Reports Q1 net revenue C$5.9M vs. C$4.9M last year. "We have made continued progress in transforming ourselves from a low-margin cannabis player in a highly competitive market to a diversified wellness company with a high-margin cannabis business and a rapidly growing nutraceuticals business," said Meni Morim, CEO of Lifeist. "We are seeing continued growth on all our key metrics, including delivering one of the best gross profit quarters in our company’s history. We expect continued improvement and growth in the quarters to follow which paves the way for profitability and cash generation. Both of our main wellness businesses are leading our performance. CannMart has built one of Canada’s fastest-growing cannabis brands in two years, and through continued innovation, strong relationships with provincial buyers and continued support from our retailers, we are driving increased distribution and sell-through of our expanding portfolio of premium and mid-range concentrate products. Mikra, in just a matter of months, has taken itself from a single product selling direct-to-consumer on its own website to a multiple product portfolio selling on Amazon, the largest online direct to consumer platform, and soon launching with GNC the largest brick and mortar wellness chain in the U.S. This is a significant step from where we started to where the business is today. We have strategically been working on scaling distribution, and our ability to secure the two largest channels speaks to the confidence in the brand and products. We anticipate accelerated growth as we shift focus on launching new products and SKUs in these channels. Progressing on our path to profitability is a top priority. We are gratified and excited by the confidence and support shown by investors in our recent financings and are working tirelessly to increase shareholder value."
Published first on TheFly
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