Lifeist Terminates Agreement for Sale of Australian Vapes
TORONTO, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. ("Lifeist" or the "Company") (TSXV:LFST) (FRANKFURT: M5B) (OTC:LFSWF), a health-tech company that leverages advancements in science and technology to build breakthrough ventures that transform human wellness announces the termination of the share purchase agreement (the "SPA") entered into on September 17, 2023 with Flora Growth Corp. (NASDAQ:FLGC) ("Flora") to divest and sell Australian Vaporizers Pty Limited ("Australian Vapes"), its wholly owned Australian subsidiary, to Flora. The transaction and its details were previously disclosed in a news release dated September 18, 2023, a copy of which can be found on SEDAR+ under the Company's profile. The SPA was terminated, in accordance with its terms, effective October 20, 2023, the agreed-upon closing date for the completion of the transaction, as a result of a certain condition precedent which must be fulfilled at or before the closing not being fulfilled, thereby allowing either party to terminate the SPA, which the Company was obligated to do in the circumstances.
"While we weren't able to proceed with this particular transaction, we continue to explore opportunities that will enhance our position as a leader in the wellness market," said Meni Morim, CEO of Lifeist. "In parallel we will continue to operate Australian Vaporizers and accelerate plans to increase its growth."
Lifeist remains dedicated to its mission of delivering wellness solutions and will continue to pursue opportunities that drive its long-term vision forward.
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://www.roilty.co
https://wearemikra.com/
www.australianvaporizers.com.au
Contact:
Meni Morim
CEO
Lifeist Wellness Inc.
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.
Source: Lifeist Wellness Inc.
