TORONTO, Nov. 04, 2021 (GLOBE NEWSWIRE) — Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), a wellness company that leverages advancements in science and technology to enable you to find your path to wellness, announced today that portfolio business and wholly owned subsidiary CannMart Labs Inc. (“Labs”) has successfully produced its first manufactured products under the 2.0 consumer-focused house brand “Roilty” and has begun commercialization. The commercialization of proprietary house brands is a key part of the Labs’ strategy to introduce a larger portfolio of higher margin cannabis 2.0 products to the Canadian market as part of Lifeist’s transition to profitable growth.
The Company has received several initial purchase orders from retail customers in Saskatchewan where the path to market is quickest due to the fewer regulatory complexities in the province. The remainder of this limited edition run of product SKUs is anticipated to be sold to the Alberta provincial distributor, which has already pre-approved the products and is concluding a multi-week registration process prior to issuance of a purchase order, as well as becoming available to purchase at CannMart.com by medical customers this month.
“Our state-of-the-art BHO extraction facility is now live, manufacturing and shipping product, and negotiating numerous recreational sales agreements leveraging our sister company CannMart Inc.’s network of provincial customers,” said Daniel Stern, CEO of Labs. “Our first SKUs are exceptionally high-quality live resin products and show strong early interest from prospective customers. Now that we have reached this long-awaited milestone, we look forward to the next manufacturing run, broadening distribution to the larger provinces, and launching other Roilty-branded and higher margin cannabis 2.0 products such as shatter and sugar wax in 2022. It’s also worth noting that an initial order for the Roilty-branded vape pen, Henry the Grape Ape, that was manufactured by a co-packer sold through CannMart Inc. into Alberta, sold out within seven days and additional quantities have been ordered to meet demand.”
Labs operates a 6,000 square foot, state-of-the-art facility in Etobicoke, Ontario that is licensed by Health Canada for “standard processing.” It is purpose-built for oil extraction and incorporates leading technology designed to meet EU Good Manufacturing Practice (EU-GMP) certification requirements, making it one of only a few facilities in Canada with such capabilities. The facility is capable of producing cannabis extracts, both in-house branded products and products processed for third parties, which include shatter, live resin, badder, wax and others, with potential to expand future distillate product offerings to vape cartridges, gel capsules, tinctures and edibles. In addition, the product roadmap also includes adding solventless products such as rosin to its portfolio.
About Lifeist Wellness Inc.
Lifeist is at the forefront of the post-pandemic wellness revolution requiring smart solutions. Lifeist is a portfolio wellness company leveraging advancements in science and technology to enable you to find your path to wellness. Portfolio business units include: CannMart.com that 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; and CannMart’s Canadian recreational cannabis distribution business facilitating recreational sales to a number of provincial government control boards. The Company is set to launch a new nutraceuticals division in this fourth quarter of 2021 with disruptive products in wellness.
Information on the Company and its many products can be accessed through the links below:
Lifeist Wellness Inc.
Meni Morim, CEO
Matt Chesler, CFA, Investor Relations
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 the anticipated launch of a nutraceutical division in this fourth quarter of 2021 and the anticipated introduction and sale of a larger portfolio of higher margin cannabis 2.0 products to the Canadian market as part of Lifeist’s transition to profitable growth are only predictions and are made as of the date of this news release. Various assumptions were used in developing the forward-looking information throughout this news release which management believed to be reasonable at the time such statements were made, including, without limitation, expectations that the introduction of a new nutraceutical division and additional cannabis 2.0 products, including Roilty-branded products, will generate additional revenue, Lifeist’s beliefs regarding the expected demand for nutraceutical products and cannabis 2.0 products and the expected growth of those markets, results of operations, operational matters, historical trends, current conditions and expected future developments, 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 press release. Such factors include, without limitation: unforeseen developments that would delay the Company’s ability to launch its nutraceutical division and to produce additional cannabis 2.0 products as anticipated and in a timely manner and the benefits realizable therefrom, risks relating to the Company’s ability to develop and execute its business strategy and risks specifically related to the Company’s operations. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been 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.
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.