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
enable you to find your path to wellness, today announced that its
Cannabis 2.0 consumer-focused house brand “Roilty'' has won the
prestigious “Canadian LP Brand of the Year” award at the 2021
ADCANN Awards.
Roilty Brand Award Win
The annual industry awards, which are voted on
by both industry peers and the public and saw over 100,000 votes
cast nationwide, celebrate the best in marketing and advertising
across Canada’s cannabis industry. The win comes only months after
the initial launch by Lifeist’s wholly owned subsidiary Cannmart
Inc. (“CannMart”) of its first high quality Roilty-branded vape
carts and the launch of sister company CannMart Labs Inc (“Labs”)
produced live resin products, confirming the significant potential
that the Company sees in both the brand and Labs.
CannMart B2B Business 2021
Growth
The ADCANN award caps a calendar year of solid
progress for Lifeist’s cannabis businesses, particularly CannMart’s
business-to-business (B2B) platform, which has solidified
CannMart’s role as a pre-eminent, value-adding distribution
platform in the Canadian cannabis market, that connects LP’s
(licensed producers) and brands with provincial government control
boards and independent retailers. Lifeist believes that CannMart’s
solid performance is attributable to having a business model that
is unique in the Canadian cannabis space; CannMart retains a sales
and distribution license, but does not engage in any cannabis
cultivation, focusing on a lower cost distribution business model.
Provincial Government Control Boards
CannMart now maintains supply agreements with
provincial government cannabis control boards and retailing bodies
in the provinces of Ontario, Alberta, British Columbia, Manitoba,
New Brunswick and Saskatchewan, and most recently added Yukon,
NorthWest Territories and Nunavut, constituting access to
approximately 73% of adult Canadians. CannMart continues to
diligently progress its registration commenced more than 12 months
ago with the Société québécoise du cannabis (SQDC), which has a
legislated monopoly on the sale of recreational cannabis within the
province of Québec, which on registration receipt would provide
access to a further 22% of Canadian adults and potential cannabis
consumers.
CannMart B2B Clients
As of December 31, 2021, CannMart is the trusted
wholesale distribution and logistics partner for 10 LPs and 21
brands in addition to in-house brands Roilty and Mezzero and 3
licensed brands. Most recently the company has added LPs including
J2 Science, Embark Health, TorrCann, JMF Growers family and Loosh
Brands to its growing list of partners and also added
cannabis-cause brand TobaGrown under license agreement.
CannMart B2B Financial Performance
Collectively, CannMart’s B2B revenue stream
represented approximately 90% of Lifeist’s cannabis revenue for the
nine months ended August 31, 2021 and for the twelve months ended
November 30, 2020, and has delivered substantially all of the
revenue growth and gross margin contribution during each of these
periods.
CannMart Labs
Labs began commercial production in November
2021 with live resin product and experimentation with respect to
new product formats ongoing as the Labs team gathers sufficient
data to plan future releases of the same.
“Winning LP Brand of the Year for Roilty is a
great accomplishment for our cannabis business,” commented Meni
Morim, Lifeist’s Chief Executive Officer. “This award highlights
the solid momentum that we are delivering in our
recreational-focused B2B cannabis business CannMart now supported
by distributing the output of sister cannabis entity CannMart Labs.
While we understand that many investors may associate Lifeist’s
cannabis business strictly with its B2C public facing medical
platform at CannMart.com, it is the B2B business that has been, and
is expected to continue to be, the driver of growth and value
creation for our cannabis business, supported by cannabis 2.0
production at Labs.”
Added Daniel Stern, CEO of CannMart, “In
calendar 2021 we focused on strengthening and growing our licensed
revenue stream through distribution agreements with licensed
producers, while simultaneously increasing revenue generated by our
own in-house brands such as Roilty. This achievement of winning LP
brand of the year, which was voted on and selected by industry
peers and the public, is a huge testament to the focus, hard work
and dedication of the entire CannMart team. With 2021 now behind
us, our focus for 2022 remains exactly the same. We believe
CannMart is well placed to serve growing consumer demand, as
illustrated more and more in provincial control board product
calls, for high quality cannabis products from curated high-quality
producers, by serving the individual needs of exactly those
producers, and by producing high quality 2.0 products of our own at
Labs to be distributed and branded in consumer resonating in-house
brands such as Roilty.”
About Lifeist Wellness Inc.
Sitting at the forefront of the post-pandemic
wellness revolution, Lifeist is a portfolio of wellness companies
leveraging advancements in science and technology to enable
individuals to find their personalized path to wellness. Portfolio
business units include: CannMart, which operates a B2B wholesale
distribution business facilitating recreational sales to Canadian
provincial government control boards; CannMart Labs, a BHO
extraction facility for the production of high margin cannabis 2.0
products; and the CannMart.com marketplace, which provides Canadian
medical customers with a diverse selection of cannabis products
from a multitude of federally licensed cultivators and its U.S.
customers with access to hemp-derived CBD and smoking accessories;
Australian Vapes, the country’s largest online retailer of
vaporizers and accessories; Findify, a leading AI-powered search
and discovery platform; and Mikra, a biosciences and consumer
wellness company seeking to develop innovative therapies for
cellular health and recovery.
Information on Lifeist and its businesses can be
accessed through the links below:
www.lifeist.comwww.cannmart.comwww.australianvaporizers.com.auwww.wearemikra.com
Contacts
Lifeist Wellness Inc.Meni Morim, CEOMatt
Chesler, CFA, Investor RelationsPh: 647-362-0390Email:
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.
Source: Lifeist Wellness Inc.
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
Company’s expected continued growth of its cannabis B2B business
and expectations relating to Labs’ production of cannabis 2.0
products, are made as of the date of this press release and is
based on assumptions management believed to be reasonable at the
time such statements were made, including, without limitation,
management’s perceptions of Lifeist’s standing in the online
marketplace for cannabis products, Lifeist’s beliefs regarding the
quality of its management, the strides the Company has made in its
operations and the quality of the brands offered by CannMart, the
Company’s focus on growing the business profitably, reducing
operational burn and continuing to master the mechanism of moving
cannabis into the market, safely and reliably, 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 press release. Such factors
include, without limitation: competition from other players that
provide similar B2B services as the Company, unforeseen
developments that would delay the Company’s ability to launch
additional high quality cannabis 2.0 products at Labs as
anticipated and in a timely manner, the risk that the expected
demand for cannabis 2.0 products in general and those to be
manufactured by the Company does not develop 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4da17d0f-8d97-4497-a70f-cbee29b28e76
Lifeist Wellness (TSXV:LFST)
Historical Stock Chart
From Apr 2024 to May 2024
Lifeist Wellness (TSXV:LFST)
Historical Stock Chart
From May 2023 to May 2024