CannMart’s In-house brand Roilty sells-out all stock from initial purchase order of multi-pack cannabis concentrate in British Columbia
TORONTO, June 08, 2023 (GLOBE NEWSWIRE) -- 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, is pleased to announce the highly successful launch of its premium multi-pack cannabis concentrate offerings in British Columbia through its Canadian cannabis business unit, CannMart Inc. (“CannMart”). The introduction of Roilty Shatter multipacks in April resulted in exceptional sales, with over 3,000 units sold.
“Our successful launch in British Columbia further solidifies Roilty’s trajectory of robust growth, building upon its accomplishments in Ontario, Canada's largest provincial cannabis market," said Daniel Stern, CEO of CannMart. “Discerning consumers in BC highly value the convenience and value proposition of Roilty's multi-packs. Renowned for its exceptional quality and dedication to crafting top-notch concentrates, Roilty has garnered significant recognition. The strong reception and demand for Roilty's multi-pack offerings are a testament to our ability to meet consumer preferences and drive growth within the cannabis market. The early accomplishment in BC paves the way for future expansions and the introduction of exciting products in other regions.”
In the British Columbia market, Roilty exclusively offers concentrate SKUs, achieving a significant 44% store penetration without the support of complementary distillate vape products. Over the past 30 days, the brand has experienced a remarkable 22% increase in points of distribution. The highly anticipated launch of Roilty's multi-pack, featuring Catacomb Kush 0.5G and The Mountain Kush 0.5G shatters in a single package, was met with tremendous success, with stock selling out in less than four weeks contributing to the province's average month-over-month growth of 26%. The multi-packs provide convenience and variety, catering to diverse preferences and offering individuals an opportunity to explore different cannabis experiences in a single package.
The success of this multi-pack offering in the province of British Columbia is mirrored in the release of the same formats in Ontario. Initially the province took on a single multi-pack through the OCS flow-through model which allows for retailers to order directly from a licensed producer. The model allows stores to curate their in-store product mix more effectively for their consumer's needs. The OCS has taken on more multi-packs from Roilty, increasing the SKU count to 6 multi-packs by the end of Q3 2023, including 4 general list products, and 2 flow-through offerings. The strong performance in both British Columbia and Ontario has contributed to increasing gross margins for CannMart and improved overall profitability for Lifeist.
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
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 expectations relating to Roilty’s general growth prospects in other provinces, 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 Roilty’s sales will remain strong and the increased product offering in Ontario will be approved by the OCS and available for purchase by consumers as anticipated. 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 develop and launch for sale the said SKUs as anticipated and in a timely manner, Roilty failing to continue to achieve anticipated sales levels 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.
