Lifeist - CEO, Meni Morim.
CEO, Meni Morim.
Source: Lifeist Wellness.
  • Lifeist Wellness (LFST) has provided updates with respect to its wholly owned subsidiary CannMart Labs Inc. (Labs)
  • Labs has made significant progress commercializing its award-winning Roilty brand
  • It has begun commercial scale runs of Labs-produced shatter, opening another category of Labs-produced product
  • Lifeist Wellness is a portfolio wellness company leveraging advancements in science and technology to build breakthrough companies that transform human wellness
  • Lifeist Wellness Inc. (LFST) was up 8.33 per cent, trading at C$0.065 per share as of 12:30 pm ET

Lifeist Wellness (LFST) has provided updates from subsidiary CannMart Labs Inc. (Labs).

Commercializing proprietary 2.0 branded cannabis products is vital for Labs’ strategy to drive higher-margin growth. Labs has made significant progress commercializing its award-winning Roilty brand. The Roilty proprietary brand is now available in six Canadian provinces, Alberta, Saskatchewan, Manitoba, Yukon, Nunavut, and Northwest Territories.

Labs has been producing live resin since fall 2021. It has begun commercial scale runs of Labs-produced shatter, opening another category of Labs-produced product. The Labs-produced shatter is expected to be in market by fiscal Q3 2022.

In total, there are now 10 Roilty SKUs in the market. Roilty vapes and Roilty live resin products such as Priest Punch, Kings Kush and Lemon Haze are performing well. Labs continues to add capacity month over month processing fresh frozen and dried biomass through its extraction units.

Labs has received approval from Health Canada to begin construction at its facility for future storage and distribution of certain controlled substances as part of the Controlled Drugs and Substances Dealer’s License. The substances include psilocybin, psilocin, ketamine (ketamine hydrochloride), LSD (lysergic acid diethylamide), DMT (N, N-dimethyltryptamine) and MDMA (3, 4-methylenedioxymethamphetamine).

However, Labs will not commence construction at the facility as it instead allocates its capital and resources towards further advancing its product pipeline. 

Meni Morim, CEO of Lifeist commented on the announcement.

“CannMart Labs is an important asset and a key part of the Lifeist wellness platform. While we still believe that psychedelics could have a place on our platform, at the moment we are prioritizing our recreational cannabis and nutraceuticals businesses where the opportunities are both significant and have clearer paths to create value for shareholders. We will continue to evaluate how to prudently advance our Dealer’s License application with this in mind.”

The company intends to issue an aggregate of 4,375,000 common shares, issued at a deemed price of $0.0616, as payment of the sixth tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of Labs. 

Lifeist Wellness is a portfolio wellness company leveraging advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include CannMart, CannMart Labs, the CannMart.com marketplace, Australian Vapes, and Mikra.

Lifeist Wellness Inc. (LFST) was up 8.33 per cent, trading at C$0.065 per share as of 12:30 pm ET.

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