09:01 AM EDT, 06/05/2024 (MT Newswires) -- Lifeist Wellness (LFST.V) on Wednesday said it is selling its subsidiary Australian Vaporizers (Aussie Vapes) to Nasdaq-listed Flora Growth for $900,000.

Flora, a U.S.-based consumer-packaged goods and pharmaceutical distributor, covered the cost by issuing 550,000 shares.

Lifeist had previously agreed to sell Aussie Vapes to Flora Growth last September.

"Although our original sale agreement with Flora was terminated, we have remained in contact and were able to ultimately arrive at mutually agreeable terms for the sale of Aussie Vapes," said Meni Morim, CEO of Lifeist Wellness. "The sale allows Lifeist to exit the Australian devices market and focus our attention on more aggressively developing core assets in North America, while at the same time strengthening our cash position."