader selection of plants.
As part of this transition, BloomBox Club is set to add 200 new SKUs to its online platform, giving plant enthusiasts more variety than ever before. Additionally, the company has implemented automated packing processes to streamline operations and reduce the risk of missing items in orders, enhancing the overall customer experience.
CONTINUED… Read this and more news for PlantX Life at: https://usanewsgroup.com/2024/10/08/from-plants-to-plates-wellness-delivered/
In other industry developments and happenings in the market this week include:
Chipotle Mexican Grill, Inc. (NYSE: CMG), an international fast-casual restaurant chain known for serving responsibly sourced, classically cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives, recently announced the opening of its first restaurant in Dubai, with leading international franchise retail operator Alshaya Group. Located at ‘The Beach’ at Jumeirah Beach Residence (JBR), the new location mark’s Chipotle’s first restaurant in the United Arab Emirates. The opening follows upon Chipotle’s expansion into the Middle East beginning with a restaurant at The Avenues, Kuwait’s largest shopping mall.
“We are thrilled by the overwhelming response to Chipotle’s responsibly sourced, classically-cooked, real ingredients in Kuwait and hope to see similar enthusiasm at our JBR restaurant,” said Nate Lawton, Chief Business Development Officer of Chipotle. “Alshaya has been a tremendous partner and continues to ensure our culinary and our purpose to cultivate a better world are clear points of differentiation for consumers as we enter these new regions.”
Sweetgreen, Inc. (NYSE: SG), a mission-driven restaurant brand connecting more people to real food, recently announced the opening of its first Carolina location in Uptown Charlotte at One Independence Center, with a 2,479-square-foot Charlotte location marking a significant milestone amidst the brand’s continued nationwide expansion.
“We’re so grateful for the warm welcome and excitement around Sweetgreen coming to North Carolina to join the Queen City,” said Jonathan Neman, Co-founder and CEO of Sweetgreen. “As we expand across the Carolinas, we’re looking forward to teaming up with local partners in the Southeast to serve fresh delicious meals to the community.”
Since its founding, Sweetgreen has prioritized quality, sustainable ingredients and fresh produce. Its menu of salads, warm bowls, protein plates and sides features longtime favorites including the Harvest Bowl and Crispy Rice Bowl, alongside protein-packed offerings like the Miso Glazed Salmon and Steakhouse Chopped.
Sprouts Farmers Market, Inc. (NASDAQ: SFM), a popular retailer of fresh, natural and organic food products under the Sprouts brand, recently awarded $4 million to neighborhood elementary schools and local nonprofit agencies focused on nutrition, health, and wellness. The awards were given out to Sprouts Team Members in all 423 Sprouts locations nationwide to the local organizations in a coordinated same-day event.
“Many of the organizations that received support from our Foundation were nominated by our store Team Members, bringing our value of caring for our communities to life in a very real way,” said Jack Sinclair, CEO of Sprouts Farmers Market.
Edible Garden AG Incorporated (NASDAQ: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), locally grown, organic, sustainable produce and products, recently announced the expansion of its distribution partnership with Walmart, which now includes the introduction of sustainably grown Hydro Basil. To further enhance the marketing of this offering, Edible Garden has developed a custom-designed Basil Station display that integrates seamlessly into Walmart’s produce sections without disrupting existing planograms.
“We are excited to deepen our partnership with Walmart by introducing our sustainably grown Hydro Basil to select Walmart Distribution Centers (DCs) with opportunities for further distribution across additional DCs and U.S. locations in 2025,” said Jim Kras, CEO of Edible Garden. “As demand for organic and sustainably grown products continues to rise, Edible Garden is committed to providing products that meet the expectations of both our retail partners and today’s health-conscious consumers.”
Source: https://usanewsgroup.com/2024/10/08/from-plants-to-plates-wellness-delivered/
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