VANCOUVER, Dec. 13, 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 an agreement (the "Agreement") with AgraFlora Organic International Inc. ("AgraFlora"), whereby Cannmart may purchase medical cannabis products from AgraFlora's Propagation Services Canada (PSC) greenhouse operations in Delta, BC, subject to approval of its cultivation and sales licenses by Health Canada. In October 2018, AgraFlora's majority-owned subsidiary, AAA Heidelberg, received a license to produce under Health Canada's Access to Cannabis for Medical Purposes Regulations for its facility in London, ON.
Subject to the terms of the Agreement, AgraFlora agrees to sell up to 10% of its annual production of Cannabis to Cannnmart. This Agreement is in-line with the Company's vision to offer a diverse range of high-quality cannabis products in its online platform through Cannmart. The Company is focused on expanding the offering and in securing future supply for cannabis through strategic agreements like that with AgraFlora. Cannmart operates a medical cannabis sales-only license under the regulations of the Cannabis Act, and purchases bulk cannabis products from a variety of licensed producers across the country to offer in its online platform.
The Company is looking forward to offering AgraFlora products to its patients in the near future.
Derek Ivany, President and CEO of AgraFlora comments: "I am very pleased to be partnering with one of the leading cannabis companies in Canada and supply Namaste's patients with the highest quality cannabis flower possible. Namaste is a company with strong social corporate ethics and it is important that AgraFlora plays its part to support the needs of medical patients across Canada. We have agreed to supply up to 10% of our projected full annual capacity of 250,000,000 grams of high quality cannabis and look forward to a long and mutually beneficial partnership with Namaste."
Sean Dollinger, President, and CEO of Namaste comments: "We're pleased to announce the supply Agreement with AgraFlora. We anticipate that they will provide a high-quality product for us to offer to our patients through Cannmart. We're focused on further development of our supply chain to ensure adequate supply for Cannmart as demand for our platform grows."
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 thorough its licensed affiliate, CannMart.com.
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
Email: [email protected]
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 protected]