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Global Weed Business: Flora Buys Australian Vaporizers As IM Cannabis Doubles Down On Germany

By Jelena Martinovic
June 5, 1:48 PM
Lifeist Wellness Inc. (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF) said on Wednesday the sale of Australian Vaporizers Pty Ltd., its wholly owned Australian subsidiary to Flora Growth Corp. (NASDAQ: FLGC).The sale, first announced in September 2023, was wrapped up through a share purchase agreement, under which Lifeist has sold the issued and outstanding shares of Aussie Vapes to Flora, for roughly CA$900,000 ($658,439). The sum is payable by Flora issuing from treasury to Lifeist 550,000 of its common shares.In the meantime,

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3 minute read

Lifeist Reports Highest Quarterly Gross Profit In History, Continues To Diversify Its Wellness Business

By Jelena Martinovic
April 2, 10:13 AM
Lifeist Wellness Inc. reported on Monday its financial results for the three and 12 months ended Nov. 30, 2023. The Toronto-based company said it achieved the highest quarterly gross profit in the company's history in the fourth quarter totaling CA$2 million ($1.5 million), representing a gross margin of 42%, compared to CA$1.9 million, or 31% gross margin, in the corresponding quarter of 2022."Our performance in the fourth quarter of 2023 reflects our strategic focus on high-margin activities and operational efficiency, resulting in the highest quarterly gross profit in our company's history," Meni Morim, CEO of Lifeist, said. "Though accompanied by unique hurdles, our focus towards enhancing gross profit has produced promising results." The company recently announced that it has entered into a definitive share purchase agreement with 1463663 B.C. Ltd., a newly incorporated affiliate of Tierra Corp., and the company's Canadian cannabis subsidiaries, collectively referred to as the CannMart Group, to divest and sell all of the shares of the CannMart Group to the buyer for CA$5 million.

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Canadian Company Lifeist Says Farewell To Cannabis Business Unit, Turns To Nutraceuticals

By Jelena Martinovic
February 2, 1:15 PM
Canadian wellness company Lifeist has agreed to sell its CannMart cannabis subsidiaries to 1463663 B.C. for $3.72m. The deal, which is expected to improve cash flow and operational costs, will see all shares of the CannMart Group transferred to the buyer. The consideration of $5m plus adjusted inventory will be paid to Lifeist as follows: $500,000 cash will be paid upon the transaction's completion, with a further $4.5m in a senior secured vendor takeback loan paid through monthly repayments. Additionally, Lifeist will receive equity warrants to acquire 9.9% of Tierra Corp's equity, as parent company of 1463663 B.C. Once the deal is finalised, Lifeist will be freed to operate in the nutraceutical sector, with North America's $88.3bn predicted to grow to $118.7bn by 2028, according to the company.

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Lifeist’s CannMart Moves To Direct-To-Retailer Cannabis Distribution In Saskatchewan

By Vuk Zdinjak
August 24, 10:06 AM
Lifeist Wellness Inc. (OTCMKTS:LFSWF) (TSXV:LFST) (FRANKFURT:M5B) highlighted the continued strength of CannMart Inc.’s in-house cannabis concentrate brand Roilty, the expansion of Rilaxe Cannabis in multiple provinces across Canada, and the strategic move to direct-to-retailer distribution in the province of Saskatchewan.

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