TORONTO, April 15, 2024 (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 ventures that transform human wellness, today announced that its subsidiary CannMart Inc. ("CannMart") has made a landmark shipment of premium cannabis products to Australia, including vape carts plus two extracts from its own Roilty brand. In December 2023 CannMart announced its intention to begin exporting cannabis products to Australia, through an agreement with Aura Therapeutics Pty Ltd. ("Aura") to include concentrate and vape carts, bulk flower, and other refined concentrate products in the quickly developing Australian medical cannabis industry. This milestone shipment represents a significant achievement for CannMart, as it expands its presence beyond Canadian borders and enters the large and growing Australian medical cannabis market.
"The export of cannabis products to Australia underscores CannMart's commitment to expanding its footprint beyond Canadian borders and catering to the evolving needs of medical cannabis patients worldwide," said Daniel Stern, CEO of CannMart. "These high-margin products are poised to make a significant impact in the Australian medical cannabis market, which continues to experience substantial growth and demand for quality cannabis products. The launch of our own Roilty products in Australia also marks a significant milestone in our international expansion strategy."
Australia boasts a large and growing medical cannabis market, with increasing demand for high-quality cannabis products to address various medical conditions. By entering this market, CannMart aims to meet the needs of Australian patients and contribute to the advancement of medical cannabis access and awareness.
One of the foremost advantages of exporting CannMart products to Australia is the absence of Canadian excise taxes on export products. This allows CannMart to offer its high-margin cannabis products at competitive prices, further enhancing its appeal to Australian consumers.
CannMart products are meticulously crafted to meet stringent quality standards, ensuring consistency efficacy for patients seeking relief from various medical conditions. The Roilty brand is known for its exceptional quality and potency, making it a preferred choice among discerning cannabis consumers in Canada and now in Australia. With its inaugural launch in Australia, CannMart and its brand Roilty are poised to capture the attention of medical cannabis patients seeking premium-grade products for therapeutic use in other global markets.
CannMart remains committed to upholding the highest standards of quality, safety, and efficacy in its cannabis products, ensuring that patients have access to reliable and effective treatment options. As the global cannabis market continues to evolve, CannMart is dedicated to exploring new opportunities for growth and innovation, while remaining steadfast in its mission to improve the well-being of individuals worldwide.
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: Mikra, a biosciences and consumer wellness company developing and selling innovative products for cellular health; 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; and Australian Vapes, one of Australia's largest online retailers of vaporizers and accessories.
Information on Lifeist and its businesses can be accessed through the links below:
Contact:
Meni Morim
CEO
Lifeist Wellness Inc.
Ph: 647-362-0390
Email: ir@lifeist.com
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 impact of CannMart's products in the Australian medical cannabis market and general expectations relating to the Company's international expansion strategy, are based on assumptions management believed to be reasonable at the time such statements were made, including without limitation, that the Australian medical cannabis industry will develop as anticipated, expectations relating to anticipated sales of CannMart's products, including Roilty in particular, expectations that Roilty will gain market acceptance, as well as other considerations that are believed to be appropriate in the circumstances 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. 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 growth and demand for quality cannabis products in Australia not being as anticipated, the failure of CannMart's premium cannabis products to gain market acceptance as anticipated, the Australian medical cannabis market's failure to continue to develop and grow, in a timely manner, if at all, the Company's failure to develop its Cannabis business in Australia as anticipated and to realize on the anticipated benefits therefrom, unanticipated changes to current regulations that would adversely impact its business in Australia, 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 . 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.