Lifeist Wellness Inc revealed that its wholly-owned subsidiary CannMart Inc has established a supply agreement with the SQDC, the sole retail distributor of licensed cannabis products in Quebec, Canada's second most populated province.
As a result of the agreement, CannMart now has supply agreements with provincial government cannabis control boards and retail bodies in the provinces of Ontario, Quebec, Alberta, British Columbia, Manitoba, New Brunswick and Saskatchewan, and the Yukon, Northwest Territories and Nunavut territories, constituting access to 95% of Canada's population.
The Toronto-based group said that CannMart and the SQDC are currently negotiating purchase orders with a view to getting six stock-keeping units (SKUs) into SQDC's nearly 81 retail stores across Quebec by the end of summer 2022.
"This agreement solidifies CannMart's position as the preeminent nationwide value-adding platform for the Canadian cannabis market, connecting licensed producers and brands with provincial government control boards and independent retailers," CannMart CEO Daniel Stern said in a statement. "Our innovative model enables CannMart to provide tangible solutions in the Canadian cannabis supply chain."
Lifeist Wellness CEO Meni Morim noted that the CannMart business-to-business (B2B) operation is one of the group’s “innovative wellness assets.”
“(It) is uniquely positioned to capitalize on growing consumer demand for recreational cannabis products in Canada,” added Morim. “We congratulate the team for this latest achievement and look forward to Quebec's contribution to CannMart's growing stream of revenue and gross profits."
Lifeist Wellness has a portfolio of wellness companies. While CannMart operates a B2B wholesale distribution business facilitating recreational sales to Canadian provincial government control boards, CannMart Labs has an extraction facility for the production of high margin cannabis 2.0 products.
The CannMart.com marketplace provides US customers with access to hemp-derived CBD and smoking accessories. It also owns Australian Vapes, 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 Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive