On April 3, 2024, msi Spergel Inc. was appointed as Licensed Insolvency Trustee in connection with a Notice of Intention to Make A Proposal filed by CannMart Labs Inc. ("CannMart Labs" or the "Company"). CannMart Labs is one of the few licensed cannabis producers that produces butane hash oil extracts in Canada. It operates from a production facility located in Etobicoke, Ontario.

CannMart Labs is a wholly owned subsidiary of Lifeist Wellness Inc. (TSXV: LFST) (FRAMFURT: M5B) (OTCMKTS: LFSWF).

CannMart Labs brought a motion for continuance of the BIA proceedings under the Companies' Creditors Arrangement Act (“CCAA”). The Ontario Superior Court of Justice (Commercial List) granted the relief sought by the Company and issued an Initial Order pursuant to CCAA on May 2, 2024. The Initial Order provides for a stay of all proceedings until July 17, 2024 against the Company and appoints Spergel as Monitor of the business and financial affairs of CannMart Labs. Please refer to the Initial Order dated May 2, 2024 for more information.