Zest Cannabis, CannMart’s recently acquired in-house brand, continues to drive growth in the infused pre-roll and extract vape categories; portfolio of product offerings expands in major sales markets
TORONTO, Aug. 02, 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, 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.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 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.
