VANCOUVER, July 5, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N)(FRA: M5BQ)(OTCMKTS: NXTTF) is pleased to announce the Company has signed a consulting agreement (the "Agreement") with Cannbit Ltd. ("Cannbit" or "Cannbitltd.com"), whereby Cannbit will provide domestic consulting services to Namaste that will streamline the Company's Israeli operations, expand its platform and increase domestic revenues. Namaste's recent announcement of its 10% investment in Cannbit, with Cannbit's intention to publicly list on the Tel Aviv Stock Exchange ("TASE"), is further supported by this strategic partnership.
Namaste has identified strong growth potential in its Israeli market and will focus on the expansion of its current platform as well as introducing new technology like its telemedicine application, NamasteMD and Findify's AI technology in Israel. Cannbit will provide Namaste with local resources to facilitate this growth. Cannbit will provide Namaste with domestic management and operations of the Company's Israeli e-commerce platform, business development, website translations, domestic customer support services and wholesale sales. Cannbit's team will work closely with Namaste's marketing team to further develop its online platform and expand its B2B channels business in Israel.
Israel has quickly emerged as a global leader in cannabis research and development and Namaste is well positioned to leverage its technology and database of Israeli consumers to launch new initiatives in the Israeli market including the Company's revolutionary telemedicine application and patient portal, NamasteMD. Through its investment with Cannbit, a medical cannabis supply agreement and now this strategic partnership, Namaste will benefit from expansion of its revenue streams, import of high-quality Israeli grown cannabis to the Canadian market (subject to approval by Israeli regulators and Health Canada), and also in leveraging its technology to provide simple and effective access to its online healthcare platform.
Yaron Razon, co-founder and CEO of Cannbit comments: - "We are delighted to strengthen our strategic partnership with Namaste by adding yet another business cooperation them. Namaste is a global leader with a sensational management team. This Agreement, as well as our other partnerships with Namaste will benefit both companies as well as their respective shareholders. I'm also certain that both companies will find more ways to cooperate in the near future."
Sean Dollinger, President and CEO of Namaste comments: - "We're very proud of our various partnerships with Cannbit and love working with their team. This Agreement will bring great value to Namaste by leveraging Cannbit's resources and expertise in the Israeli market. We see this is the beginning of a long-term relationship with our partner. We believe working with Cannbit under this Agreement is the best way for us to operate and grow in the Israeli market. As our database of Israeli customers grows every day, we look forward to launching new initiatives in Israel to capture more market share and in providing Israeli citizens with access to simple and convenient healthcare through NamasteMD. The idea for us is to keep building our database of customers, in order to overlap it with a domestic sales license and provide a fully-integrated platform for the sale of medical cannabis in the Israeli market. We're looking forward to launching operations under the terms of this new agreement, exporting cannabis to the Canadian market when possible, and growing our Israeli division of the Company."
About Cannbit Ltd.
Cannbit is focused on growing high-quality medical-grade cannabis with advanced technology and agriculture platform while utilizing the best human resources to produce the highest level of quality available that will effectively treat a wide range of illnesses. The Israeli government is expected to approve the export of medical cannabis and Cannbit intends to become Israel's leading exporter for medical cannabis to legal jurisdictions around the globe. Cannbit's facility is 10,000 square meters with an additional 13,000 square meters available for expansion and is located in Neot Hakikar, an area well known in the Israeli agricultural community with clear advantages in the cold seasons. Our cultivation is carried out in a sophisticated greenhouse that provides ideal conditions for a variety of cannabis strains. Cannbit's management is comprised of a group of industry professionals in relevant disciplines.
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com, Canada's first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada's largest database of medical cannabis patients. The company's subsidiary, CannMart Inc. is an ACMPR Licensed Producer pending receipt of a "sales-only" license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. 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.
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 TSX Venture Exchange nor its market regulator has reviewed or approved the contents of this press release.
SOURCE Namaste Technologies Inc.
For further information: Sean Dollinger, Chief Executive Officer, Direct: +1 (786) 389 9771, Email: [email protected]