VANCOUVER, Nov. 1, 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 signed a Product Acquisition Agreement (the "Agreement") with Custom Cannabis Inc. ("Custom Cannabis"), whereby Cannmart will purchase packaged and tested cannabis products from Custom Cannabis to offer in Cannmart's online marketplace.
Cannmart's "sales-only" license is the first of its kind in Canada to be issued to a non-cultivator, which allows Namaste to leverage its technology platforms and e-commerce expertise to sell medical cannabis procured from a variety of licensed producers throughout Canada. The addition of Custom Cannabis through this Agreement will further enhance Cannmart's offering of high-quality products. The Company continues to focus on securing supply agreements with licensed producers that will ensure product availability for the future.
With Namaste's technology and Cannmart's platform, the Company believes that it is well-positioned to offer significant value to a broad range of licensed producers across Canada. The Company believes that Cannmart's platform will create an even playing field for all cultivators who choose to participate in the platform by providing a sales channel with more exposure and shipping across the country. As the industry evolves, Namaste's management team is confident in its ability to set itself apart as a true innovator in the cannabis e-commerce space.
Jeff Nielsen, CEO of Custom Cannabis comments: "From seed to extraction, everything we do considers the needs of patients who rely on finely-crafted medical strains for the treatment of their conditions. We're excited to know that patients seeking medical cannabis crafted by expert growers can access the Custom Cannabis brand in a digital marketplace that aligns with our patient-first philosophy. We're pleased to have reached this Agreement with Namaste."
Sean Dollinger, President, and CEO of Namaste comments: "We're pleased to announce this Agreement with Custom Cannabis as we have been in discussions with them for several months and have a lot of confidence in their management team. We look forward to offering their products for sale to our customers through Cannmart's website. By leveraging our technology platforms, expertise in e-commerce and incredible customer service, we intend on improving the buying experience for medical patients and reinforcing our position as a global leader in cannabis e-commerce."
About Custom Cannabis Inc.
Custom Cannabis is a Canadian medicinal cannabis producer growing cannabis for the world in Claresholm, AB. Custom Cannabis operates a 65,000 ft2 purpose-built greenhouse designed to leverage nature's elements for natural cannabis production, resulting in the highest quality medical cannabis for the empowerment of patients on their journey toward wellness.
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 medical cannabis in the Canadian market.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, 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
Direct: +1 604-355-6100
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. The TSXV has neither reviewed nor approved the contents of this press release.
SOURCE Namaste Technologies Inc.
For further information: Sean Dollinger, Chief Executive Officer, Direct: +1 604-355-6100, Email: email@example.com