Lifeist’s U-Turn On Plan To Move Away From Cannabis Industry As It Buys Vaporizer Technology
Lifeist Wellness (OTC:LFSWF) acquired all shares of 1000594871 (4871) Ontario Corp., which holds vaporizer technology. The news marks a U-turn on Lifeist’s recently announced plan to move away from its legacy cannabis business.
What happened: The Toronto, Ontario-based health-tech company reported Friday that it has completed the acquisition of 4871, which holds key intellectual property resulting from a patent application and all related rights.
The pending patent application was purchased for one million shares of Lifeist. In the event the patent is issued, Lifeist or 4871 is required to pay the vendor of 4871 50% of all net revenue generated from the issued patent, up to a …