Lifeist Wellness announces CEO Morim to reduce involvement in company

Lifeist Wellness reported an executive leadership update in the wake of recent significant structural changes. These changes are the result of the recently successfully completed sale of its former wholly owned subsidiary, CannMart Inc., to Simply Solventless Concentrates, which sale was approved by shareholders at the Company’s recent Annual and Special Meeting of shareholders. The CannMart sale represents a pivotal milestone in Lifeist’s transition to fully focus on its health and wellness business through its U.S. biosciences subsidiary Mikra Cellular Sciences. As announced in March 2024, Lifeist’s CEO, Meni Morim, had expressed his intention to step down from his role as CEO. In light of the CannMart divestiture, Mr. Morim, who remains CEO for the time being, has agreed to reduce his involvement in the Company’s day-to-day operations, while the Company continues its search for a new CEO. As such, Mr. Morim’s compensation has been reduced to reflect his current role. The Board of Directors continues to work diligently on the process of appointing a new permanent CEO to lead Lifeist into its next phase of growth