A total of 191,161,948 common shares were represented in person or by proxy at the AGSM, representing 33.44% of the votes of all outstanding common shares of the Company as at the record date. Shareholders voted for the items of business brought before them at the AGSM as follows:
- The four nominees to the Company's Board of Directors, namely Meni Morim,
Laurens Feenstra ,Branden Spikes , andJohn Sinclair , were elected for the ensuing year. Clearhouse LLP , Chartered Public Accountants were appointed as the Company's auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed, at a remuneration to be fixed by the Board.- The yearly shareholder approval required by TSXV rules for the continued use of the Company’s Amended and Restated Stock Option Plan was obtained.
- Shareholders also passed an ordinary resolution to approve a proposed consolidation of the issued and outstanding common shares of the Company on the basis of a consolidation ratio to be selected by the Board, within a range of between five (5) pre-consolidation common shares for one (1) post-consolidation common share and twenty (20) pre-consolidation common shares for one (1) post-consolidation common share.
- The special resolution for the proposed sale of the Company’s
CannMart Group did not meet a super majority and therefore was not approved.
It is important to understand that the proposal to sell the
The regulatory framework under which Canadian public cannabis companies operate has proven to be prohibitively expensive in terms of being able to turn a profit. Rather than representing discrete overhead costs (one set for being a public reporting company, the other set for being a licensed cannabis company), the regulatory burdens are significantly magnified by having to meet both sets of requirements simultaneously. This has been compounded by the fact that all public company costs such as audit and D&O insurance are significantly higher for cannabis companies compared to companies of similar size in other sectors.
This experience has not been unique to Lifeist or CannMart: most Canadian public cannabis company, from the largest to the smallest, from generalists growing stadium-sized crops to specialists focused on extracts, distillates, beverages, and exotics, have been unable to turn a consistent profit. As a result, the entire public sector has been in a long and continuous bear market, with punishing capital rotations out of every stock in the category. The proposed sale of the
The Board of Directors respects the decision of shareholders and shall make every possible effort and explore every alternative avenue to adapt and restructure the
Concurrently, Lifeist will continue to direct increased focus toward its Mikra and Aussie Vapes businesses and will provide more information about those developments in the near future. Initiatives presently underway at Lifeist’s operating subsidiaries hold great promise for the realization of shareholder value, and we are dedicated to executing aggressively on that immediate strategy.
About
Sitting at the forefront of the post-pandemic wellness revolution, Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include: Mikra, a biosciences and consumer wellness company developing and selling innovative products for cellular health; CannMart, which operates a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards including for
Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
https://wearemikra.com/
https://cannmart.com
www.australianvaporizers.com.au
Contact:
CEO
Ph: 647-362-0390
Email: ir@lifeist.com
Neither the
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, including, without limitation, statements related to a restructuring or other alternative arrangement with respect to the
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