Lifeist Reports Highest Quarterly Gross Profit In History, Continues To Diversify Its Wellness Business
Portfolio Pulse from Jelena Martinovic
Lifeist Wellness Inc. reported its highest quarterly gross profit in history for Q4 2023, totaling CA$2 million with a 42% gross margin. The company announced a definitive share purchase agreement to sell its CannMart Group to 1463663 B.C. Ltd. for CA$5 million, aiming to improve financial positions and focus beyond cannabis regulatory constraints. Q4 net revenue was CA$4.7 million, down from CA$6.2 million in 2022, with an adjusted EBITDA loss of CA$5 million, an improvement from the previous year. The company plans to enhance cost and operational efficiency in 2024.
April 02, 2024 | 2:13 pm
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Lifeist Wellness Inc. reports record Q4 gross profit and sells its CannMart Group for CA$5 million to focus on high-margin wellness activities.
The record quarterly gross profit and strategic divestiture of the CannMart Group indicate a positive shift towards high-margin wellness activities, likely to be viewed positively by investors. The focus on operational efficiency and cost reduction for 2024 could further bolster investor confidence in the company's strategic direction.
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IMPORTANCE 90
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