Lifeist Wellness Inc.’s (OTC:NXTTF) (TSXV:LFST) (FRANKFURT:M5B) Canadian cannabis business unit compromised of CannMart Inc. and CannMart Labs Inc., has launched a new product category: Shatter. The first new product in the new category, in-house branded Roilty Wedding Shatter, has shipped to retailers in Saskatchewan and is a key part of CannMart’s focus on higher margin revenue streams with the goal to improve profitability.
CannMart continues to execute on its growth strategies and is launching a third product category this September 2022, live resin vapes, with first product Roilty Purple Berry also receiving purchase orders in Saskatchewan. Labs’ fourth product category, THCa diamonds, is executing its R&D phase, with purchase orders from provincial buyers anticipated in the fiscal fourth quarter of 2022. THCa diamonds are sought after within the cannabis concentrates segment, as being the purest form of THC capable of achieving a 99.9% potency. The first product category for Labs was live resin and was introduced to market in the fiscal fourth quarter of 2021.
“The introduction of Labs-produced Roilty shatter is the latest move in our efforts to build an expanded proprietary cannabis product offering with high quality and innovative products that are in high demand by consumers,” stated Daniel Stern, CEO of CannMart. “Along with entrance into new provinces and territories, we believe that by focusing on higher-margin SKUs, we can accelerate CannMart’s path to profitability. We look forward to the introduction of live resin vapes and THCa diamonds over the coming months.”
At present, CannMart’s Roilty brand offers a total of 18 products available in nine provinces and territories across Canada, namely British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Prince Edward Island, Yukon, Northwest Territories and Nunavut.
Most of the Roilty branded products are being produced at Labs’ 6,000 square foot BHO extraction facility located in Etobicoke, Ontario. The facility is one of small number of licensed BHO extraction facilities in Canada, versus the approximately 400 other non-BHO processing facilities, and was purpose-built for BHO oil extraction and incorporates leading technology.
Share Issuance Related to CannMart Labs Inc. Acquisition
The company intends to issue an aggregate of 3.1 million common shares, without a hold period, as payment of the seventh tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of Labs. The issuance is considered to be a shares for debt transaction under the policies of the TSX Venture Exchange and remains subject to TSX-V approval.
Photo by Richard T on Unsplash
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