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Lifeist Wellness Inc. (TSXV:LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF) reported its financial results Monday for the three and 12 months ended Nov. 30, 2023.
The Toronto-based company noted it had achieved the highest quarterly gross profit in the company's history in the fourth quarter totaling CA$2 million ($1.5 million), representing a gross margin of 42%, compared to CA$1.9 million, or 31% gross margin, in the corresponding quarter of 2022.
“Our performance in the fourth quarter of 2023 reflects our strategic focus on high-margin activities and operational efficiency, resulting in the highest quarterly gross profit in our company’s history,” Meni Morim, Lifeist CEO said. “Though accompanied by unique hurdles, our focus towards enhancing gross profit has produced promising results."
The company recently announced that it had entered into a definitive share purchase agreement with 1463663 B.C. Ltd., a newly incorporated affiliate of Tierra Corp. and the company’s Canadian cannabis subsidiaries – collectively referred to as the CannMart Group – to divest and sell all of the shares of the CannMart Group to the buyer for CA$5 million.
The company's cannabis-focused portfolio business unit has been operating a business-to-business (B2B) wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards. Additionally, its CannMart Labs is a BHO extraction facility for the production of high-margin cannabis 2.0 products.
Morim explained at the time that the move is expected to "fortify the financial position of both Lifeist and CannMart by improving cash flow, streamlining operational costs, and strategically shifting the focus of both entities beyond the constraints of the current cannabis regulatory framework.”
Challenges that cannabis businesses face due to lack of regulatory constraints are numerous and will surely be discussed at the upcoming Benzinga cannabis event which returns to Florida this April 16 and 17.
See also: Cannabis Health-Tech Reports YoY Drop In Q3 Revenue As It Moves To Diversify Wellness Business
"We are looking at more cost and operational efficiency measures in 2024," Morim explained. "We continue to work to position the Company to navigate industry fluctuations, drive profitability, and ensure sustainable growth. Despite the challenging landscape, we are committed to building Lifeist into a diversified wellness company with high-margin business units."
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort is a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
