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Lifeist Wellness Inc
Symbol LFST
Shares Issued 591,087,243
Close 2024-04-02 C$ 0.005
Market Cap C$ 2,955,436
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Lifeist begins CannMart Labs restructuring proceedings

2024-04-03 12:48 ET - News Release

Mr. Meni Morim reports

LIFEIST INITIATES RESTRUCTURING PROCEEDINGS FOR CANNMART LABS INC

Lifeist Wellness Inc. has commenced restructuring proceedings pursuant to the Bankruptcy and Insolvency Act for one of its wholly owned subsidiaries, CannMart Labs Inc. The restructuring of CannMart Labs is part of a broader strategic initiative to enhance the company's operational effectiveness while maintaining its commitment to innovation and growth. It is important to note that this restructuring does not impact CannMart Inc., Lifeist's flagship subsidiary and a leading distributor of licensed and in-house branded adult-use cannabis and cannabis-derived products in Canada.

"Following a thorough financial and strategic review, we believe that it is in the best interest of shareholders for CannMart Labs alone to enter into restructuring proceedings in order to address its obligations and contributions to Lifeist's balance sheet," said Meni Morim, chief executive officer of Lifeist. "We are fully committed to streamlining the operations of our cannabis divisions to better meet the present moment in the industry and are optimistic that this restructuring of CannMart Labs will allow Lifeist's cannabis operations to unlock greater shareholder value. We expect that these proceedings will have no impact on the day-to-day operations of CannMart Inc. or any of our other operating divisions."

Following the vote of shareholders at the company's recent annual general and special meeting rejecting the sale of the CannMart Group, Lifeist's cannabis operating division, management undertook a bottom-up review of the businesses to identify opportunities for optimization and improvement. The decision to restructure CannMart Labs was made with input from advisers and legal counsel, with the objective of achieving sustainable growth toward future profitability for the benefit of all Lifeist shareholders. This strategic move is part of a broader commitment to ensure the long-term success of the public company.

While the restructuring does not apply to CannMart, this strategic move aims to optimize operational efficiency and streamline the company's focus in alignment with its long-term vision. The decision to initiate restructuring proceedings for CannMart Labs underscores Lifeist's dedication to adaptability and resilience in navigating the dynamic landscape of the cannabis industry. By optimizing the operational structure of CannMart Labs, Lifeist aims to bolster its ability to deliver innovative wellness solutions that positively impact the lives of its customers.

Lifeist remains steadfast in its mission to leverage advancements in science and technology to build breakthrough ventures that transform human wellness. The company is confident that the restructuring of CannMart Labs will further strengthen its position as a leader in the health-tech industry and pave the way for continued growth and innovation.

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 business-to-business 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; and Australian Vapes, one of Australia's largest on-line retailers of vaporizers and accessories.

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