Q3-2021 Net Revenue of $ 0.6 Million, 300% YoY Growth
Year-to-date net sales of $ 2.1 million, 120% year-over-year growth
IPO completed for gross proceeds of C $ 10.4 million, including full exercise of the over-allotment option
CHICAGO, IL and VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / The Planting Hope Company Inc. (TSXV: MYLK) (“Planting Hope” or the “Company”), a plant-based food and beverage company focused on producing the most nutritious and environmentally friendly products on the planet, is pleased to report its financial results for the third quarter ended September 30, 2021.
“I am incredibly proud of the entire Planting Hope team for achieving strong year-over-year net sales growth,” said Julia Stamberger, CEO and Co-Founder of Planting Hope. “Our recent IPO provides the firepower to grow and evolve our business in line with the explosive global growth of the plant-based food and beverage market. We have a pipeline of revolutionary new products launched in the new year, including our we will deploy our omnichannel distribution platform, increasing product availability and access to consumers. Going forward, we are well positioned to execute our growth strategy with strong momentum heading into 2022 and beyond.
All figures in this press release are in US dollars, unless otherwise noted.
Quarterly net sales of $ 0.6 million, a 300% increase from Q3-2020.
Year-to-date net income of $ 2.1 million, an increase of 120% over the same period last year.
Selling, general and administrative expenses for the third quarter of 2021 were $ 2.1 million, compared to $ 0.5 million in the third quarter of 2020, mainly due to the company’s growth initiatives, including marketing efforts associated with brand awareness, professional fees associated with the initial public offering (“IPO”), expansion of the management team, technological improvements and product development.
On August 25, 2021, the Company completed the acquisition of Planting Hope Brands, LLC for the purpose of obtaining post-acquisition listing of the Company on the TSX Venture Exchange (“TSXV”). The transaction made Planting Hope Brands, LLC a wholly owned operating subsidiary of the Company, with Planting Hope Brands, LLC remaining the primary business of the Company. The Company incurred a one-time expense of approximately $ 2.4 million for this transaction.
The net loss for the third quarter of 2021 was $ 4.6 million, compared to $ 0.4 million in the third quarter of 2020, mainly due to the growth initiatives of the company and a charge of single transaction mentioned above.
On November 12, 2021, Planting Hope completed its IPO by selling 22,500,000 subordinate voting shares (the “Shares”) at a price of $ 0.40 per share for gross proceeds of $ 9.0 million. Canadian dollars. The shares are listed on the TSX Venture Exchange and began trading on November 18, 2021 under the symbol “MYLK”.
On November 26, 2021, the Company received additional gross proceeds of C $ 1.35 million for the full exercise of the over-allotment option, which was granted in the IPO to its agent, Canaccord Genuity Corp.
Sales and Marketing Highlights
We have an omnichannel distribution platform with the following strategic approach:
Establish e-commerce distribution, offering wide availability and access to consumers; this includes the ability to subscribe directly to the consumer through our own branded websites.
Develop our e-commerce platforms directly to businesses to ensure that small retailers and businesses have access to all products, regardless of the distribution channel.
Expand the distribution of groceries and natural groceries in the refrigerated and shelf-stable segments, as appropriate, with grocery retailers and major distributors and distribution warehouses.
Enter mass market retailers, specialty chains, club stores and corporate foodservice operators, and their distributors, if applicable.
In addition to the above channels, barista sesamemilk focuses on independent and chain coffee, tea and smoothie stores, both a sales opportunity and an opportunity to educate consumers and try sesame milk. through hot and chilled coffee and tea drinks and smoothies.
Explore the international export market: interest established and discussions underway with distributors and retailers in Canada, APAC, UK, EU, Middle East and Latin America.
We continue to work with our highly experienced business partners and relationships with key retailers in the United States and Canada to rapidly engage our brands with strategically aligned retailers.
The Company’s financial statements for the three and nine-month periods ended September 30, 2021 can be viewed on the Company’s issuer profile on SEDAR at www.sedar.com.
About Planting Hope Company Inc.
Planting Hope develops, launches and scales innovative and unique plant-based and planet-friendly food and drink brands. Planting Hope’s cutting-edge products address key unmet needs in the burgeoning plant-based food and drink space. Founded by seasoned entrepreneurs in the food industry, Planting Hope is a women-owned and operated business with a focus on nutrition, sustainability and diversity. For more information visit: www.plantinghopecompany.com.
CEO and co-founder
This press release contains “forward-looking statements” or “forward-looking information” (collectively hereinafter “forward-looking statements”) within the meaning of applicable Canadian securities laws. Any statements that deal with activities, events or developments that the Company expects or anticipates will or may occur in the future, including statements about the ability of the Company to achieve its objectives, the relative timing to these objectives and the receipt of applicable consents and approvals, and future business prospects, trends, plans and strategies of the company. In some cases, forward-looking statements are preceded, followed or include words such as “may”, “will”, “would”, “could”, “should”, “believes”, “believes”, “plans”, “Potential”, “expects”, “plans”, “intends”, “proposes”, “anticipates”, “targeted”, “continues”, “plans”, “designed”, “objective” , “Anticipate” or the negative of these or other similar or comparable words. Although the management of the Company believes that the assumptions made and the expectations represented by these statements are reasonable, there can be no assurance that any forward-looking statement herein will prove to be correct. Forward-looking statements involve risks, uncertainties and other known and unknown factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. . Although the management of the Company has attempted to identify important factors which could cause actual results to differ materially from those contained in the forward-looking information, other factors may cause results not to be as anticipated. , estimated or planned. The risks and uncertainties applicable to the Company, as well as the trends identified by the Company affecting its sector of activity can be found in the Company’s prospectus dated October 29, 2021 and the Company’s continuous disclosure file available on SEDAR. at the address www.sedar.com. Such cautionary statements qualify all forward-looking statements made in this press release. The Company assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE SOURCE: The Planting Hope Company Inc.
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