Lifeist Wellness Inc. LFST (FRANKFURT: M5B) NXTTF, formerly known as Namaste Technologies Inc., announced Thursday that its portfolio business and wholly-owned subsidiary CannMart Labs Inc. has successfully produced its first manufactured products under the 2.0 consumer-focused house brand “Roilty” and has begun commercialization.
The move is a key part of Labs’ strategy to introduce a larger portfolio of higher-margin cannabis 2.0 products into the Canadian market as part of Lifeist’s transition to profitable growth.
Based in Toronto, the company has already received several initial purchase orders from retail customers in Saskatchewan.
The remainder of the limited edition run of product SKUs is anticipated to be available for purchase in Alberta at CannMart.com by medical customers this month.
“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,” Daniel Stern, CEO of Labs, said. “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.”
Labs operates a 6,000 square foot, state-of-the-art facility in Etobicoke, Ontario, which is licensed by Health Canada for “standard processing.”
The facility has the capacity to produce cannabis extracts, both in-house branded products and products processed for third parties, including shatter, live resin, badder, wax and others. It also has the potential to expand future distillate product offerings to vape cartridges, gel capsules, tinctures and edibles.
More recent news from Lifeist:
- Lifeist Wellness Reports Q3 Revenue Growth Led By Its Cannabis Subsidiary, CannMart
- Lifeist Wellness Stock Down On Announcing Earnings Estimates For Q3 2021
- Namaste Technologies Rebrands To Lifeist Wellness, Expands UK Product Offering
NXTTF Price Action
Lifeist’s shares traded 0.50% lower at $0.08 per share Thursday late morning.
Photo: Courtesy of Blake Wisz on Unsplash
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