LFST - Lifeist Reports Highest Quarterly Gross Profit In History Continues To Diversify Its Wellness Business | Benzinga
Lifeist Wellness Inc. (TSXV:LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF) reported its financial results Monday for the three and 12 months ended Nov. 30, 2023.
The Toronto-based company noted it had achieved the highest quarterly gross profit in the company's history in the fourth quarter totaling CA$2 million ($1.5 million), representing a gross margin of 42%, compared to CA$1.9 million, or 31% gross margin, in the corresponding quarter of 2022.
“Our performance in the fourth quarter of 2023 reflects our strategic focus on high-margin activities and operational efficiency, resulting in the highest quarterly gross profit in our company’s history,” Meni Morim, Lifeist CEO said. “Though accompanied by unique hurdles, our focus towards enhancing gross profit has produced promising results."
The company recently announced that it had entered into a definitive share purchase agreement with 1463663 B.C. Ltd., a newly incorporated affiliate of Tierra Corp. and the company’s Canadian cannabis subsidiaries – collectively referred to as the CannMart Group – to divest and sell all of the shares of the CannMart Group to the buyer for CA$5 million.
The company's cannabis-focused portfolio business unit ...