- PlantX (VEGA) is now the majority equity shareholder of Eh Coffee and Portfolio Coffee
- Eh Coffee and Portfolio Coffee source, roast and distribute specialty coffees with a focus on transparency and farmer empowerment
- The company acquired 53.5 per cent and 51 per cent of Eh Coffee and Portfolio Coffee, respectively
- The purchase price includes C$434,058.14 in cash and 913,320 PlantX shares priced at $0.4096 per share
- It plans to offer the companies’ products on the PlantX website, in XMarket stores, as well as in its proprietary cafés
- PlantX offers more than 5,000 plant-based products to customers across North America, including plants, food, groceries and cosmetics
- PlantX Life (VEGA) is down by 2.78 per cent and is currently trading at $0.35 per share
PlantX (VEGA) is now the majority equity shareholder of Eh Coffee and Portfolio Coffee.
Eh Coffee and Portfolio Coffee source, roast and distribute specialty coffees.
Eh Coffee sources its coffee beans from renowned family farms worldwide and custom roasts these harvests in Canada. It currently supplies many leading specialty coffee shops in Canada, including Dineen Coffee Company.
Portfolio Coffee distributes specialty coffees with an emphasis on roast, region and flavour profile variety and a direct-trade approach that empowers local farmers. Its coffees rank 80 and above on the Specialty Coffee Association scale.
All portions of the Eh Coffee to Portfolio Coffee supply chain remain transparent to ensure origin, quality and consistency.
PlantX acquired 53.5 per cent and 51 per cent of Eh Coffee and Portfolio Coffee, respectively, in exchange for C$434,058.14 in cash and 913,320 PlantX shares priced at $0.4096 per share. PlantX now holds three out of five board seats of each company and has the option to purchase all remaining Eh Coffee and Portfolio Coffee shares within three years after closing.
Founders Jacob Fortier, Victor Nucci and Andre Dalben will continue to operate both coffee companies.
PlantX plans to sell the companies’ products on its online platform and in its physical locations, as well as exclusively use their curated coffee beans to prepare beverages in its proprietary cafés across the world.
It will also leverage its e-commerce knowledge and distribution experience to enhance Portfolio Coffee’s e-commerce subscription.
Lorne Rapkin, CEO of PlantX, stated,
“We are delighted to welcome the Eh Coffee and Portfolio Coffee teams to the fold of the PlantX family. Coffee is perhaps the most widely accepted plant-based product – and a universal drink to start our days. We are beyond thrilled to join our teams together to launch the Portfolio Coffee offerings roasted right here in Canada for a farm-to-cup experience of premium specialty coffees on the PlantX website, XMarket stores and future cafés.”
PlantX offers more than 5,000 plant-based products to customers across North America, including plants, food, groceries and cosmetics.
PlantX Life (VEGA) is down by 2.78 per cent and is currently trading at $0.35 per share as of 11:09 am ET.