TORONTO, March 09, 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 Canadian cannabis business continues to push forward with wholesale distribution efforts for its exclusive partnership with Hamilton Devices through the launch of a business-to-business (“B2B”) portal for accepting wholesale orders.
The new B2B portal is being launched based on the initial success CannMart has demonstrated since becoming the exclusive Canadian distribution partner for Hamilton Devices last fall. Leveraging its existing wholesale distribution channel, this portal makes these award-winning products available to a wider range of customers, including head shops, vape and smoke shops, convenience stores including gas stations, and other retailers that sell cannabis accessories. By focusing promotions and client-building through these on-trade opportunities, the Company expects to broaden opportunities for expanding Hamilton Devices across Canada beyond the 3,700 cannabis specific stores. The on-trade network of retailers capable of selling cannabis accessories exceeds 10,000 across Canada.
“The new platform is an easy to access portal for accepting wholesale orders for Hamilton Devices and opens a world of opportunities for us across the provinces, allowing us to manage sales through all trade channels that allow for cannabis accessory sales,” said Daniel Stern, CEO of CannMart Inc. “We’re leveraging our already established processes and channels, so we can execute this marketplace with low overhead, allowing for greater margins and overall revenue from the partnership. On top of the growing sales in our current verticals that we are already seeing in the first quarter of 2023, we expect this expansion into exciting new verticals to provide additional growth over the coming quarters.”
Hamilton Devices won U.S. Accessory Brand of the Year at the 2022 AdCann Awards, hot off the sales success and chatter surrounding the Atomizer; a vaporizer device which allows for three carts to be inhaled at once, for unlimited flavor and vapour combinations. Solidifying its place and brand recognition in the $67 billion market in the U.S., which is anticipated to expand at a compound annual growth rate of 4% from 2022 to 2030. By reading and learning from U.S. trends, bringing this top-selling brand into Canada, CannMart is on-track to see significant revenue growth through 2023.
Sources: Grandview Research; Smoking Accessories Market Size, Share & Trends Analysis Report by Type (Waterpipes, Vaporizers, Rolling Paper & Cigarette Tubes, Lighters, Filter & Paper Tip), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 – 2030.
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
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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, without limitation, statements related to CannMart Marketplace’s B2B expansion and broadening into new verticals to provide additional growth over the coming quarters and expectations for significant revenue growth through 2023 are made as of the date of this news release and is based on assumptions management believed to be reasonable at the time such statements were made, including, without limitation, that Hamilton Devices, given its brand recognition, will be the products choice of retailers that sell cannabis accessories to consumers, the market for smoking or cannabis accessories will continue to grow as currently anticipated, such market will continue to be a multi-billion dollar market, the wholesale of Hamilton Devices products through a B2B portal will, along with the introduction of new products, increase revenue and growth, 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 news release. Such factors include, without limitation: the failure of Hamilton Devices products to sell at the wholesale level as anticipated, the inability of CannMart Market Place to broaden the retailer base beyond cannabis specific stores as anticipated, the inability of CannMart Marketplace to realize greater margins and overall revenue from the partnership with Hamilton Devices, the unanticipated general contraction of the cannabis accessories market, unanticipated changes to laws or regulations that would adversely impact CannMart Marketplace’s ability to sell cannabis accessories, the risk that the expected demand, at the wholesale level or otherwise, for cannabis accessories in general and those of Hamilton Devices in particular does not develop as anticipated, and risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom. Additional risk factors can also be found in the Company’s current MD&A 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.
Source: Lifeist Wellness Inc.