Lifeist Wellness Successfully Completes CannMart Acquisition
Lifeist Wellness Completes Tactical CannMart Transaction
Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF), a leader in health technology innovation, is excited to announce the completion of its strategic share sale of CannMart Inc. (“CannMart”) to Simply Solventless Concentrates Ltd. (TSXV: HASH, referred to as “SSC”). This transaction signifies a pivotal shift in Lifeist's operational focus underlining its commitment to enhancing human wellness.
Understanding the Sale Process and Its Implications
This significant transaction, which followed its preliminary announcement on June 25, exemplifies Lifeist’s strategic intent of directing maximum resources towards its primary wellness initiatives. CEO Meni Morim stated, "Our decision to transfer CannMart’s shares to Simply Solventless Concentrates is not only a transaction; it’s a strategic maneuver that allows us to concentrate more fully on our core objectives." This step is seen as a means to harness additional resources towards developing their noteworthy Mikra brand.
Transaction Details and Benefits
The sale encompassed several pivotal elements. As per the share purchase agreement entered into on June 25, the Company secured a cash payment of $500,000 at closing along with 2,000,000 units of SSC securities, valued at another $500,000. Each of these units comprises one common share and one-half of one common share purchase warrant. Importantly, this warrants Lifeist the right to buy additional shares at a defined future price, fortifying its investment in SSC.
Innovative Financial Structures
This transaction also introduced a promissory note from SSC amounting to $1,700,000, which is secured against CannMart’s assets. This note features interest at an appealing rate and offers a flexible repayment schedule. Its structure allows SSC to adjust the repayment amounts based on CannMart’s future earnings, illustrating a shared commitment to success.
Strengthening Future Endeavors
Through the sale, Lifeist aims to channel its focus more directly into the development of innovative wellness products. The completion of the transaction was facilitated by obtaining required shareholder and regulatory approval, showcasing Lifeist's commitment to responsible corporate governance.
A Stronger Focus on Mikra
Lifeist recognizes the importance of concentrating on its U.S. biosciences subsidiary, Mikra Cellular Sciences Inc. (“Mikra”), renowned for creating transformative consumer wellness products. This strategic realignment allows Lifeist to refine its product offerings while aligning more closely with market demands.
Customer-Centric Innovations
At the heart of Lifeist’s ethos is a commitment to developing solutions that address contemporary wellness challenges. By divesting from CannMart, Lifeist emphasizes its intention to innovate further and cater to the diverse needs of its customer base, ensuring that its product lines continue to evolve in response to industry trends.
Future Outlook
The completed transaction is expected to lead to growth avenues not only for Lifeist but in the wider cannabis market as well. With Simply Solventless being a front-runner in the cannabis industry, this acquisition positions Lifeist to leverage SSC’s expertise while concentrating on maximizing shareholder value.
Frequently Asked Questions
What does the completion of the CannMart transaction mean for Lifeist?
The completion allows Lifeist to focus its resources on its core mission of enhancing human wellness through innovative products.
What financial benefits does Lifeist gain from this sale?
Lifeist receives immediate cash payments, equity in SSC, and structured financial benefits through a promissory note based on CannMart’s revenue.
How will this impact Lifeist's subsidiary, Mikra?
This transaction is intended to strengthen Mikra by reallocating resources and attention to further innovation and development.
What are the strategic goals of Lifeist following this transaction?
Lifeist aims to enhance its product offerings in the wellness sector, leveraging advancements in science and technology.
Is there a connection between the success of SSC and Lifeist?
Yes, Lifeist's profitability may benefit from SSC’s operational excellence and continued success in the market.
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