TORONTO, Jan. 14, 2022 (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 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 Socit qubcoise du cannabis (SQDC), which has a legislated monopoly on the sale of recreational cannabis within the province of Qubec, 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.com
www.cannmart.com
www.australianvaporizers.com.au
www.wearemikra.com
Contacts
Lifeist Wellness Inc.
Meni Morim, CEO
Matt Chesler, CFA, 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.
Source: Lifeist Wellness Inc.
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