- Lifeist’s (LFST) subsidiary CannMart Labs is focusing on higher margin revenue streams to improve both gross and operating margins
- CannMart’s award-winning in-house brand, Roilty, has grown dramatically since its introduction in May of 2021
- CannMart Labs is a licensed facility for BHO (butane hash oil) extraction within Canada
- Lifeist Wellness is a portfolio wellness company leveraging advancements in science and technology to build breakthrough companies that transform human wellness
- Lifeist Wellness Inc. (LFST) is up 36.36 per cent, trading at C$0.075 per share at 3:47 pm ET
Lifeist’s (LFST) subsidiary CannMart Labs is focusing on higher margin revenue streams to improve both gross and operating margins.
As result of accelerating market demand for Roilty and other high margin brands, CannMart has:
- Taken immediate steps to significantly curtail CannMart’s licensing of the Phyto brand from Adastra Holdings through an agreement with Adastra to terminate such license early. CannMart expects this to improve gross and operating margins significantly.
- Reduced headcount by approximately 30 per cent. The majority of reductions were related to personnel involved with the Phyto product lines. CannMart expects this to result in over $2 million in annualized operating expense savings.
Daniel Stern, CEO of CannMart, commented on the news.
“Over the past year, CannMart has established a vertically integrated model and generated consistent double-digit topline growth. Large part was through the success of our in-house brand Roilty. As a result of these successful initiatives, we are sharpening our focus further on higher margin revenue opportunities and exiting less profitable product lines.”
CannMart’s award-winning in-house brand, Roilty, has grown dramatically since its introduction in May 2021. It generated more than $1.5 million in revenue in the second quarter of 2022.
Roilty initially launched two products, and CannMart has since expanded its product portfolio. By the end of the third quarter of 2022, Roilty offers a total of sixteen products available in nine provinces and territories across Canada.
CannMart Labs is a licensed facility for BHO (butane hash oil) extraction within Canada.
Lifeist Wellness is a portfolio wellness company leveraging advancements in science and technology to build breakthrough companies that transform human wellness.
Lifeist Wellness Inc. (LFST) is up 36.36 per cent, trading at C$0.075 per share at 3:47 pm ET.