— Chicago’s First Myco-Taqueria Diversifies XMarket Vegan Food Hall —
VANCOUVER, BC / ACCESSWIRE / August 29, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt:WNT1)(OTC PINK:PLTXF) (“PlantX” or the “Company”), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced that El Hongo Magico Taqueria, Chicago’s first Myco-Taqueria, will be added to the initial food lineup at the XMarket Vegan Food Hall as one of its six initial culinary concepts when the Midwest’s largest food hall officially opens to the public toward the end of September.
El Hongo Magico Plant-Based Taqueria, founded in 2022 by Carlos Luna and Bernice Vargas, blends traditional family recipes with plant-based ingredients. Carlos transitioned to a plant-based diet to address chronic colon disease, and Bernice embraced the lifestyle after being diagnosed with early stages of Type 2 Diabetes. Carlos and Bernice integrated offerings from vegan restaurants in Mexico City, and brought these ideas, including the use of mushrooms for protein, back to Chicago.
Lorne Rapkin, PlantX CEO, said, “Our XMarket Vegan Food Hall aims to create the most diverse, and most exciting plant-based culinary experience in Chicagoland, catering to the dietary requirements of vegetarians and the palates of non-vegetarians with cuisine that is delicious and healthy. El Hongo Magico Taqueria will join other plant-based offerings, ranging from hot dogs to traditional salad offerings, establishing a unique, one-stop-shop for all preferences. We love the healthy and delicious traditional Mexican dishes designed by Carlos and Bernice, and El Hongo Magico Taqueria has built a large and loyal cult following in Chicago.”
“We transitioned to the plant-based lifestyle to address health concerns, and our results have validated our decision,” commented Carlos Luna, co-Founder of El Hongo Magico Taqueria. “Our goal is to delight lovers of Mexican cuisine with traditional dishes with a plant-based twist, utilizing culinary mushrooms to complete traditional family recipes. Our presence in the XMarket Vegan Food Hall will bring our dishes to new customers and help us expand our following. We are excited to be part of this unique dining experience.”
Co-developed and operated with the Macromia Group, a restaurant developer specializing in building high-end dining and retail locations from concept to creation, the 6,500 square foot XMarket Vegan Food Hall will be the largest vegan food hall in the Midwest. The space will seat 375 people and include six restaurants, a wine and beer bar, a coffee shop, and a bodega-style grocery store that includes a vegan cheesemonger. The food hall is located at 804 W. Montrose Ave. on the north side of Chicago.
Q1 2024 Financial Results
In addition to this remarkable culinary collaboration, PlantX reported its condensed interim consolidated financial results for fiscal Q1 2024 for the period ended June 30, 2023 (“Q1 2024”). During this period, the Company demonstrated consistent growth and operational efficiency, with revenue totaling $2,794,942 and a net loss of $1,722,824. The Company’s strategic focus on profitability was reinforced by a 4% increase in gross profit margin compared to the same period in 2022.
Operating expenses notably decreased by $4,292,113 compared to the same period in 2022, driven by prudent cost-cutting measures and heightened operational effectiveness. Advertising, promotion, consulting, and administrative expenses were all streamlined, reflecting the Company’s commitment to fostering a sustainable and thriving business.
The expansion of the XMarket Vegan Food Hall and the robust financial performance in Q1 2024 signal PlantX’s dedication to elevating the plant-based lifestyle through culinary innovation and operational excellence.
The Company’s complete condensed interim financial statements and management’s discussion & analysis (“MD&A”) for Q1 2024 are available on PlantX’s website (www.plantx.com) and SEDAR (www.sedar.com).
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
About PlantX Life
As the digital face of the plant-based community, PlantX’s platform is a one-stop shop for plant-based products. With its fast-growing category verticals, the Company offers customers across North America more than 5,000 plant-based products. In addition to offering delivery service for meals and indoor plants, the Company currently has plans underway to expand its product lines to include a juice and coffee company. The Company uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. Its successful enterprise is being built and fortified on partnerships with the top nutritionists, chefs, and brands. The Company’s digital presence works to eliminate the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.
About El Hongo Mágico Plant-Based Taqueria
El Hongo Magico Taqueria is an award-winning plant-based taqueria serving authentic Mexican flavors featuring culinary mushrooms highlighting their magic and versatility. Connect with El Hongo Magico Taqueria: Website | Facebook | Instagram | TikTok
Chief Executive Officer
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SOURCE: PlantX Life Inc.