Lifeist Wellness Inc. (TSXV:LFST) (FRANKFURT: M5B) (OTC:NXTTF) formerly known as Namaste Technologies Inc., confirmed Friday that its Cannabis 2.0 house brand “Roilty” won the prestigious “Canadian LP Brand of the Year” award at the 2021 ADCANN Awards
The win comes only months after the initial launch of its first high quality Roilty-branded vape carts by its subsidiary CannMart Inc. and the launch of sister company CannMart Labs Inc produced live resin products.
“Winning LP Brand of the Year for Roilty is a great accomplishment for our cannabis business,” Meni Morim, Lifeist’s CEO stated. “This award highlights the solid momentum that we are delivering in our recreational-focused B2B cannabis business CannMart now supported by distributing the output of sister cannabis entity CannMart Labs. While we understand that many investors may associate Lifeist’s cannabis business strictly with its B2C public facing medical platform at CannMart.com, it is the B2B business that has been, and is expected to continue to be, the driver of growth and value creation for our cannabis business, supported by cannabis 2.0 production at Labs.”
CannMart’s Recent Milestones And Updates
Lifeist has noted that CannMart’s solid performance is attributable to having a business model that is unique in the Canadian cannabis space; CannMart retains a sales and distribution license, but does not engage in any cannabis cultivation, but rather focuses on a lower cost distribution business model.
CannMart currently provides its services to almost 73% of adult Canadians
As of December 31, 2021, CannMart is the trusted wholesale distribution and logistics partner for 10 LPs and 21 brands in addition to in-house brands Roilty and Mezzero and 3 licensed brands. More recently the company has added LPs including J2 Science, Embark Health, TorrCann, JMF Growers family and Loosh Brands to its growing list of partners. It also added cannabis-cause brand TobaGrown under license agreement.
Collectively, CannMart’s B2B revenue stream represented approximately 90% of Lifeist’s cannabis revenue for the nine months ended August 31, 2021 and for the twelve months ended November 30, 2020, and has delivered substantially all of the revenue growth and gross margin contribution during each of these periods.
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Lifeist shares closed Thursday market session 10.59% higher at $0.09 per share.