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Lifeist Wellness Inc. (TSXV:LFST) (FRANKFURT: M5B0) (OTC:LFSWF), a health-tech company, reported its financial results Tuesday for the three months ended May 31, 2024.
The Toronto-based company reported a nearly 50% year-over-year drop in net revenue from continued operations to CA$3.9 million ($2.8 million) in the second quarter of fiscal 2024.
Meni Morim, CEO of Lifeist said the company's second-quarter performance "is another clear indication that we must move on from operating our legacy cannabis business segments and find other solutions that have exposure to the broader wellness market."
Simply Solventless Concentrates Ltd. (TSXV:HASH) announced a month ago that it is acquiring Lifeist's subsidiary CannMart Inc. According to a June press release, the purchase price under the agreement includes $500,000 cash, $500,000 in units on the same terms as the financing and a vendor take-back note of $1.5 million on the closing of the acquisition.
"We are working to finalize the sale of CannMart and shift our focus and resources to advancing Mikra Cellular Sciences," Morim explained. "We are actively rebuilding our marketing and sales strategies from the ground up to increase sales, improve margins, and transform Lifeist into a profitable leading nutraceutical company offering superior health and wellness products backed by science."
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