Lifeist Wellness said it has completed the sale of CannMart, a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards, to Simply Solventless Concentrates.
"We are pleased to announce the successful completion of the sale of CannMart to Simply Solventless Concentrates, a company whose track record of profitability and operational excellence has continually impressed us," said Meni Morim, CEO of Lifeist. "This transaction not only ensures that CannMart is in capable hands but also allows Lifeist to sharpen its focus on our core mission of transforming human wellness. We believe that this sale represents a strategic win for our shareholders, as it positions Lifeist to allocate more resources towards growing Mikra while still benefiting from Simply Solventless' continued success in the cannabis market."
In accordance with the terms of the deal, the company received the following:
A cash payment in the amount of $500,000.
2,000,000 units of securities of SSC at a price of $0.25 per unit for a total value of $500,000. Each Unit is comprised of one common share in the capital of SSC and one-half of one Common Share purchase warrant. Each full warrant entitles Lifeist to purchase one SSC Common Share at an exercise price of $0.40 per Common Share for a period of 24 months following the date of issuance, subject to acceleration.
A promissory note from SSC, secured against the assets of CannMart, in the principal amount of $1,700,000 bearing interest at the rate of 3% per annum beginning on the date of the closing, with the principal and accrued interest repayable by SSC in monthly installments of principal and interest, payable on the first business day of each month.
