Lifeist Wellness Inc. (
“Lifeist”
or the “
Company”)
(TSXV: LFST) (FRANKFURT:
M5BQ) (OTCMKTS: NXTTF), a company that leverages
advancements in science and technology to enable you to find your
path to wellness, is pleased to announce that it expects
year-over-year and sequential increases in revenue and gross profit
for the fiscal third quarter ended August 31, 2021, based on
preliminary and unaudited results. Lifeist expects to release
audited third quarter 2021 financial results on or about October
29, 2021.
The Company anticipates that gross revenue for
the fiscal third quarter ended August 31, 2021 will be
approximately $7 million, an increase of approximately 12% over Q3
2020 and Q2 2021 revenues of $6.3 million, respectively. The growth
in revenue is backed by a solid foundation laid at the Company’s
wholly owned subsidiary, CannMart Inc. In addition, the Company
anticipates more than doubling its gross profit in terms of dollars
and percentage (after inventory write downs) to approximately 15%
in Q3 2021 compared to 7% in Q3 2020 and 6% in Q2 2021.
“Positive trends and execution at our cannabis
subsidiary, CannMart Inc. resulted in increased Q3 revenues and
gross profit,” said Meni Morim, CEO of Lifeist. “CannMart is
experiencing strong demand for its portfolio of products from
consumers, retailers and provincial wholesalers across Canada. In
addition to the estimated revenue increase, we anticipate more than
doubling our gross profit compared to the same period in the
previous year. We continue to strategically focus our attention on
increasing gross margins within our current product portfolio and
bringing on newer SKUs with significantly higher gross margins.
Initial sales from our in-house brand “Roilty” have been very well
received by our provincial partners and we are excited to expand
our product portfolio with the upcoming launch of our
limited-edition SKUs made at subsidiary CannMart Labs Inc.’s
state-of-the-art BHO extraction facility by the end of October.
Overall, there has been a significant amount of work done across
the Company, laying the foundations for growth, and I am very
pleased to say these efforts are starting to pay dividends.”
Added Morim, "CannMart's turnaround comes at an
exciting time as Lifeist progresses along its evolution into a bold
and disruptive wellness company, striving to connect humanity with
safe, innovative and often daring pathways to individual
definitions of wellness. We are on track to launch our
nutraceuticals division in Q4 2021."
2021 Annual General Meeting The
Company has scheduled its 2021 Annual General Meeting (the
“AGM”) to be held in Toronto on November 30, 2021.
In accordance with the requirements of “Notice-and-Access” the
Notice of Meeting and Management Information Circular, outlining
the meeting resolutions, along with other required proxy materials,
will be filed on SEDAR at www.sedar.com and the Company’s website
in due course, and announced by the Company when filed.
Financial Disclaimer:The
preliminary estimated financial results and other data for the
three months ended August 31, 2021 set forth above are subject to
the completion of the Company’s financial closing procedures. This
data has been prepared by, and is the responsibility of, the
Company’s management and audit committee. Lifeist independent
registered public accounting firm, Baker Tilly LLP does not express
an opinion or any other form of assurance with respect thereto. The
Company currently expects that its final results of operations and
other data for the interim period ended August 31, 2021 will be
consistent with the estimates set forth above, but such estimates
are preliminary and Lifeist’s actual results of operations and
other data could differ materially from these estimates due to the
completion of its quarterly review procedures, final adjustments,
and other developments that may arise between now and the time such
unaudited consolidated financials statements for the three months
ended August 31, 2021 are released.
About Lifeist Wellness Inc.
Lifeist is at the forefront of the post-pandemic
wellness revolution requiring smart solutions. Lifeist is a
portfolio wellness company leveraging advancements in science and
technology to enable you to find your path to wellness. Portfolio
business units include: CannMart.com that provides Canadian medical
customers with a diverse selection of cannabis products from a
multitude of federally licensed cultivators and its U.S. customers
with access to hemp-derived CBD and smoking accessories; and
CannMart’s Canadian recreational cannabis distribution business
facilitating recreational sales to a number of provincial
government control boards. The Company is set to launch a new
nutraceuticals division in Q4 2021 with disruptive products in
wellness.
Information on Lifeist and its many products can
be accessed through the links below:
www.lifeist.com Cannmart.comeveryonedoesit.co.uk
Contacts:Lifeist Wellness
Inc.Meni Morim, CEOEdward Miller, VP Investor RelationsPh:
647-362-0390Email: ir@lifeist.com
Source: Lifeist Wellness Inc.
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 the Company’s continued evolution into a wellness
company, the anticipated launch of a nutraceutical division in the
fourth quarter of 2021 and statements related to the Company’s
anticipated gross revenue and gross profit for the interim period
ended August 31, 2021 are only predictions and are made as of the
date of this news release. Forward-looking information relating to
the Company’s anticipated revenue and gross profit is strictly
provided as financial guidance to investors as prepared by
management and may not be appropriate for any other purpose, and
remains subject to the interim financial statements of the Company
and related MD&A for the fiscal third quarter ended August 31,
2021, to be released on or prior to October 29, 2021.Various
assumptions were used in developing the forward-looking information
throughout this news release which management believed to be
reasonable at the time such statements were made, including,
without limitation, interim financial results for the third quarter
ended August 31, 2021 being in line with preliminary financial
results reviewed by management, expectations that the introduction
of new divisions, products and brands will generate additional
revenue, management’s perceptions of Lifeist’s standing in the
online marketplace for wellness, cannabis and related products and
accessories, Lifeist’s beliefs regarding the expected demand for
wellness, cannabis and related products and accessories and the
expected growth of that market, results of operations, operational
matters, historical trends, current conditions and expected future
developments, 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: the Company's work on the financial
statements for the quarter ended August 31, 2021 not being complete
and, as such, the preliminary results presented in this press
release may be subject to change based on the final interim
financial statements; risks relating to the Company’s ability to
develop and execute its business strategy as anticipated and in a
timely manner and the benefits realizable therefrom, risks
specifically related to the Company’s operations, risks relating to
the Company’s ability to successfully operate everywhere in a
virtual environment. 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.
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