TORONTO, March 08, 2024 (GLOBE NEWSWIRE) — Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF), a health-tech company that leverages advancements in science and technology to build breakthrough ventures that transform human wellness, is pleased to announce that its wholly-owned subsidiary, Australian Vaporizers Pty Limited (“Aussie Vapes”), is among the first companies in Australia to be granted a Therapeutic Goods Administration (TGA) import license for aromatherapy vaporizer devices.
“As a leading Australian online supplier of aromatherapy products, being granted this TGA import license improves our competitive advantage even further,” said Meni Morim, CEO of Lifeist. “This milestone reflects our unwavering commitment to consumer safety and the highest quality standards. Aussie Vapes has an important role to play, and we wholeheartedly support the TGA’s initiatives to reduce nicotine product misuse by minors. We will continue to actively participate in this evolving conversation and anticipate contributing valuable insights that can help shape future policy.”
The TGA is Australia’s regulatory authority for therapeutic goods, which includes aromatherapy vaporizer devices. It works to protect and promote public health and safety by assessing and monitoring the quality, safety, and performance of therapeutic goods sold in Australia. The TGA recently introduced regulations to address concerns related to the misuse of nicotine vaping devices by minors, and as of March 1, 2024, began requiring a special import license for entities seeking to import such devices for sale. Aussie Vapes was granted one of the first such licenses before the deadline.
As an established market leader in Australia, Aussie Vapes recognizes that navigating the aromatherapy vaporizer import license application process presents a complicated challenge for smaller participants in the space. TGA regulations demand meticulous attention to detail, comprehensive and current documentation, and a clear understanding of rapidly evolving new industry requirements. The regulatory framework is necessarily strict and the application process can be time consuming, requiring a substantial investment of time and resources.
In light of those facts and with an eye toward the future, Aussie Vapes is pleased to report the formation of its new B2B subsidiary, Wholesale Vaporizers. As the new market landscape for these devices continues to evolve in Australia, Aussie Vapes will take a leading role in exploring ways to use our import license to help support smaller retailers in a fully regulatorily compliant and transparent fashion.
Aussie Vapes fully supports the TGA in their efforts to restrict and reduce the abuse of nicotine products by minors and looks forward to opportunities for comment and contribution to future policy making to further refine the mechanisms by which to best achieve those goals. We are actively engaged with industry associations as part of a strategic initiative to foster stronger relationships with regulators and actively contribute to the continued formulation of effective regulations in the future. By participating in industry associations, Aussie Vapes can be at the forefront of discussions, offering insights and expertise that contribute to the development of balanced and informed regulatory frameworks.
We look forward to a promising 2024 of exploring new opportunities and continuing to bring the highest standards of service and customer satisfaction to the Australian market with our relentless commitment to discerning quality at a competitive price.
The Company also reports it has amended its Consulting Agreement (the “Agreement”) with Singular Narrative Management Ltd. (“Singular”) for the continued provision of strategic business consulting, product development, and brand marketing services to the Company as well as other services that do not include investor relations or promotional activities (the “Services”), originally announced on June 30, 2023. The amended Agreement is effective as of February 1, 2024, and only changes the compensation payable to Singular which remains payable in securities of the Company reflecting Singular’s substantial time commitment and dedication in providing the Services.
Pursuant to the Agreement, Lifeist shall pay a monthly fee of $40,000 to Singular for the provisions of the Services, after such services have been provided in the particular month, to be satisfied in common shares (“Shares”) of the Company and common share purchase warrants (“Warrants”), with the number of (i) Shares issuable to Singular determined by dividing $30,000 by the 5-day volume-weighted average price (“VWAP”) for the last five days of the month in which the services are provided and (ii) Warrants issuable to Singular determined by dividing $10,000 by such VWAP. The exercise price of the Warrants shall equal the greater of the “Market Price” (as defined in Policy 1.1 of the TSXV) on the trading day prior to the date of issuance of the Warrants and $0.05 and the Warrants expire 5 years from the date of issuance.
The term of the amended Agreement is for an additional of 6 months and may be terminated by either party with 30-days’ prior notice and is automatically renewable thereafter for additional one-month periods unless otherwise terminated by either party.
The Agreement and payment thereunder which constitutes a Shares for Services transaction under the policies of the TSXV has received the conditional acceptance of the TSXV but the issuances of securities remain subject to the final acceptance of the TSXV.
About Lifeist Wellness Inc.
Sitting at the forefront of the post-pandemic wellness revolution, Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include: CannMart, which operates a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards including for CannMart Labs, a BHO extraction facility producing high margin cannabis 2.0 products; Australian Vapes, one of Australia’s largest online retailers of vaporizers and accessories; and Mikra, a biosciences and consumer wellness company developing and selling innovative therapies for cellular health. Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
https://cannmart.com
https://wearemikra.com
www.australianvaporizers.com.au
Contacts
Meni Morim, Lifeist Wellness Inc., CEO
Ph: 647-362-0390
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, including, without limitation, statements related to the expected benefits of having received a TGA import licence and the anticipated benefits its new B2B subsidiary, Wholesale Vaporizers expects to realize in the new Australian market landscape, are made as of the date of this news release and are based on assumptions management believed to be reasonable at the time such statements were made, including without limitation, expectations that the market in Australia for aromatherapy vaporizer devices will continue to develop and grow as expected, and that Wholesale Vaporizers will be able to leverage the TGA Import licence with smaller retailers, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. Such factors include, without limitation: the failure of the market in Australia for aromatherapy vaporizer devices to grow as expected and the inadequate uptake by consumers to purchase such as anticipated and in a timely manner, if at all, and risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom. Additional risk factors can also be found in the Company’s current MD&A filed under the Company’s SEDAR profile at www.sedarplus.ca. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Source: Lifeist Wellness Inc.
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