Lifeist Wellness Inc. LFST (FRANKFURT: M5BQ) NXTTF, previously known as Namaste Technologies Inc., announced Wednesday that it anticipates gross revenue for the fiscal third quarter ended August 31 will be roughly $7 million, representing a year-over-year increase of approximately 12% and a sequential growth of $6.3 million.
Based in Toronto, the company attributed the revenue growth to its wholly-owned subsidiary, CannMart Inc.
"CannMart is experiencing strong demand for its portfolio of products from consumers, retailers and provincial wholesalers across Canada," Meni Morim, CEO of Lifeist, said, adding that the company is "on track to launch our nutraceuticals division in Q4 2021."
In addition, the company expects to more than double its gross profit in terms of dollars and percentage to approximately 15% in the third quarter compared to 7% in the corresponding quarter of 2020 and 6% in the second quarter of this fiscal year.
"We continue to strategically focus our attention on increasing gross margins within our current product portfolio and bringing on newer SKUs with significantly higher gross margins," Morim explained. "Initial sales from our in-house brand 'Roilty' have been very well received by our provincial partners, and we are excited to expand our product portfolio with the upcoming launch of our limited-edition SKUs made at subsidiary CannMart Labs Inc.'s state-of-the-art BHO extraction facility by the end of October."
Earlier this month, the cannabis-focused e-commerce company's board approved a name change to Lifeist Wellness Inc. from Namaste Technologies Inc.
"The Lifeist rebrand speaks to 'Higher Living,' resonating with a multi-billion dollar global market of consumers seeking to unlock their extraordinary," Morim said at the time.
Lifeist expects to release audited third quarter 2021 financial results on or about October 29.
Price Action
Lifeist's shares traded 8.65% lower at 0.095 per share at the time of writing Wednesday late morning.
Photo: Courtesy of Steve Johnson from Pexels
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