Mr. Lorne Rapkin reports

PLANTX ANNOUNCES 2024 FINANCIAL RESULTS: ACHIEVES $7.3 MILLION IN REVENUE AND 8% INCREASE IN GROSS MARGINS YEAR-OVER-YEAR

Plantx Life Inc. has released its audited consolidated financial results for the fiscal year ended March 31, 2024. All amounts are reported in Canadian dollars unless otherwise stated.

Fiscal 2024 highlights:

• Significant reduction in net loss: Net loss decreased dramatically to $5,014,710 in 2024 from $21,384,656 in 2023, reflecting the company's successful cost-reduction and efficiency strategies.
• Improved gross margin: Gross margin increased by 8 per cent, reaching 46 per cent ($3,405,421) in 2024, compared with 38 per cent ($5,088,767) in 2023, indicating stronger profitability and more efficient operations.
• Revenue: While revenue decreased to $7,302,666 in 2024 from $13,299,891 in 2023, the company is in a stronger financial position due to improved gross margins and a substantial reduction in net losses. This strategic shift allows us to focus on sustainable growth and long-term profitability.

Lorne Rapkin, Plantx chief executive officer, commented: "Fiscal 2024 saw significant updates in partnerships and operational shifts aimed at reducing costs and divesting assets that were consuming too much cash. Opening the largest vegan food hall in the USA was a remarkable achievement and engaging in a share purchase agreement with Veg House to offload some high cash-burning assets has helped position Plantx for a brighter future."

Business review

During the fiscal year ended March 31, 2024, Plantx strategically focused on enhancing profitability and optimizing operations. Key actions included:

• Closure of underperforming locations: The company closed two Canadian locations inside Hudson's Bay (Yorkdale, Toronto, and Rideau, Ottawa) due to insufficient foot traffic. Inventory was transferred to the Chicago warehouse for on-line sales on the Plantx platform and the VeganEssentials platform. Equipment was repurposed for the XMarket uptown store.
• Expansion of Vegan Food Hall: XMarket Uptown opened Chicago's pioneering Vegan Food Hall on Oct. 5, 2023. The hall features six local vegan restaurants, a coffee shop run by Plantx's Portfolio Coffee brand and a fully licensed bar with an extensive selection of vegan-friendly beverages.
• Consolidation for efficiency: The company consolidated XMarket Squamish and the Cloudburst Coffee shop at the Locavore Bar and Grill, expanding the lounge area to enhance customer experience and increase sales through hosting private events.
• Transformation of BloomBox Club: The company streamlined operations, reducing team size from 30 employees to one employee, positioning BloomBox Club on the verge of profitability.

On Oct. 6, 2023, the company transferred a collection of assets in exchange for six million shares of Veg House Holdings Inc. This included wholly owned subsidiaries such as Vegaste Technologies U.S. Corp., Little West LLC, Plant Based Deli LLC and PlantX Living Inc., along with the company's 53-per-cent ownership stake in Portfolio Coffee Inc. and 51-per-cent ownership in Eh Coffee Corp. In January, 2024, the company partially settled a secured loan by transferring 2.25 million shares valued at $1 (U.S.) per share of Veg House. Additionally, the company sold 2,690,100 shares of Veg House at $1 (U.S.) per share, generating over $2.69-million for the company in cash. The remaining 1,059,900 shares have been recorded as equity instruments designated at fair value through other comprehensive income (OCI), as the company considers this investment strategic in nature.

Following the appointment of GreenGrowth CPAs at the AGM (annual general meeting), it was determined that a new auditing firm was required to meet the company's filing requirements. Subsequently, the board of directors received GreenGrowth's resignation letter and appointed Abu-Farah Professional Corp. as the new auditor.

Additional information

The company's complete financial statements and management's discussion and analysis (MD&A) for 2024 are available on Plantx's website and SEDAR+.

About Plantx Life Inc.

The company focuses on fostering niche on-line wellness communities, as well as creating physical immersive environments. Bloombox Club, an on-line plant delivery marketplace operating across the United Kingdom and European Union, and the Locavore Bar and Grill, a unique dining experience that started as a humble food truck and coffee shop in the heart of Squamish, B.C., are key verticals of Plantx. The company recently completed a share exchange agreement and is now a 60-per-cent owner in Veg House, the portfolio of assets of which is leading the way in the plant-based space. Plantx works to build a community of like-minded consumers and provide education on plant-based living. Its enterprise is built on partnerships and collaboration. The company's digital presence aims to eliminate barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

We seek Safe Harbor.