Lifeist’s CannMart increases Zest Cannabis sales and provides corporate update
August 2, 2023 By Grow Opportunity Staff
(Globe Newswire) Toronto — Lifeist Wellness Inc., a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today highlighted the continued growth for Zest Cannabis, the cannabis brand acquired by Lifeist on July 21, 2023. While not yet a material portion of CannMart’s cannabis business, its growth is impressive and July marks the highest sales month on record for the brand.
Zest’s month-over-month sales has experienced steady growth from its initial market entry in August 2022. July 2023 marks its largest monthly unit sales to date, growing 39 per cent compared to the previous month in the key sales markets of Alberta and Ontario; driven substantially by the success of Zest Liquid Diamond vapes.
CannMart has expanded trade marketing and sales efforts for Zest, with an increase of points of distribution in the main sales provinces of Ontario with 16 per cent growth, 13 per cent in Alberta and 41 per cent in Manitoba. This accounts for a 22 per cent store penetration across Canada, 19 per cent in Ontario, 29 per cent in Alberta and 44 per cent in Manitoba, with continued growth expected in every region over the next quarter.
“On-boarding our new in-house brand Zest has been a great success as the combined efforts of the sales and marketing teams have continued to develop and broaden the brand’s in-store presence which has been very well received by our retail network and partners. The brand is competing well in saturated sub-segments, making a name for itself as a go-to liquid diamond vape and strong contender in the infused pre-roll sub-segment. The complementary aspects of the acquisition to CannMart marketing and distribution network are real and we believe it will contribute significantly to CannMart’s future top and bottom lines.” — Daniel Stern, CEO, CannMart
The company also announced that Barbara Boyd has resigned from the board of directors of the company effective August 1, 2023, to pursue other opportunities.
“Barbara has been an invaluable member of the Lifeist Board, and we have greatly benefited from her extensive knowledge and experience, as we worked to improve our corporate governance, and introduce efficiencies to our processes in general. On behalf of the Board, management, and the Company’s shareholders, I extend our heartfelt appreciation and best wishes to Barbara for continued success in her future endeavors.” — Daniel Stern, CEO, CannMart
The company also announced the grant of 1,650,000 restricted share units to members of the board of directors as part of their compensation and in accordance with the rules of the TSX Venture Exchange and the company’s restricted share unit plan. The RSUs vest on the date of the grant and are subject to TSXV approval.
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