TORONTO, March 24, 2023 (GLOBE NEWSWIRE) — Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today announced that its subsidiary CannMart Inc.’s (“CannMart”) in-house concentrates brand Roilty has achieved strong sales performance, store penetration and market share gains in the two provincial markets where it sells direct to retailers: Saskatchewan and Manitoba.
Unlike in the large provinces such as Alberta and Ontario where CannMart sells wholesale to provincial controlled regulatory agencies, in Saskatchewan and Manitoba CannMart can sell direct to retailers through provincial sales and key account managers. Collectively, these two provincial markets account for approximately one-third of CannMart’s gross sales.
Roilty highlights in Saskatchewan, February 2022 to February 2023 are:
- Dollar sales increased 90% year-over-year
- SKU count has increased from 8 to 24
- Roilty has secured 70% store penetration, available in 110 of 157 cannabis stores
- Roilty’s overall market share has grown from 4% to 10% currently; including 65% market share in the shatter category, 37% in the live resin category, and 100% of the sugar wax category
Roilty highlights in Manitoba, February 2022 to February 2023 are:
- Dollar sales have grown 252% year-over-year
- SKU count has increased from 4 to 21
- Roilty has secured 86% store penetration, available in 144 of 167 cannabis stores
CannMart CEO Daniel Stern said, “These kinds of gains aren’t made overnight, and it’s because of hard work and strong relationship management in these unique provinces that Roilty has been able to thrive. Working directly with retailers has been a great opportunity for the Roilty brand to develop, because it allows for ample conversations and feedback in real time. That qualitative data helps us immeasurably across the customer facing and internal departments at CannMart.”
Added Meni Morim, CEO of Lifeist, “CannMart continues to deliver for Lifeist across the provincial markets. This strong performance is helping Lifeist make progress on its path to profitability.”
Roilty’s success in the prairie provinces is attributable to CannMart having forged strong working relationships with hundreds of retailers in the provinces. This includes with organizations such as the Weed Pool Cannabis Cooperative and the Independent Retail Cannabis Collective (IRCC) which has enabled CannMart to access even more of the independent retailers across the provinces.
Sources: Internal & third-party data, February 2022 to February 2023.
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
Matt Chesler, CFA, FNK IR, Investor Relations
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.
Source: Lifeist Wellness Inc.