Lifeist Wellness Inc., a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today provided an update on progress achieved by its Canadian cannabis business unit, which includes wholly owned subsidiaries CannMart Inc. and CannMart Labs Inc. (together “CannMart”).
CannMart has continued to commercialize its in-house Roilty brand, with 22 SKUs in market across nine provinces and territories, namely British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Prince Edward Island, Yukon, Northwest Territories and Nunavut. Most of the Roilty branded products are being produced at CannMart’s state-of-the-art 6,000 square foot BHO extraction facility located in Etobicoke, Ontario.
Ontario – CannMart has completed initial shipments of its Roilty-branded shatter duo-pack in Ontario, bringing the number of Roilty products in the Ontario market to four. The Roilty shatter duo-pack is one of the first of its kind in Ontario (in this case, 0.5G each of Catacomb Kush + Mountain Kush). Additionally, the Company expects to receive a purchase order from the Ontario Cannabis Store (“OCS”) in January 2023 for the three new Roilty products (Life Resin duo-pack: Priest’s Punch and Roil Purple Berry live resin; Vape due-pack: Hawaiian Thunder and Imperial Peach; and Roil Wedding shatter 1G) specified in a formal notice to purchase received in September 2022, with initial shipments arriving in February 2023. With the shipment of the three additional products, CannMart will have seven Roilty-branded products in market in Ontario, Canada’s largest province by population, by the end of February 2023.
Alberta – CannMart has received purchase orders and shipped all of the vape products stemming from the intent to purchase that it received from the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) in September. The product launch includes Roil Purple Berry Live Resin vape, Dragonfruit Distillate vape, and Mountain Kush shatter vape. CannMart now has 15 Roilty SKUs in market in Alberta with the AGLC.
Also in Alberta, CannMart has received a formal intent to purchase from the AGLC for THCa diamonds, the company’s fourth product category. Once a purchase order is received, CannMart will begin shipping and the number of Roilty SKUs in market in Alberta with the AGLC will increase from 15 to 16.
“CannMart’s in-house Roilty brand continues to gain traction in Canada’s two largest recreational cannabis markets, Ontario and Alberta, and with consumers across Canada,” said Daniel Stern, CEO of CannMart. “We are expanding the offering in these markets with new product innovation and new packaging. Additionally, Roilty has been nominated in three categories for the 2022 ADCANN awards: LP Brand of the Year, Best Social Media, and Best Brand Marketer. (Roilty fans can support us by voting here.) These accomplishments should help Roilty maintain its momentum, highlighted by doubling revenue to $3.0 million in Q3 2022 from Q2 2022, driven by increased distribution and retail sell-through of an expanding portfolio of products in high demand by Canadian consumers.”
Added Meni Morim, Lifeist CEO, “With the help of strong performance from its award-winning Roilty brand, CannMart has distinguished itself from other Canadian cannabis companies with its growth and improving profitability, and has emerged as a key driver of Lifeist’s wellness long term future. We look forward to CannMart’s continued contribution as we march toward our goal of profitability.”
Share Issuance Related to CannMart Labs Inc. Acquisition
The Company intends to issue an aggregate of 3,833,570 common shares (issued at a deemed price of $0.0703, which is equal to the seven-day volume weighted average), without a hold period, as payment of the eighth 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: