The Planting Hope Company (CVE:MYLK) announces its financial results for the fiscal year ended December 2022, and reports it achieved record revenues of $12.2M last year, more than 4.6 times its revenue in 2021.
“Sesame milk is the first meaningful new Plant Milk subcategory since oat milk”
Planting Hope, whose products include Hope and Sesame sesamemilk, RightRice and Mozaics Veggie Chips, says its 2022 revenues were 358% higher than in 2021, driven by its acquisition of RightRice, significant North America retail expansion, and enthusiastic response to its Barista Blend Sesamemilk in food service and coffee shops.
“In 2022, we rolled out our flagship Hope and Sesame Barista Blend Sesamemilk to the critical Café channel,” said Julia Stamberger, CEO and co-founder of Planting Hope. “After five years of formulation, development and testing, sesame milk is the first meaningful new Plant Milk subcategory since oat milk and we are rapidly validating its potential to significantly disrupt the Café space and Foodservice channels.
“Additionally, we continue to push forward sustainability initiatives across our products, including Hope and Sesame’s recent Upcycled certification from the Upcycled Food Association.”
Accelerating growth
The company reports it has increased its retail footprint to more than 10,000 grocery locations and secured distribution with major partners such as Dot Foods.
Stamberger adds, “2022 was a record growth year for Planting Hope: through numerous accomplishments over 12 short months we have proven out acceptance and demand for our products, and laid the platform for accelerated revenue growth and scaling in 2023 and beyond.”
Here’s a look back at some of the company’s most notable milestones:
2021
- November – Led by an all-female C-Suite and Board, Planting Hope completes its IPO in Canada, debuting on the TSX-V under the symbol “MYLK.”
2022
- January – Acquires veggie rice brand RightRice for $7M
- April – Features RightRice in partnership with US meal delivery service Freshly
- November – Launches Hope and Sesame on Amazon.ca and in dozens of Canadian natural retailers
2023
- February – Introduces new 48 oz. refrigerated bottles at Kroger, America’s largest grocery chain
- February – Becomes “world’s first” Upcycled Certified plant-based milk
- March – Expands distribution with Dot Foods, adding nine additional SKUs
- March – CEO Julia Stamberger joins The Plant Based Foods Association’s Board of Directors
Looking ahead, Planting Hope says it intends to focus on increasing growth in food service and e-commerce channels like Amazon.
Stamberger states, “The food and beverage categories that our plant-based, planet-friendly products are disrupting – Plant-Based Milk & Creamers, Rice & Legumes, and Healthy Snacking – continue to grow by double digits in North America and globally.”
She adds, “Planting Hope’s standout brands in each of these categories are poised to create meaningful disruption through delivering revolutionary sustainability, nutrition, and taste to consumers and operational ease and functionality to food service operators. The gameboard is now set up for the Planting Hope Company: in 2023, we start to play, and our shareholders win.”
