Opening Purchase Order Received from the Société québécoise du cannabis (“SQDC”) for Six Edibles Formulations under the Rilaxe Brand Licensed by CannMart
TORONTO, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), today announced that its wholly owned subsidiary, CannMart Inc. (“CannMart”), has started an agreement with SQDC, the exclusive retail distributor in the province of Quebec. SQDC will offer six Cannabis edible products offered by CannMart and will be one of the principal distributors of edible cannabis products in the province of Quebec.
The purchase order from the SQDC is for six Rilaxe branded edibles products spanning full-spectrum CBD to 2:1 (CBD:THC) formulations including infused baked beets, dried cauliflower, and dried figs. All of the products are expected to be on the shelves and available for purchase at SQDC retail stores across the province over the coming weeks. These products are produced by CannMart according to an exclusive nationwide licensing agreement that was recently extended until September 2024.
“We’re honored that CannMart is one of the first companies to bring solid edibles to Quebec, and we do so with the highest sense of responsibility,” said Daniel Stern, CEO of CannMart. “In addition to having one of the first-mover advantages on edibles in Quebec, this order further demonstrates CannMart’s ability to act as a route for brands seeking to bring their cannabis SKUs into the province, something we are uniquely able to do as one of the country’s first sales only non-production licences that is focused on distribution.”
Added Meni Morim, Lifeist’s Chief Executive Officer, “CannMart continues to demonstrate that it is the pre-eminent, value-adding distribution platform in the Canadian cannabis market. We look forward to its continued contribution to Lifeist’s overall growth and profitability in 2022 and beyond.”
“CannMart played an important role in producing high-quality edibles that meet the rigorous standards of government regulators, enabling us to get our products to market quickly, reliably and at scale,” added Kim Waterhouse, Rilaxe’s Chief Executive Officer. “Partnering with CannMart provides us with advanced capabilities to accelerate production, getting our innovative edibles into the hands of 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; CannMart Labs, a BHO extraction facility for the production of high margin cannabis 2.0 products; the CannMart.com marketplace, which provides U.S. customers with access to hemp-derived CBD and smoking accessories; Australian Vapes, Australia’s largest online retailer of vaporizers and accessories; and Mikra, a biosciences and consumer wellness company seeking to develop innovative therapies for cellular health.
Information on Lifeist and its businesses can be accessed through the links below:
Meni Morim, Lifeist Wellness Inc., CEO
Matt Chesler, CFA, FNK IR, Investor Relations
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 expected timeline as to when Rilaxe branded edibles products will be available for purchase in cannabis retail stores in Quebec and the expected continued contribution of the CannMart business to Lifeist’s overall growth and profitability 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, the anticipated continued growing demand for recreational cannabis and in particular cannabis 2.0 products in Canada, CannMart’s ability to produce and deliver Cannabis 2.0 products in a timely manner and CannMart’s ability to continue to develop its business as anticipated and increase sales through the SQDC among others, 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: consumer retail sales of Rilaxe branded edible products through the SQDC being lower than expected, CannMart’s failure to deliver its products to the SQDC in accordance with the anticipated timeline, if at all, and the failure to achieve the anticipated economic benefits from the SQDC initial purchase order. 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.
Source: Lifeist Wellness Inc.