Lifeist Wellness Stock Drops As Profit Estimates For Q3 2021 Are Announced – NEXT GEN METALS I (NXTTF)

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Wellness Lifeist Inc. (TSXV: LFST) (FRANKFURT: M5BQ) (OTC: NXTTF), formerly known as Namaste Technologies Inc., said on Wednesday it expected gross revenue for the fiscal third quarter ended Aug. 31 of about $ 7 million, an increase of about 12 percent from year-over-year and sequential growth of $ 6.3 million.

Based in Toronto, the company attributed the revenue growth to its wholly owned subsidiary, CannMart Inc.

“CannMart is seeing strong demand for its product portfolio from provincial consumers, retailers and wholesalers across Canada,” Meni Morim, CEO of Lifeist, said, adding that the company is “on track to launch our nutraceuticals business in Q4 2021.

In addition, the company expects to more than double its gross margin in dollar and percentage terms to around 15% in the third quarter compared to 7% in the corresponding quarter of 2020 and 6% in the second quarter of this fiscal year.

“We continue to strategically focus our attention on increasing gross margins within our current product portfolio and creating new SKUs with significantly higher gross margins,” explained Morim. “The first sales of our house brand “Roilty” were very well received by our provincial partners, and we are delighted to expand our product portfolio with the Our limited edition SKUs manufactured in BHO’s state-of-the-art extraction facilities at CannMart Labs Inc. will soon launch by the end of October.

Earlier this month, the board of directors of the cannabis-focused e-commerce company approved a name change to Lifeist Wellness Inc. of Namaste Technologies Inc.

“The Lifeist rebranding is about ‘Higher Living’, resonating with a multi-billion dollar global market of consumers looking to unlock their extraordinary,” Morim said at the time.

Lifeist expects to release the audited financial results for the third quarter of 2021 on or around October 29.

Price action

Lifeist stocks traded down 8.65% to 0.095 per share at time of writing late Wednesday morning.

Photo: Courtesy of Steve Johnson of Pexels

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