TORONTO, Jan. 19, 2023 (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 wholly owned Canadian cannabis business unit CannMart Inc. (“CannMart”) has leveraged market research and consumer insights to introduce several higher margin multi-pack offerings in Ontario through the Ontario Cannabis Store (the “OCS”) that are believed to be first-to-market in the province.
CannMart made its multi-pack entrance into Ontario with the Roilty Shatter Pack: Catacomb Kush 0.5G & The Mountain Kush 0.5G, featuring two best-selling shatters from Roilty in one package. This new stock keeping unit (“SKU”) was met with strong interest from retailers and consumers alike. As the first shatter product from Roilty in the province, the multi-pack has pushed Roilty into the seventh best-selling brand in the category and the tenth best-selling product (approx. 95 live products in the category). This penetration is especially gratifying given that the average SKU count from the well-established competitors in the category is 3.5 compared to Roilty’s launch with one single SKU (Source: Headset Data, last two months, Ontario, Canada, shatter segment). This placement in the Top 10 accounts for a quick capture of 3% market share for the single SKU, with the top two brands accounting for 63% of the market (each having five to six SKUs), leaving room for significant growth and penetration as Roilty plans to expand SKUs in the segment.
Daniel Stern, Chief Executive Officer of CannMart said, “Roilty’s growth in the Ontario market has been driven not only by our quality products, but the province’s willingness to list innovative offerings that appeal directly to consumer demands. We’ve been able to penetrate a highly competitive market in a short time and prove to retail customers that the Roilty brand of products are worth carrying, and one that consumers want to buy. By effectively leveraging our manufacturing capacity and increasingly popular brand, and combining multiple products into a single offering, we expect to expand both gross and operating margins for CannMart, accelerating our pathway to profitability.”
As momentum grows on this format, the OCS has decided to list a second shatter multi-pack, Roilty Shatter Pack: The Mountain Kush 0.5G & Purple Dream. The new offering will be available in April 2023 via the OCS’s Flow-Through Channel, which allows retailers to purchase products not listed on the OCS website for consumers, to further curate and differentiate their stores’ product offerings. These unique offerings allow consumers and retailers the flexibility of trialing more than one product for the same price and extends the opportunity for variety, something that consumers, especially in the concentrate category, appear to be highly interested in and is lacking in the current product assortment.
Additionally, the OCS has listed three General List Roilty multi-packs SKUs in the live resin, diamonds, and vape cart categories. These three new SKUs from Roilty are also believed to be the first-of-their-kind in the Canadian market. Roilty launched its first live resin SKU in Ontario, Roilty King’s Kush, in August 2022, quickly rising to the tenth best-selling product in the category (with 3% market share, out of approx.180 products and an average 3.3 SKUs per brand) and secured Roilty as the twelfth best-selling brand for the last six months (Source: Headset Data, last six months, Ontario, Canada, Live Resin Sub-Category). The success of King’s Kush makes the Roilty Live Resin 2-pack of Priest's Punch (0.5G) & Roil Purple Berry (0.5G) a highly anticipated offering in this category, expected to launch in the coming weeks. A saucy new offering is the Roilty Diamonds & Sauce 2-pack of Terpy Treasures (0.5G) & Roil Rubies (0.5G). This is also Roilty’s first Diamonds listing in Ontario, and third available in Canada; it will be available in April 2023. Lastly, the vape cart multi-pack will be Roilty Vape Carts: Hawaiian Thunder Queen (0.5G) & Imperial Peach (0.5G), featuring a best-selling SKU from Alberta, and a best-selling SKU from Manitoba and Saskatchewan, are also expected to launch in Ontario in the coming weeks.
“By leveraging best-selling products in other provinces, we have been able to create some unique offerings in Ontario that are believed to be first-to-market in several categories. We are planning to expand in other provinces with similar innovation,” added Stern.
About Lifeist
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; CannMart Labs, a BHO extraction facility for the production of high margin cannabis 2.0 products; the CannMart.com marketplace, which provides U.S. customers with access to hemp-derived CBD and smoking accessories; Australian Vapes, Australia’s largest online retailer of vaporizers and accessories; and Mikra, a biosciences and consumer wellness company bringing to market 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, Chief Executive Officer
Matt Chesler, CFA, FNK IR, Investor Relations
Phone: 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.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “strategy”, “expects” or “does not expect”, “intends”, “continues”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “will be taken”, “will launch” or “will be launching”, “will include”, “will allow”, “will be made” “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company, through CannMart, offering an expanded portfolio of products under its existing brands and launching those products upon the timelines outlined herein; the Company and CannMart continuing to develop its products; the Company, through CannMart, offering new SKUs in a variety of segments, and selling these products in the OCS and its Flow-Through Channel; CannMart expanding both gross and operating margins; CannMart becoming profitable; and CannMart expanding in other provinces with similar innovation.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company will expand and be able to maintain production capacity; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the Company’s ability to continue as a going concern; the continued growth of the Company; the Company’s successful implementation of its strategy to expand market share; the Company’s continuing ability to meet the requirements necessary to remain listed on the TSX Venture Exchange and alternative exchanges; the Company selling its products pursuant to applicable laws and regulations; the Company successfully distributing new SKUs; the Company, through CannMart, offering an expanded portfolio of products under its existing brands and launching those products upon the timelines outlined herein; the Company and CannMart continuing to develop its products; the Company, through CannMart, offering new SKUs in a variety of segments, and selling these products in the OCS and its Flow-Through Channel; CannMart expanding both gross and operating margins; CannMart becoming profitable; the Company leveraging its current relationships for greater market penetration; and CannMart expanding in other provinces with similar innovation.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: CannMart’s inability to expand and/or maintain production capacity; the potential inability of the Company and/or CannMart to continue as a going concern; the risks associated with the cannabis industry in general; increased competition in the cannabis market; the potential future unviability of the cannabis market; risks associated with potential governmental and/or regulatory action with respect to the cannabis industry; the Company’s inability to obtain continued regulatory approvals; the Company’s inability to meet the requirements necessary to remain listed on the TSX Venture Exchange and alternative exchanges; CannMart’s inability to offer an expanded portfolio of products under its existing brands and/or launch those products upon the timelines outlined herein; the inability of the Company and/or CannMart continuing to develop its products; the inability of CannMart to offer new SKUs in a variety of segments and/or sell these products in the OCS and/or its Flow-Through Channel; the inability of CannMart to expand gross and/or operating margins; CannMart’s inability to become profitable; the Company’s inability to leverage its current relationships for greater market penetration; CannMart’s inability to expand in other provinces with similar innovation; the Company and/or CannMart’s inability to launch additional products under its house brands; and the Company and/or CannMart’s inability to secure funds for the integration, development and distribution of its new and existing products.
Readers are cautioned that the foregoing list is not exhaustive. Additional risk factors can also be found in the Company’s current management’s discussion and analysis filed under the Company’s SEDAR profile at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Source: Lifeist Wellness Inc.
