Canopy Growth Announces MOU with Namaste Technologies
21 Feb, 2017, 09:09 ET
SMITHS FALLS, ON, Feb 21, 2017 /CNW/ - Canopy Growth Corporation ("Canopy" or the "Company") (TSX: WEED) is pleased to announce that it has entered into a memorandum of understanding ("MOU") with Namaste Technologies Inc. ("Namaste") (CSE: N, FSE: M5BQ), an emerging leader in the vaporizer and accessories space with 26 e-commerce retail stores in 20 countries. This MOU represents an opportunity for the companies to work together to educate customers on the legal, regulated cannabis framework in Canada, encourage the use of vaporizing technology over smoking, and introduce cross-brand exposure among their respective clients. Namaste's database consists of approximately 300,000 customers that generate upwards of 600,000 site visits monthly. Approximately 28,000 of these monthly site visits are generated from customers residing in Canada.
The purpose of the MOU is to define the intention of Namaste and Canopy to expand their respective market positions by seeking to form multi-point working arrangements and exploring the development of new delivery devices for the consumption of cannabis. Pursuant to the terms of the MOU, Namaste and Canopy will work together to educate Namaste's Canada-based clients on the legal, regulated framework for medical cannabis. Namaste will also support Canopy on the development of Canopy branded vaporizers and accessories.
The commercial aspects of this partnership will be further expanded through a multi-function working group of Namaste and Canopy.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms. Through its wholly‑owned subsidiaries, Canopy Growth operates numerous state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity. Canopy Growth has established partnerships with leading sector names in Canada and abroad. For more information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth Corporation, Tweed Inc., Tweed Farms Inc. or Bedrocan Canada Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include future operational and production capacity, the impact of enhanced infrastructure and production capabilities, and forecasted available product selection. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth Corp. does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
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SOURCE Canopy Growth Corporation
For further information: Contacts: Jordan Sinclair, Director of Communications, [email protected], 613-769-4196; Tyler Burns, Investor Relations, [email protected], 855-558-9333 ex 122; Director: Bruce Linton, [email protected]
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