~Ignite and CannMart announce the launch of Ignite Branded Cannabis and Cannabis 2.0 offerings and accessories in the Canadian marketplace~
TORONTO, March 2, 2020 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading platform for cannabis products, accessories, and education, today announced that its wholly owned subsidiary, CannMart Inc. ("CannMart"), has executed a licensing agreement (the "Agreement") with IGNITE International Brands, Ltd. ("IGNITE") (CSE: BILZ) (OTCQX: BILZF). The Agreement grants CannMart a licence to use certain IGNITE brand trademarks on legal cannabis-based products (the "IGNITE Products") in consideration for certain royalty payments.
Pursuant to the Agreement, CannMart will work with IGNITE's quality control and product development teams to source premium inputs, including flower and Cannabis 2.0 offerings, from Canadian craft cannabis producers for the IGNITE Products. Under the Agreement, CannMart assumes all functions associated with procurement, processing, and packaging of the IGNITE Products in its Health Canada-licenced processing facility. In addition, CannMart will oversee the sale and distribution of the IGNITE Products in Canada, leveraging its Canadian trade channels. Pursuant to the Agreement, IGNITE will, on behalf of CannMart, market the IGNITE Products in Canada.
"The IGNITE team remains committed to delivering cannabis products to every market we target. We firmly believe working with CannMart will provide quality product offerings and a quicker route to market given CannMart's competencies," said IGNITE CEO, Dan Bilzerian. "The IGNITE philosophy aligns with CannMart's passion to deliver innovative products through its global distribution channels."
"CannMart delivers a unique value-added proposition to brands," said Curtis Heffernan, President of IGNITE. "The agreement with CannMart will allow IGNITE to remain laser-focused on expanding brand awareness to maximize its reach to Canadian consumers."
"CannMart continues to demonstrate its ability to attract leading brands like IGNITE, to deliver recognizable quality products to consumers," said Meni Morim, CEO of Namaste Technologies. "Namaste believes IGNITE is well known among our current customer base and CannMart intends to leverage IGNITE's brand recognition to drive sales throughout its network of government partners and retailers."
Namaste also reports that they have loaned Pineapple Express Delivery Inc. ("Pineapple"), of which they have a 49% equity interest, $125,000 in support of Pineapple's efforts for cash flow purposes.
About Ignite International Brands Ltd.
IGNITE (CSE:BILZ, OTCQX: BILZF) is a CSE-listed and OTCQX traded company operating in permissible CBD and cannabis sectors. IGNITE intends to expand its business, which currently includes branding, marketing, licensing, sales and distribution, across the United States, Canada and United Kingdom into international jurisdictions by leveraging multiple product platforms. IGNITE intends to affect this expansion through brand leverage, product development, targeted marketing and strategic supply chain partnerships in each of its active and target jurisdictions.
Further information on Ignite International Brands, Ltd. and its products, can be accessed through the links below:
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in both B.C. and around the globe, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The company's 'everything cannabis store', CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. Namaste's global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
FORWARD-LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of Namaste's standing in the online marketplace for cannabis products, any future Health Canada license grant to Pineapple, management's perceptions of IGNITE and its standing in the cannabis industry, the expectation by management that IGNITE's brand awareness among Namaste's existing and new customer base will driver sales, the ability of Pineapple to grow its market share, the ability of Pineapple to launch next day delivery service outside the Greater Toronto Area, the submission and timing of Pineapple's evidence regarding its Health Canada application, the effect of Health Canada license approval on Pineapple's business sand operations, future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to the Company's ability to execute its business strategy and the benefits realizable therefrom, risks specifically related to the Company's international operations, and risks relating to the market price of Namaste common shares. Additional risk factors can also be found in the Company's current MD&A and annual information form, both of which have been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
SOURCE Namaste Technologies Inc.
For further information: Please contact: Incite Capital Markets, Eric Negraeff / Darren Seed, Ph: 604.493.2004, For Meni Morim, CEO, Email: [email protected]