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- Lifeist Wellness (OTCQB:LFSWF) has entered into a service and a share purchase agreement with Simply Solventless Concentrates (HASH:CA), an arm’s length party, for operational support services to CannMart, following its acquisition.
- CannMart operates a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards.
- Lifeist shareholders are set to immediately benefit by having Simply Solventless (HASH:CA) support the operations of CannMart, deploying its expertise from its existing operations, while enjoying a fee structure which ensures a minimum net revenue amount to be retained by CannMart each month.
- In addition, this arrangement will allow Lifeist (OTCQB:LFSWF) to immediately achieve positive cash flow from the CannMart asset while Simply Solventless (HASH:CA) supports CannMart in its day-to-day operations.
- Lifeist will pay to Simply Solventless (HASH:CA) a monthly services fee which is the lesser of 90% of CannMart’s net revenue; and CannMart’s net revenue less C$100,000.
- Source: Press Release
