TORONTO, Sept. 06, 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 announced that its Canadian cannabis business unit compromised of CannMart Inc. and CannMart Labs Inc. (“Labs” together with CannMart Inc.: “CannMart”), has successfully brought a second new product category to market, namely shatter, produced through Labs’ state-of-the-art BHO extraction facility. The first new product in the new category, in-house branded Roilty Wedding Shatter, has shipped to retailers in Saskatchewan and is a key part of CannMart’s focus on higher margin revenue streams with the goal to improve profitability.
CannMart continues to execute on its growth strategies and is launching a third product category this September 2022, live resin vapes, with first product Roilty Purple Berry also receiving purchase orders in Saskatchewan. Labs’ fourth product category, THCa diamonds, is executing its R&D phase, with purchase orders from provincial buyers anticipated in the fiscal fourth quarter of 2022. THCa diamonds are sought after within the cannabis concentrates segment, as being the purest form of THC capable of achieving a 99.9% potency. The first product category for Labs was live resin and was introduced to market in the fiscal fourth quarter of 2021.
“The introduction of Labs-produced Roilty shatter is the latest move in our efforts to build an expanded proprietary cannabis product offering with high quality and innovative products that are in high demand by consumers,” said Daniel Stern, CEO of CannMart. “Along with entrance into new provinces and territories, we believe that by focusing on higher-margin SKUs, we can accelerate CannMart’s path to profitability. We look forward to the introduction of live resin vapes and THCa diamonds over the coming months.”
At present, CannMart’s award winning proprietary Roilty brand offers a total of 18 products available in nine provinces and territories across Canada, namely British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Prince Edward Island, Yukon, Northwest Territories and Nunavut. Roilty is currently ranked #2 on the "Best Selling Concentrates - Premium Dabbables" list at one of the top Canadian cannabis retail chains, with its Labs produced Priest’s Punch Live Resin.
Most of the Roilty branded products are being produced at Labs’ state-of-the-art 6,000 square foot BHO extraction facility located in Etobicoke, Ontario. The facility is one of small number of licensed BHO extraction facilities in Canada, versus the approximately 400 other non-BHO processing facilities (e.g., CO2, ethanol), and was purpose-built for BHO oil extraction and incorporates leading technology.
Share Issuance Related to CannMart Labs Inc. Acquisition
The Company intends to issue an aggregate of 3,094,144 common shares (issued at a deemed price of $0.0871, which is equal to the seven-day volume weighted average), without a hold period, as payment of the seventh tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of Labs. 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.
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, comprised of CannMart Inc. which operates a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards and CannMart Labs Inc., a BHO extraction facility for the production of high margin cannabis 2.0 products; Australian Vapes, Australia’s largest online retailer of vaporizers and accessories; and Mikra, a biosciences and consumer wellness company seeking that develops innovative therapies for cellular health.
Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
https://cannmart.com
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 CannMart’s goals to improve both gross and operating margins by focusing on higher margin revenue streams 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, CannMart’s ability to develop and sell higher margin revenue producing Cannabis 2.0 products including live resin, shatter, live resin vapes and THCa diamonds, the continued demand for in-house brand Roilty, Lifeist's beliefs of the anticipated benefits to be achieved by management’s continued focus on growing the CannMart business profitably, the expected demand for Cannabis 2.0 products and the growth of that market and the results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. 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: unforeseen developments that would delay CannMart’s ability to develop and launch additional higher margin cannabis 2.0 products including THCa Diamonds as anticipated and in a timely manner, slowing demand for Roilty, the risk that the expected demand for cannabis 2.0 products in general and those to be developed and manufactured by CannMart does not develop as anticipated, the generation of revenue from such products not being as anticipated, regulatory risk, risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom and risks specifically related to the Company’s operations. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have 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.
