TORONTO, May 18, 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 that its subsidiary, CannMart Inc. (“CannMart”), is delivering strong sales growth and product breadth expansion from partner brands Zest Cannabis (“Zest”) and Rilaxe. Zest has achieved average store penetration of 20% across Canada, with Rilaxe achieving 30% market penetration in Manitoba and Saskatchewan, with new SKUs expected to launch in Ontario and Quebec by the end of the year.
“I am pleased with the progress of both Zest and Rilaxe as they continue to experience sales growth and product expansion in important markets and categories,” said Daniel Stern, CEO of CannMart, Inc. “These two brands are playing an important role driving sales for CannMart and have become valuable additions to our growing portfolio. Zest and Rilaxe are complimentary to CannMart’s best-selling concentrate brand, Roilty, with Zest offering premium quality extract-infused pre-roll and Liquid Diamond vape products, and Rilaxe with health-conscious dried fruit edibles and soon canna-cigar Rilaxe Berri Blunts. I look forward to continue to work with these brands to grow market share and expand beyond traditional product categories.”
“Zest and Rilaxe are great additions to CannMart’s brand portfolio meeting internal targets and driving growth within their respective market categories,” said Meni Morim, CEO of Lifeist. “These two leading brands are well known and cater to cannabis connoisseurs and health-conscious enthusiast alike. We look forward to the continued market growth and product expansion within the cannabis business unit.”
Zest Cannabis has exhibited growth in the popular infused pre-rolls and extract vape categories, with the following achievements:
- Zest product sales grew at an average rate of 11% month-over-month in April across Ontario, Alberta, Saskatchewan, Manitoba, Northwest Territories, Nunavut and Yukon.
- Zest’s #1 selling SKU, Pink Lemon Liquid Diamond Vape, achieved 14% month-over-month growth in April in all listed provinces since launch.
- From the brand launch, Zest has increased SKU count in the 2 largest cannabis markets:
- Alberta now offers 10 SKUs including 4 Liquid Diamond vapes and 6 infused pre-roll multipacks,
- Ontario offers 5 SKUs, including 2 Liquid Diamond vapes, 2 multi-pack infused pre-rolls, and 1 infused milled flower.
- Zest achieved store penetration of 25% in Manitoba and Saskatchewan, while Alberta and Ontario experienced store penetration of 16%, with a combined increase of 130 stores in the last 15 days.
Rilaxe has also experienced success across Canada, and plans to expand its product range by Q4 2023, including:
- The launch of 7 SKUs in Quebec early in Q4 2023, featuring additional dried fruit and vegetable products with a 2:1 THC to CBD ratio plus bulk CBD products.
- In Ontario, Rilaxe will expand its offerings with a retro pop-culture inspired edibles collection, including 1:1 Sour Peach, 1:1 Sour Cherry, and an exciting spicy orange rice cracker 1:1 Spicy Firecrackers.
- Rilaxe will also enter the fast-growing canna-blunts sub-category with their Berri Blunts (3 x 0.7G) pre-rolls.
Sources: Headset, Trellis, Ontario Cannabis Store (OCS), and internal data.
Lifeist continues to make strides in the cannabis market through the success of its subsidiary, CannMart Inc., and the growth of partner brands Zest Cannabis and Rilaxe. The Company remains dedicated to providing innovative and high-quality wellness solutions to its consumers.
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:
Meni Morim, Lifeist Wellness Inc., CEO
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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 additional Rilaxe SKUs in the Ontario and Quebec markets being available by the end of calendar Q4 2023, 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 the increased product offering in Ontario will be approved by the OCS and available for sale to 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, the inability of CannMart to sustain continued sales growth and product expansion in general 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.