- Lifeist Wellness (TSXV:LFST) has signed a share purchase agreement to acquire the Zest brand
- The Toronto-based company paid $3,411,707.90 to acquire 100 per cent of Zest in an all-stock transaction
- Lifeist’s subsidiary, CannMart is focused on rapidly expanding and growing Zest’s market share in the markets CannMart currently serves
- Lifeist Wellness Inc. (LFST) opened trading at C$0.03 per share
Lifeist Wellness (TSXV:LFST) has signed a share purchase agreement to acquire the Zest brand.
The Toronto-based company paid $3,411,707.90 to acquire 100 per cent of Zest in an all-stock transaction.
Zest launched in September 2022 with nine SKUs currently available and a store penetration rate of 22 per cent in Alberta. Lifeist’s subsidiary, CannMart is focused on rapidly expanding and growing Zest’s market share in the markets CannMart currently serves.
Zest’s sales growth has seen shipments grow at an average of 28 per cent month-over-month from September 2022 to April 2023 across all provinces and categories. Lifeist wants to continue this expansion with plans to increase the number of products available in Ontario to 14 by the end of Q3 2023.
The company also sees this acquisition as an opportunity to make material contributions to its topline and gross profit. By incorporating additional Zest products into its portfolio, Lifeist expands its product offering and the number SKUs available.
Lifeist’s CEO, Meni Morim called this acquisition another crucial step in the journey to establish Lifeist as one of Canada’s leading health-tech companies, with a goal to revolutionize human wellness.
“With Zest we acquire an established brand with sales in multiple provinces and territories, along with the added benefit of their unique Liquid Diamond vape formulations. The sale of vapes will generate additional revenue streams for Lifeist through prospective royalty and licencing agreements. We look forward to the seamless integration of Zest and its product portfolio into the Lifeist group of companies.”
Lifeist Wellness is a portfolio wellness company leveraging advancements in science and technology. Recently, CannMart Inc. reported strong sales growth and product breadth expansion. Click here to read more.
Lifeist Wellness Inc. (LFST) opened trading at C$0.03 per share.
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