Lifeist Wellness Inc said that its CannMart Labs Inc portfolio business and wholly-owned subsidiary has successfully produced its first manufactured products under the 2.0 consumer-focused house brand 'Roilty' and has begun commercialization.
The company said the commercialization of proprietary house brands is a key part of the Labs’ strategy to introduce a larger portfolio of higher-margin cannabis 2.0 products to the Canadian market as part of Lifeist’s transition to profitable growth.
Lifeist said it has received several initial purchase orders from retail customers in Saskatchewan where the path to market is quickest due to the fewer regulatory complexities in the province. The remainder of this limited edition run of product SKUs is anticipated to be sold to the Alberta provincial distributor, which has already pre-approved the products and is concluding a multi-week registration process prior to issuance of a purchase order, as well as becoming available to purchase at CannMart.com by medical customers this month.
In a statement, Daniel Stern, CEO of CannMart Labs commented: “Our state-of-the-art BHO extraction facility is now live, manufacturing and shipping product, and negotiating numerous recreational sales agreements leveraging our sister company CannMart Inc.’s network of provincial customers. Our first SKUs are exceptionally high-quality live resin products and show strong early interest from prospective customers.
"Now that we have reached this long-awaited milestone, we look forward to the next manufacturing run, broadening distribution to the larger provinces, and launching other Roilty-branded and higher-margin cannabis 2.0 products such as shatter and sugar wax in 2022. It’s also worth noting that an initial order for the Roilty-branded vape pen, Henry the Grape Ape, that was manufactured by a co-packer sold through CannMart Inc. into Alberta, sold out within seven days and additional quantities have been ordered to meet demand.”
CannMart Labs operates a 6,000 square foot, state-of-the-art facility in Etobicoke, Ontario that is licensed by Health Canada for 'standard processing'. It is purpose-built for oil extraction and incorporates leading technology designed to meet EU Good Manufacturing Practice (EU-GMP) certification requirements, making it one of only a few facilities in Canada with such capabilities.
The facility is capable of producing cannabis extracts, both in-house branded products and products processed for third parties, which include shatter, live resin, badder, wax and others, with potential to expand future distillate product offerings to vape cartridges, gel capsules, tinctures and edibles. In addition, the product roadmap also includes adding solventless products such as rosin to its portfolio.
Lifeist is a portfolio of wellness companies leveraging advancements in science and technology to enable individuals to find their personalized path to wellness.
The company's portfolio business units include CannMart, which operates a B2B wholesale distribution business facilitating recreational sales to Canadian provincial government control boards and the CannMart.com marketplace which provides Canadian medical customers with a diverse selection of cannabis products from a multitude of federally licensed cultivators and its US customers with access to hemp-derived CBD and smoking accessories.
It also owns Australian Vapes, the country’s largest online retailer of vaporizers and accessories; Findify, a leading AI-powered search and discovery platform; and Mikra, a biosciences and consumer wellness company seeking to develop innovative therapies for cellular health and recovery.
Contact the author at jon.hopkins@proactiveinvestors.com