PlantX completes acquisition of US-based New Deli

27 May 2021

On May 27, 2021, PlantX Life Inc. ("PlantX" or the "Company") (CSE: VEGA) (FRA: WNT1) (OTCQB: PLTXF) announced that the Company, through its wholly-owned subsidiary, PlantX Lifestyle USA Inc., had completed its previously announced transaction to acquire all of the issued and outstanding membership interests of MK Cuisine Global LLC's ("MKC") Plant-Based Deli, LLC ("New Deli"). The aggregate purchase price was US$1,569,999, satisfied by a combination of cash and common shares in the authorized capital of the Company. 

New Deli is a sustainable and plant-based neighborhood bodega located in Venice Beach, California that offers practical, everyday retail goods that range from household supplies and personal hygiene products to frozen foods, pantry staples, snacks, beer and wine. As a result of the acquisition, all brick-and-mortar PlantX stores will be re-branded as New Deli by PlantX and will be operated in collaboration with the MKC team.

PlantX, headquartered in Vancouver, is the digital face of the plant-based community. The Company's platform is the one-stop-shop for everything plant-based. With its fast-growing category verticals, PlantX offers customers across North America more than 10,000 plant-based products.

Gowling WLG was Canadian counsel to PlantX with respect to this acquisition with a team that included Peter Simeon, Josh Almario and Adam Sherman (corporate/securities) and Anita Yuk (tax).

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