Lifeist Closes CannMart Transaction with Simply Solventless Concentrates Ltd.

Core Viewpoint - Lifeist Wellness Inc. has successfully completed the sale of CannMart Inc. to Simply Solventless Concentrates Ltd., allowing Lifeist to focus on its core mission of transforming human wellness while benefiting from CannMart's continued success in the cannabis market [1][3]. Company Overview - Lifeist Wellness Inc. is a health-tech company that utilizes advancements in science and technology to support human wellness [1]. - The company’s key asset is its U.S. biosciences subsidiary, Mikra Cellular Sciences Inc., which focuses on developing and selling innovative wellness products [5]. Transaction Details - The sale of CannMart was finalized with a cash payment of $500,000, 2,000,000 units of SSC securities valued at $500,000, and a promissory note (VTB Loan) of $1,700,000 with a 3% annual interest rate [3][4]. - The VTB Loan includes an upward adjustment clause based on CannMart's quarterly gross revenue exceeding $3,000,000 for four fiscal quarters following June 25, 2024 [4]. Financial Performance of SSC - Simply Solventless Concentrates Ltd. has demonstrated operational success with six consecutive quarters of positive EBITDA and net income in Q1 2024 [2].