Roilty Delivers 43% Sales Growth in Alberta, Canada’s Second Largest Cannabis Market
Issues Final Shares Related to CannMart Labs Inc. Acquisition Base Purchase Price
TORONTO, March 02, 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 CannMart Inc.’s (“CannMart”) in-house concentrates brand Roilty increased sales by 43% year-over-year in the province of Alberta, Canada’s second largest cannabis market. Roilty’s strength in Alberta, which has become the brand’s top selling province, highlights the success that the brand is having across Canada since launching two years ago.
Additional Roilty highlights in Alberta are:
- 17% market share in premium concentrates (live resin), with 21% growth month-over-month
- 5% market share in the shatter category, growing 44% on average month-over-month
- 2% market share in the distillate vapes category, growing 13% on average month-over-month
- Strong sales velocity for Roilty’s two newest products: Roilty Baron’s Bananas Live Resin sold through in one week, Roilty Diamonds & Sauce Terpy Treasures sold through within two weeks
- Nearly 300% year-over-year in the number of orders and volume for Roilty products by The Alberta Gaming and Liquor Commission (“AGLC”)
- Products available have expanded from eight in February 2022 to twenty-two in February 2023
“We attribute Roilty’s success in Alberta to several factors: an award-winning brand, strong provincial relationship built on trust, supported by quality products that speak for themselves. This increased growth of products in Alberta continues to contribute and grow our strong gross margins,” said Daniel Stern, CEO of CannMart. “We anticipate more healthy and stable growth in the province as we expand our educational and sales efforts, and other engaging promotional support with consumers.”
Sources: Third-party data, Headset, and internal data.
Final Share Issuance Related to CannMart Labs Inc. Acquisition Base Purchase Price
Lifeist intends to issue an aggregate of 4,375,000 common shares (issued at a deemed price of $0.0616, which is equal to the seven-day volume weighted average), without a hold period, as payment of the ninth and final 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.
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
https://wearemikra.com/
www.australianvaporizers.com.au
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 issuance of shares as payment for the final tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of CannMart Labs Inc. and CannMart’s anticipated stable growth in sales in Alberta 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 its ability to obtain TSXV approval for the shares-for-debt transaction and CannMart’s ability to expand its educational and sales efforts, 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: the failure to obtain the requisite approval of the TSXV for the shares-for-debt issuance, the inability of CannMart to maintain its sales momentum for the Roilty brand and its products, CannMart’s educational and sales efforts failing to have the desired result with consumers and consumers favouring and purchasing competitors’ brands in the future. Additional risk factors can also be found in the Company’s current MD&A 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.
