VANCOUVER, Aug. 28, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce its new corporate strategy related to its position in the Canadian recreational cannabis marketplace. Due to much uncertainty surrounding both federal and provincial roll-outs of recreational cannabis, Namaste remained focused solely on the medical cannabis market until such time that a more transparent framework was established. Fast forward to today and it is clearly evident that there has been significant progress made with regards to the rules and regulations outlining the sale and distribution of recreational cannabis. As such, Namaste has made the decision to take a more proactive approach in an attempt to capitalize on several key areas of the recreational market.
Further to recent updates from the Provincial Government of Ontario, Namaste is extremely confident that many of its technology assets will lend themselves to improving the security and distribution of recreational cannabis online and in provincially operated dispensaries. Namaste's platforms, including its exclusive partnership with YPB Group Ltd. ("YPB") (ASX: YPB), have the potential to provide far superior authentication and security for provincially approved cannabis products. In addition, the Company's age and identity verification, with exclusive rights to its facial recognition technology, could help provide a much safer protocol for online retail platforms. Through NamasteMD, the Company has developed and acquired cutting-edge age and identity verification technology which is already in use in Namaste's platform, that would provide significant value to all consumers, through all the varying distribution channels across Canada. Namaste would like to reinforce that both platforms are already proven and in operation and would be available for immediate deployment within these applications.
In addition to these valuable authentication protocols, Namaste has also identified the need for its global customers to have confidence in the products they are purchasing, and for vendors to have access to granular data on their end-users. As such, Namaste has introduced YPB's solutions across its network of manufacturers, including Canadian Licensed Producers, to help bring certainty of authenticity and supply chain transparency to the entire legal cannabis industry globally. This coalition furthers Namaste's agenda in providing leading technology platforms for its global marketplace and for enhancing the user experience for its customers.
With YPB having recently signed 3 new customers, there is little doubt that this technology brings value to those who adopt YPB's technology. Namaste believes YPB's technology could provide a far superior solution to all provinces, especially considering the Ontario Provincial Governments decision regarding online dispensaries. The use of product QR codes would allow those who adopt the technology the ability to not only verify the authenticity of a cannabis product being provincially approved, but also provide valuable product information, including strain data and origin.
Namaste will be initiating the development of a private-label line of cannabis products through its Licensed Producer partners that will include a unique offering of premium strains and products that will be targeted to both medical and recreational markets. By securing numerous agreements with a multitude of Licensed Producers, Namaste has successfully guaranteed its supply channel on a going forward basis, and pending approval of Cannmart's sales license, the Company is well positioned to launch its fully-integrated marketplace by introducing cannabis sales into its online platform.
The Company will be actively pursuing opportunities in online recreational cannabis sales within provinces that permit. Through its partnerships with Licensed Producers, Namaste will offer a comprehensive online platform for recreational cannabis including integration of its various technology components that will bring significant value to Namaste and its partners. Namaste will also have the unique ability to offer other various technology integrations, including Pineapple Express Inc. ("Pineapple Express") same-day delivery service. With the initial launch of same-day delivery in Toronto, which represents the fourth largest city in North America, Namaste eventually plans to roll-out the service across Canada and into other major markets including Vancouver and Winnipeg.
While Namaste has laid the foundation to become Canada's leading online retailer of medicinal cannabis and will continue to focus on the medical market, the Company is now focused on expanding the scope of its platform to gain market share in the recreational space by offering the top Licensed Producer products, industry-leading technology integrations and a superior user experience.
Sean Dollinger, President, and CEO of Namaste comments: "Over the past year we've been very quiet as it relates to the recreational cannabis industry. We have taken our time to see how the legislation progresses province by province. Although we are not a cultivator, we do see significant market share for the Company in providing highly valuable technology platforms to the recreational market. Furthermore, through strategic partnerships with Licensed Producers we will certainly be developing our own brand that will be sold through medical and recreational channels.
As we progress towards official legalization Namaste has never been better positioned to capitalize on both markets. Now that we have proven that our platform works, with the acceleration of our medical patients we can now work on utilizing our technology to become a leader in the recreational space.
We are very excited to see our strategy coming together and unfolding before our eyes. We'd like to thank all of our shareholders for their support and hope to see everyone at the Pledge Party September 12th.
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 the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
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.
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]