TORONTO, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today provided an update on progress achieved by its Canadian cannabis business unit, which includes wholly owned subsidiaries CannMart Inc. and CannMart Labs Inc. (together “CannMart”).
CannMart has continued to commercialize its in-house Roilty brand, with 22 SKUs in market across nine provinces and territories, namely British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Prince Edward Island, Yukon, Northwest Territories and Nunavut. Most of the Roilty branded products are being produced at CannMart’s state-of-the-art 6,000 square foot BHO extraction facility located in Etobicoke, Ontario.
Ontario – CannMart has completed initial shipments of its Roilty-branded shatter duo-pack in Ontario, bringing the number of Roilty products in the Ontario market to four. The Roilty shatter duo-pack is one of the first of its kind in Ontario (in this case, 0.5G each of Catacomb Kush + Mountain Kush). Additionally, the Company expects to receive a purchase order from the Ontario Cannabis Store (“OCS”) in January 2023 for the three new Roilty products (Life Resin duo-pack: Priest’s Punch and Roil Purple Berry live resin; Vape due-pack: Hawaiian Thunder and Imperial Peach; and Roil Wedding shatter 1G) specified in a formal notice to purchase received in September 2022, with initial shipments arriving in February 2023. With the shipment of the three additional products, CannMart will have seven Roilty-branded products in market in Ontario, Canada’s largest province by population, by the end of February 2023.
Alberta – CannMart has received purchase orders and shipped all of the vape products stemming from the intent to purchase that it received from the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) in September. The product launch includes Roil Purple Berry Live Resin vape, Dragonfruit Distillate vape, and Mountain Kush shatter vape. CannMart now has 15 Roilty SKUs in market in Alberta with the AGLC.
Also in Alberta, CannMart has received a formal intent to purchase from the AGLC for THCa diamonds, the company’s fourth product category. Once a purchase order is received, CannMart will begin shipping and the number of Roilty SKUs in market in Alberta with the AGLC will increase from 15 to 16.
“CannMart’s in-house Roilty brand continues to gain traction in Canada’s two largest recreational cannabis markets, Ontario and Alberta, and with consumers across Canada,” said Daniel Stern, CEO of CannMart. “We are expanding the offering in these markets with new product innovation and new packaging. Additionally, Roilty has been nominated in three categories for the 2022 ADCANN awards: LP Brand of the Year, Best Social Media, and Best Brand Marketer. (Roilty fans can support us by voting here.) These accomplishments should help Roilty maintain its momentum, highlighted by doubling revenue to $3.0 million in Q3 2022 from Q2 2022, driven by increased distribution and retail sell-through of an expanding portfolio of products in high demand by Canadian consumers.”
Added Meni Morim, Lifeist CEO, “With the help of strong performance from its award-winning Roilty brand, CannMart has distinguished itself from other Canadian cannabis companies with its growth and improving profitability, and has emerged as a key driver of Lifeist’s wellness long term future. We look forward to CannMart’s continued contribution as we march toward our goal of profitability.”
Share Issuance Related to CannMart Labs Inc. Acquisition
The Company intends to issue an aggregate of 3,833,570 common shares (issued at a deemed price of $0.0703, which is equal to the seven-day volume weighted average), without a hold period, as payment of the eighth tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of CannMart Labs Inc. The issuance is considered to be a shares for debt transaction under the policies of the TSX Venture Exchange (the "TSX-V") and remains subject to TSX-V approval.
Mikra Update
Lifeist's wholly owned subsidiary, Mikra Cellular Sciences, Inc. (Mikra), is set to launch its latest product, RESCUE, life's rapid detoxer, for sale at www.wearemikra.com in mid-December. For greater certainty, RESCUE is an independent, stand-alone formulation of Mikra's and not part of its exclusive and exciting partnership with Jose Bautista. Mikra's third new product, which will be in collaboration with Mr. Bautista, is a sports performance and recovery formulation, is in the final phases of development, and the team looks forward to announcing further details in due course.
About Lifeist Wellness Inc.
Sitting at the forefront of the post-pandemic wellness revolution, Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include: CannMart, which operates a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards including for CannMart Labs, a BHO extraction facility producing high margin cannabis 2.0 products; Australian Vapes, one of Australia’s largest online retailers of vaporizers and accessories; and Mikra, a biosciences and consumer wellness company developing and selling innovative therapies for cellular health.
Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
https://cannmart.com
https://www.roilty.co
www.australianvaporizers.com.au
www.wearemikra.com
Contacts
Meni Morim, Lifeist Wellness Inc., CEO
Matt Chesler, CFA, FNK IR, Investor Relations
Ph: 647-362-0390
Email: ir@lifeist.com
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 or has in any way approved or disapproved of the contents of this press release.
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, including, without limitation, statements related to the anticipated purchase orders from the OCS for three new Roilty products and from the AGLC for THCa diamonds; the Company’s expectation relating to Mikra’s plans to launch RESCUE in mid-December and the development of its third product, the first in collaboration with Mr. Bautista, are made as of the date of this news release and is based on assumptions management believed to be reasonable at the time such statements were made, including, without limitation, expectations that the OCS and AGLC will be submitting purchase orders in a timely manner, expectations that RESCUE will be launched as anticipated and that its third product will be developed in the short term as expected, Mikra’s cellular health products to be developed by the Company will be developed and sold as anticipated and in a timely manner and gain market acceptance along with the expansion of the market for nutraceutical products, its expectation that the nutraceutical market will continue to develop as currently anticipated, the nutraceutical market will continue to be a multi-billion dollar high-margin market, the introduction of new products and brands will generate additional revenue. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the failure to receive expected purchase orders from the OCS and the AGLC, the inability of Mikra to launch RESCUE by mid-December 2022 and to finalize development of its third product in a timely manner, the Company’s inability to continue to develop Mikra’s business as a whole, unanticipated changes to current regulations that would adversely impact Mikra’s business, unforeseen developments that would delay Mikra’s ability to develop and sell any other nutraceutical products, the risk that the expected demand for nutraceutical products in general and those of Mikra in particular, including consumer uptake, does not develop as anticipated and risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom. Additional risk factors can also be found in the Company’s current MD&A which has been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Source: Lifeist Wellness Inc.
