16:11:34 EDT Sat 22 Jun 2024
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Lifeist Wellness Inc
Symbol LFST
Shares Issued 588,087,243
Close 2024-03-15 C$ 0.005
Market Cap C$ 2,940,436
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Lifeist boasts about Aussie Vapes single-day sales

2024-03-18 09:54 ET - News Release

Mr. Meni Morim reports


Lifeist Wellness Inc.'s wholly owned subsidiary, Australian Vaporizers Pty. Ltd. (Aussie Vapes), enjoyed the single highest day of sales in its history on Friday, March 8, 2024. Aussie Vapes attributes the banner day to successful customer outreach and education about new rules governing aromatherapy vaporizer devices in Australia. Aussie Vapes was among the first companies to be granted a Therapeutic Goods Administration (TGA) import licence for aromatherapy vaporizer devices.

"As a leading Australian on-line supplier of aromatherapy products, we took it upon ourselves to help educate our customers about the changes being implemented by the TGA in accordance with its new rules governing these devices," said Meni Morim, chief executive officer of Lifeist. "We are gratified by the increase in sales and positive word of mouth that these efforts have inspired, and deeply appreciate the trust our customers place in us. We will continue to actively participate in this evolving conversation and anticipate contributing valuable insights that can help shape future policy."

The TGA is Australia's regulatory authority for therapeutic goods, which includes aromatherapy vaporizer devices. It works to protect and promote public health and safety by assessing and monitoring the quality, safety and performance of therapeutic goods sold in Australia. The TGA recently introduced regulations to address concerns related to the misuse of nicotine vaping devices by minors, and as of March 1, 2024, began requiring a special import licence for entities seeking to import such devices for sale. Aussie Vapes was granted one of the first such licences before the deadline.

As an established market leader in Australia, Aussie Vapes recognizes that navigating the aromatherapy vaporizer import licence application process presents a complicated challenge for smaller participants in the space. TGA regulations demand meticulous attention to detail, comprehensive and current documentation, and a clear understanding of rapidly evolving new industry requirements. The regulatory framework is necessarily strict, and the application process can be time-consuming, requiring a substantial investment of time and resources.

In light of those facts and with an eye toward the future, Aussie Vapes looks forward to exploring new growth opportunities through its business-to-business subsidiary, Wholesale Vaporizers. As the market landscape for these devices continues to evolve in Australia, Aussie Vapes will lead the way in establishing channels through which to use its import licence to help support smaller retailers in a fully regulatorily compliant and transparent fashion.

Aussie Vapes fully supports the TGA in its efforts to restrict and reduce the abuse of nicotine products by minors and looks forward to opportunities for comment and contribution to future policy making to further refine the mechanisms by which to best achieve those goals. It is actively engaged with industry associations as part of a strategic initiative to foster stronger relationships with regulators and actively contribute to the continued formulation of effective regulations in the future. By participating in industry associations, Aussie Vapes can be at the forefront of discussions, offering insights and expertise that contribute to the development of balanced and informed regulatory frameworks.

The company is grateful to its entire team who made this possible and is continuing to build Aussie Vapes into the premiere source for customer education as well as excellence in service and support. The company looks forward to a promising 2024 of exploring new opportunities and continuing to bring the highest standards of customer satisfaction to the Australian market with its relentless commitment to discerning quality at a competitive price.

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 Cellular Sciences, a biosciences and consumer wellness company developing and selling innovative therapies for cellular health; Australian Vaporizers, one of Australia's largest on-line retailers of vaporizers and accessories; and 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.

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