Mugglehead reports
Canadian online seller CannMart Medical is shutting down, and transferring its patients to Mendo Cannabis by next week.
This is the second medical cannabis provider in the country to close shop in less than a month.
CannMart Medical sent an email to its registered patients on Wednesday, saying they can place final orders until Feb. 11, and can transfer their file to Mendo.
On Wednesday, CannMart-owner Lifeist Wellness Inc. (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF) said that shutting down medical sales will align resources for more “promising, near-term opportunities.”
“The regulatory and consumer conditions for medical cannabis in Canada have evolved such that achieving success would require significant and ongoing investments without a growth trajectory and near-term returns to support it,” Lifeist CEO Meni Morim said in a statement.
To ease the transfer of patients, Lifeist has hired financial advisor Kronos Capital Partners to oversee agreements related to the transfers.
Medicibis, doing business as Mendo Cannabis, said Wednesday it will also help CannMart patients transition to its platform by covering the costs of renewal for those with medical documents that have expired or are about to, as well as offering a 10-per-cent discount on new clients’ first two orders.
Read more at https://mugglehead.com/cannmart-medical-shutting-down-operations/
