Lifeist Wellness To Sell Certain Intellectual Property Assets to Spinach Pay, Breathing Life Into a U.S. Cannabis Fintech Concept
TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a
wellness company that leverages advancements in science and technology to enable you to find your path to wellness, today announced that it has entered into a definitive agreement (the “Agreement”)
and completed the sale (the “Transaction”) of certain intellectual property assets (the “Assets”) to Spinach Pay Inc. (“Spinach Pay” or the “Purchaser”), a privately owned fintech company offering
its customers payment solutions for the U.S. market. All proceeds of the transaction will be in the benefit of Lifeist shareholders.
The Assets comprise certain intellectual property of Lifeist used in connection with a cannabis payments software concept for prospective deployment within the U.S. cannabis industry.
"This transaction is a small but continuing step in our evolution to wellness," said Lifeist CEO, Meni Morim. “As a TSXV listed company, we cannot generate any revenue in the U.S. that is related to Cannabis, or have direct holdings in companies that do so. Therefore, disposing the Assets into a Convertible Debenture, continues to breathe life into the concept and expands our portfolio of wellness assets, allowing us to potentially play a role as a technology enabler within the rapidly growing U.S. cannabis market.”
“We have launched Spinach Pay, a fintech company focused on building innovative solutions in payment processing, to go after what we believe will be a large and growing payments market around U.S. cannabis,” said Chad Agate, President and CEO of Spinach Pay Inc. “Our team is hard at work developing this concept and have already received very positive responses from our founding shareholders and prospective customers as we embark towards this new venture. I would personally like to thank Meni for our years working together and wish the Lifeist team the best of success in building its wellness portfolio, which we are proud to be a part of. As an independent company, Spinach Pay will continue the next year on product development and look forward once completed to our product launch in the U.S. market.”