Lifeist's CannMart Increases Zest Cannabis Sales and Provides Corporate Update
02 Agosto 2023 - 1:00PM
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 companies that transform human wellness, today
highlighted the continued growth for Zest Cannabis, the cannabis
brand acquired by Lifeist on July 21, 2023. While not yet a
material portion of CannMart’s cannabis business, its growth is
impressive and July marks the highest sales month on record for the
brand. Zest’s month-over-month sales has experienced steady growth
from its initial market entry in August 2022. July 2023 marks its
largest monthly unit sales to date, growing 39% compared to the
previous month in the key sales markets of Alberta and Ontario;
driven substantially by the success of Zest Liquid Diamond vapes.
CannMart has expanded trade marketing and sales efforts for Zest,
with an increase of points of distribution in the main sales
provinces of Ontario with 16% growth, 13% in Alberta and 41% in
Manitoba. This accounts for a 22% store penetration across Canada,
19% in Ontario, 29% in Alberta and 44% in Manitoba, with continued
growth expected in every region over the next quarter.
“On-boarding our new in-house brand Zest has been a great
success as the combined efforts of the sales and marketing teams
have continued to develop and broaden the brand’s in-store presence
which has been very well received by our retail network and
partners,” said Daniel Stern, CEO of CannMart. “The brand is
competing well in saturated sub-segments, making a name for itself
as a go-to Liquid Diamond vape and strong contender in the infused
pre-roll sub-segment. The complementary aspects of the acquisition
to CannMart marketing and distribution network are real and we
believe it will contribute significantly to CannMart’s future top
and bottom lines.” Corporate Update
The Company also announced that Barbara Boyd has
resigned from the Board of Directors (the “Board”)
of the Company effective August 1, 2023, to pursue other
opportunities.
"Barbara has been an invaluable member of the
Lifeist Board, and we have greatly benefited from her extensive
knowledge and experience, as we worked to improve our corporate
governance, and introduce efficiencies to our processes in general.
On behalf of the Board, management, and the Company's shareholders,
I extend our heartfelt appreciation and best wishes to Barbara for
continued success in her future endeavors."
The Company also announced the grant of
1,650,000 restricted share units (“RSUs”) to members of the board
of directors as part of their compensation and in accordance with
the rules of the TSX Venture Exchange and the Company’s Restricted
Share Unit Plan. The RSUs vest on the date of the grant and are
subject to TSXV 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.comhttps://cannmart.comhttps://www.roilty.cohttps://wearemikra.com/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 continued growth
expectations relating to the Zest brand, 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, expectations that CannMart’s expanded trade
marketing and sales efforts for Zest products will further brand
recognition and result in increased sales. 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 maintain strong sales
of Zest Liquid Diamond vapes, the inability to achieve future
anticipated sales levels for Zest products in general through
increased points of distribution, competition from other brands,
unforeseen developments that would restrict CannMart’s ability to
deliver Zest products 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.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.
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