Lifeist’s CannMart Maintains Momentum with Cannabis Category Growth
TORONTO, Aug. 24, 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, today highlighted the continued strength of CannMart Inc.’s (“CannMart”) 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.
“As we navigate the competitive landscape of the cannabis industry, I am pleased to highlight the recent progress of CannMart including the continued growth of our in-house brand Roilty and Rilaxe product lines,” said Daniel Stern, CEO of CannMart. “Roilty’s growth in the cannabis concentrate market underscores our commitment to delivering exceptional products that resonate with consumers. The strategic expansion of Rilaxe from dried fruit edibles to include soft-chews and pre-roll blunts demonstrates our dedication to innovation and addressing diverse consumer preferences. Our recent strategic move to direct-to-retailer distribution in Saskatchewan has not only streamlined our distribution process but will lead to improved margins. Through the strategic allocation of our marketing and sales resources we are generating growth in a very competitive line of business. Our commitment to budtender education, active engagement, and fostering collaborative relationships with diverse retail partners is making a difference and critical to achieving long-term profitability.”
Roilty’s year-over-year growth has been impressive, starting from a dozen products in June 2022 and growing to over 35 SKUs by Q3 2023. A large portion of SKU expansion has been through the Ontario Cannabis Store with multi-pack offerings in the province’s flow-through model selling well above the key performance indicators set by the province. With 55% market penetration across Canada and a 10% increase in points of distribution in the last 30 days, Roilty has captured more market share in the concentrate category experiencing a 70% year-over-year increase in units sold for all of Canada, led by Ontario with an 83% increase and Alberta with 56% increase in units sold.(1)
Rilaxe has also experienced substantial growth, development, and innovation, with expanded offerings tailored to each province’s customer demand and needs. These product enhancements and expansions have been influenced by real-time feedback from provincial boards, retailers, and end-use consumers. Most notably, the addition of Rilaxe Berri Blunts (3 x 0.7G), as a general list SKU in the fast-growing pre-roll categories, have sold over 13,000 units since the product launched in January 2023. Additional success has come from the launch of nostalgic sour-soft chews: Rilaxe Sour Cherry 1:1 and Rilaxe Sour Peach 1:1 gummies, which launched in June 2023 and sold through the initial inventory within the first 2 weeks. With the introduction of new products, Rilaxe’s store penetration has grown 51% in the last 30 days.(1)
CannMart has expanded its efforts in Saskatchewan, moving to a direct-to-retailer model creating unique sales opportunities to leverage a full portfolio of concentrates, infused pre-rolls and edibles. Owning and managing retailer relationships, which allows for more control over product launches, lifecycle management, and inventory controls, create more nimble pricing and distribution for enhanced customer experience.
(1) Data Source: 3rd party cannabis data and internal sales data.
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
Email: [email protected]
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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 of improved margins as a result of direct-to-retailer distribution in Saskatchewan , 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 streamlining of its distribution channel in Saskatchewan will reduce expenses and increase margins. 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 realize the expected benefits from direct-to-retailer distribution in Saskatchewan, 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.