~Choklat, with 49% ownership stake held by Namaste, now preps for product launch and with new Cannabis product SKUs~
TORONTO, Jan. 13, 2020 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading online platform for cannabis products, accessories, and responsible education today announced that Choklat Inc. ("Choklat"), an Alberta-based craft chocolate manufacturer and chocolatier in which Namaste holds a 49% equity position, has received a processing license from Health Canada to produce a line of chocolate bars, drink mixes and infused sugar.
"Receiving the processing license from Health Canada is a significant achievement and milestone," said Brad Churchill, CEO of Choklat. "We look forward to introducing our cannabis infused product line, products with a pure chocolatey taste with no aftertaste, across Canada leveraging the extensive B2B sales channels that CannMart Inc. has built. Our high-quality cannabis infused bars and beverages will be based on our own chocolate recipe made from a special cocoa bean sourced from the jungles of South America. This is an exciting time for Choklat, CannMart and Namaste as we enter the competitive cannabis 2.0 landscape."
"Brad Churchill is a true pioneer when it comes to the actual production of chocolate, and he is now applying his extensive experience and passion to produce high quality cannabis-infused chocolates," said Meni Morim, Chief Executive Officer at Namaste Technologies Inc. "We believe there is pent up demand for cannabis-infused edible products on a national scale. Choklat is one of the first food processors in Canada to receive its processing license from Health Canada and we expect their products to be on shelves in March, allowing for the Health Canada notice period. We invested in Choklat not only to maximize the significant market opportunity for cannabis-infused edibles but also because we see Brad as a true craftsman in his trade and the quality of his products speak for themselves."
The Cannabis Regulations require licenced processors to submit a notification to Health Canada of their intent to sell each novel cannabis product in Canada at least 60 calendar days before making such cannabis products available for sale. CannMart will be submitting up to 11 unique product SKUs to Health Canada for the new derivative product formats that the Company intends to offer for sale beginning in March. New products are expected to include dark, white and milk chocolate bars, chocolate-based beverages and infused sugar, that have been formulated, developed and packaged to meet the regulatory requirements set out by Health Canada. These new product formats will be added to Namaste's e-commerce website CannMart.com and offered through provincial cannabis stores in authorized markets.
What sets Choklat apart from other chocolatiers is that Choklat imports premium cocoa beans in the world, then roasts, grinds and refines them on-site into chocolate that meets exacting taste specifications. Creating the chocolate allows for complete control over the quality and taste of the final products which Namaste and Choklat believe provides an advantage over competitors. Namaste, CannMart and Choklat are all about treating customers with respect and integrity and using only the highest quality products and natural ingredients.
Choklat has existing sales of non-infused products through both its online e-commerce site and a network of distributors across Canada. The chocolate manufacturer has experienced significant expansion while preparing for the legalization of edibles and has non-infused products available in over 150 retail outlets across Canada, including an increasing number of Safeway and Sobeys stores in Western Canada. Choklat has also applied for and received its FDA number for the sale of non-infused chocolate bars in the United States.
About Choklat Choklat is a team focused on offering decadent confections with a quality of flavour that is beyond reproach. At the same time, Choklat strives to bring honesty and integrity to an industry that for so long has masked cheap chocolate with expensive ribbons, boxes, bows, and then a good solid kick to your wallet. Chokalt will kick your wallet a bit too, however, Choklat spends its money intelligently on ingredients rather than packaging. After all, nobody eats the box! For more information visit Choklat.com.
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. For further information about Namaste, please visit NamasteTechnologies.com.
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, the belief of Namaste and Choklat that Choklat receiving its processing license represents a significant achievement and milestone, Choklat's ability to leverage the B2B sales channels CannMart Inc. has built, Namaste's beliefs regarding demand for cannabis-infused edible products on a national scale and the market opportunity such demand represents, the type of new products which will be offered and the anticipated timing of the availability of these products, Namaste's beliefs regarding Mr. Churchill's skills and abilities in his trade, the belief of Namaste and Choklat that the type of cocoa beans used and the process for refining them develops a chocolate which provides an advantage relative to competitors, 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 the 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.
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SOURCE Namaste Technologies Inc.
For further information: Incite Capital Markets, Eric Negraeff, Ph: 604.493.2004, For Meni Morim, CEO, Email: [email protected]