LIfeist Shrinks Net Loss: 49% YoY Drop In Q2 Net Revenue, Plans Move Away From Its Legacy Cannabis Business
Portfolio Pulse from Jelena Martinovic
Lifeist Wellness Inc. reported a 49% YoY drop in Q2 net revenue and plans to move away from its legacy cannabis business. The company is selling its subsidiary CannMart Inc. and shifting focus to Mikra Cellular Sciences to become a leading nutraceutical company.
July 31, 2024 | 1:55 pm
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Lifeist Wellness Inc. reported a significant drop in Q2 net revenue and plans to exit its cannabis business. The company is selling CannMart Inc. and focusing on Mikra Cellular Sciences.
The significant drop in revenue and strategic shift away from cannabis to nutraceuticals could stabilize the company's financials in the long term, but the short-term impact on stock price is uncertain.
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