TORONTO, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF), a health-tech company that leverages advancements in science and technology to build breakthrough ventures that transform human wellness, today announced that its wholly owned subsidiary CannMart Inc. (“CannMart”) will begin exporting cannabis products to Australia, the first international export and expansion for CannMart, in an agreement with Aura Therapeutics Pty Ltd. (“Aura”) which includes concentrate and live resin vapes, bulk flower, and other refined concentrate products in the quickly developing Australian medical cannabis industry.
"We are excited to bring a diverse range of CannMart products to the Australian market in 2024,” said Tom Fay, CEO of Aura Therapeutics. “We have confidence in the anticipated growth of the Australian Medical Cannabis sector in the coming year and believe our collaboration with CannMart will enable us to capitalize on this expansion by offering an extended range of high-quality products to Australian patients.”
“Beginning our exporting journey in Australia brings significant value and opportunities for CannMart,” said Daniel Stern, CEO of CannMart. “By fulfilling exports in an array of cannabis product categories, we will be able to expand revenue streams, while also building an international brand presence for CannMart and in-house brand Roilty concentrates.”
The export agreement with Aura will include exclusive terms to distribute in-house brand Roilty concentrates. With 4% of Australian medical cannabis users choosing THC extracts as their preferred method of consumption1, it creates an international brand-expansion opportunity and significant revenue stream with strong margin potential for CannMart in 2024. As the Australian regulations and guidelines surrounding medical cannabis are like that of Canada, there will be efficacy in marketing support and brand development, leveraging proven successes from the Canadian market.
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.australianvaporizers.com.au
Contacts
Meni Morim, Lifeist Wellness Inc., CEO
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 expectations relating to brand expansion, increased revenue stream and strong margin potential for CannMart and in particular through the sale of in-house brand Roilty concentrates in the Australian medical cannabis market, are based on assumptions management believed to be reasonable at the time such statements were made, including without limitation, that the Australian medical cannabis industry will develop as anticipated, expectations relating to anticipated sales of CannMart’s products, including Roilty in particular, expectations that Roilty will gain market acceptance, as well as other considerations that are believed to be appropriate in the circumstances 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. 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 news release. Such factors include, without limitation: CannMart products, including Roilty, failing to gain market acceptance as anticipated and in a timely manner, the Australian medical cannabis industry failing to 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 filed under the Company’s SEDAR profile at www.sedarplus.ca. 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.
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1 Statista, Aug 2023 “Usage of Cannabis products in Australia” click here
