VANCOUVER, Sept. 21, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart") has received its Access to Cannabis for Medical Purposes Regulations ("ACMPR") medical cannabis "sales-only" license (the "License"), which is the first of its kind to be issued by Health Canada. The License represents the most significant milestone in the history of the Company and is the final component of its strategy for Cannmart to become Canada's leading online platform for medical cannabis.
Cannmart will operate as an online marketplace for medical cannabis sourced from multiple Licensed Producers, which will offer patients a curated selection of medical cannabis strains in one location. Cannmart has secured over 13 domestic and international supply agreements and will also focus on developing arrangements with micro-cultivators who will provide high-end craft strains, subject to the upcoming regulations of the Cannabis Act. Cannmart's goal is to offer the largest and most diverse selection of medical cannabis products available in the Canadian market.
Further to the Company's September 18th news release, Cannmart will be allowed to buy pre-packaged, labelled and tested cannabis products. This development is very significant for Cannmart in that it will eliminate the need for buying in bulk, testing and packaging which will significantly reduce overhead costs for Cannmart and thus increase gross profit margins and profitability. By allowing Cannmart to purchase pre-packaged medical cannabis products it can remain focused on its areas of expertise in e-commerce and technology, and further expand on the products and services that can be provided through Cannmart.
Namaste operates the largest global online marketplace for cannabis consumption devices, with over 1.5 million customers globally. The Company has acquired and developed industry-leading technology including its e-commerce AI platform, Findify.io ("Findify") and NamasteMD ("NamasteMD.com"), which is Canada's first medical cannabis consultation app available in both the Apple and Google Play Stores. The Company plans to leverage its e-commerce technology and expertise to provide a unique user experience for each customer. Medical patients acquired through NamasteMD will be able to onboard and purchase products through Cannmart.
With Namaste's operations in over 20 countries and consumer databases established in strategic regions including the United Kingdom and Australia, the Company is well-positioned to expand on its cannabis platform in launching telemedicine and cannabis e-commerce platforms in global markets where the company maintains strong market share.
Special Edition Live 420
Namaste is pleased to announce that it will be hosting a special edition live-stream Namaste 420 show on Sunday September 23rd at 7PM EST to discuss Cannmart and the Company's growth strategy with management. To join the live feed please visit the link below:
Sean Dollinger, President and CEO of Namaste comments: "Today marks a monumental achievement for the entire Namaste team and our shareholders. Receiving our "sales-only" license not only validates the vision which we set forth to achieve over two years ago, but it sets the stage for Namaste to become the first fully-integrated platform of its kind. We plan to soft-launch Cannmart's website next week and look forward to feedback from our shareholders. I'd like to thank our investors for their patience and our management team including our staff at the Cannmart facility for their hard work and dedication. Namaste has never been better positioned to execute our strategy and to become the dominant global player in medical cannabis e-commerce."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis through its wholly owned subsidiary CannMart in the Canadian market.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
Chief Executive Officer
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Namaste Technologies Inc.
For further information: Direct: +1 604-355-6100, Email: [email protected]