Mr. Meni Morim reports

LIFEIST ANNOUNCES COMMON SHARE CONSOLIDATION

Lifeist Wellness Inc.'s board of directors has approved the consolidation of its common shares on the basis of a ratio of one postconsolidation common share for every 20 preconsolidation common shares, subject to TSX Venture Exchange approval. Neither the company's name nor its trading symbol will change in connection with the consolidation. The consolidation was approved by the company's shareholders at the annual and special meeting held on March 14, 2024 (the AGSM). Further details about the consolidation can be found in the company's management information circular dated Feb. 2, 2024, distributed to shareholders in connection with the AGSM, a copy of which is available on SEDAR+.

As stated in the circular for the AGSM, management is of the view that the current share structure of the company makes it difficult or impossible for the company to attract business opportunities or any additional equity financing that may be required by the company. Management is of the opinion that the consolidation will increase its flexibility and present additional opportunities with respect to potential business transactions, including any equity financing.

Currently, there are 594,087,243 common shares issued and outstanding, and after the consolidation is effective there will be approximately 29,704,362 common shares issued and outstanding. No fractional shares will be issued as a result of the consolidation. Instead, any fractional share interest of 0.5 or higher arising from the consolidation will be rounded up to one whole share, and any fractional share interest of less than 0.5 will be cancelled without further compensation.

The company will issue a future news release announcing the effective date of the consolidation and its new Cusip and ISIN numbers.

Registered shareholders of the company that hold their shares in certificated form will receive a letter of transmittal from the company's transfer agent, Computershare Investor Services Inc., with instructions for exchanging their preconsolidation shares for postconsolidation shares. Shareholders who hold their shares in DRS or through a broker or other intermediary will not need to complete a letter of transmittal.

Lifeist also reports, further to its June 30, 2023, news release, as required by the approval of the TSX-V in connection with the consulting agreement dated June 30, 2023, and as amended on Feb. 1, 2024, entered into by the company with Singular Narrative Management Ltd. for the provision of strategic business consulting, product development and brand marketing services to the company, as well as other services that do not include investor relations or promotional activities, that it has issued an aggregate of eight million common shares and 2.4 million common share purchase warrants to acquire up to 2.4 million common shares as payment to Singular of the monthly fee of $20,000 for services provided in the month of January and the monthly fee of $40,000 for services provided in the months of February and March, 2024, calculated in accordance with the amended consulting agreement. The common shares were issued at deemed prices per share of one cent. The warrants have an exercise price of five cents per share and expire five years from their respective date of issuance.

About Lifeist Wellness Inc.

Sitting at the forefront of the postpandemic 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 (business-to-business) wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards, including for CannMart Labs, a BHO (butane hash oil) extraction facility producing high-margin cannabis 2.0 products; and Australian Vapes, one of Australia's largest on-line retailers of vaporizers and accessories.

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