TORONTO, March 18, 2024 (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 ventures that transform human wellness, is pleased to announce that its wholly-owned subsidiary, Australian Vaporizers Pty Ltd (“Aussie Vapes”), enjoyed the single highest day of sales in its history on Friday, March 8, 2024. Aussie Vapes attributes the banner day to successful customer outreach and education about new rules governing aromatherapy vaporizer devices in Australia. Aussie Vapes was among the first companies to be granted a Therapeutic Goods Administration (TGA) import licence for aromatherapy vaporizer devices.
“As a leading Australian online supplier of aromatherapy products, we took it upon ourselves to help educate our customers about the changes being implemented by the TGA in accordance with its new rules governing these devices,” said Meni Morim, CEO of Lifeist. “We are gratified by the increase in sales and positive word of mouth that these efforts have inspired, and deeply appreciate the trust our customers place in us. We will continue to actively participate in this evolving conversation and anticipate contributing valuable insights that can help shape future policy.”
The TGA is Australia's regulatory authority for therapeutic goods, which includes aromatherapy vaporizer devices. It works to protect and promote public health and safety by assessing and monitoring the quality, safety, and performance of therapeutic goods sold in Australia. The TGA recently introduced regulations to address concerns related to the misuse of nicotine vaping devices by minors, and as of March 1, 2024, began requiring a special import licence for entities seeking to import such devices for sale. Aussie Vapes was granted one of the first such licences before the deadline.
As an established market leader in Australia, Aussie Vapes recognizes that navigating the aromatherapy vaporizer import licence application process presents a complicated challenge for smaller participants in the space. TGA regulations demand meticulous attention to detail, comprehensive and current documentation, and a clear understanding of rapidly evolving new industry requirements. The regulatory framework is necessarily strict, and the application process can be time consuming, requiring a substantial investment of time and resources.
In light of those facts and with an eye toward the future, Aussie Vapes looks forward to exploring new growth opportunities through its B2B subsidiary, Wholesale Vaporizers. As the market landscape for these devices continues to evolve in Australia, Aussie Vapes will lead the way in establishing channels through which to use our import licence to help support smaller retailers in a fully regulatorily compliant and transparent fashion.
Aussie Vapes fully supports the TGA in their efforts to restrict and reduce the abuse of nicotine products by minors and looks forward to opportunities for comment and contribution to future policy making to further refine the mechanisms by which to best achieve those goals. We are actively engaged with industry associations as part of a strategic initiative to foster stronger relationships with regulators and actively contribute to the continued formulation of effective regulations in the future. By participating in industry associations, Aussie Vapes can be at the forefront of discussions, offering insights and expertise that contribute to the development of balanced and informed regulatory frameworks.
We are grateful to our entire team who made this possible and are continuing to build Aussie Vapes into the premiere source for customer education as well as excellence in service and support. We look forward to a promising 2024 of exploring new opportunities and continuing to bring the highest standards of customer satisfaction to the Australian market with our relentless commitment to discerning quality at a competitive price.
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: Mikra Cellular Sciences, a biosciences and consumer wellness company developing and selling innovative therapies for cellular health; Australian Vaporizers, one of Australia’s largest online retailers of vaporizers and accessories; and 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.
Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
www.wearemikra.com
www.australianvaporizers.com.au
www.cannmart.com
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 the implied expected benefits of having received a TGA import licence and the anticipated growth opportunities and benefits its B2B subsidiary, Wholesale Vaporizers expects to realize in the evolving Australian market landscape for aromatherapy vaporizer devices, are made as of the date of this news release and are based on assumptions management believed to be reasonable at the time such statements were made, including without limitation, expectations that the market in Australia for aromatherapy vaporizer devices will continue to develop and grow as expected, and that Wholesale Vaporizers will be able to leverage the TGA Import licence with smaller retailers, as well as other considerations that are believed to be appropriate in the circumstances. 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 of the market in Australia for aromatherapy vaporizer devices to grow as expected, the inadequate continued uptake by consumers to purchase such devices as anticipated and in a timely manner, the failure to realize the expected benefits from having received a TGA import licence 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.sedarplus.ca. 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.
