VANCOUVER, Aug. 27, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has signed a bulk cannabis supply agreement (the "Supply Agreement") with GTEC Holdings Ltd. ("GTEC") (TSXV: GTEC) (OTCPK: GGTTF), whereby Namaste's wholly owned subsidiary and Health Canada's Access to Cannabis for Medical Purposes ("ACMPR") late-stage applicant, Cannmart Inc. ("Cannmart") will purchase bulk cannabis flower and oil from GTEC for resale in Cannmart's online platform. Cannmart will be Canada's first ACMPR Licensed Producer ("LP") with a "sales-only" license, allowing the Company to leverage its e-commerce expertise to become Canada's leading cannabis online retailer.
This Supply Agreement further demonstrates Namaste's ability to secure a strong supply chain to help service Namaste's growing list of patients, and execute on its strategy to create Canada's largest online retail cannabis platform. GTEC is a Kelowna-based LP which owns and operates several cultivation facilities, and Namaste anticipates GTEC becoming a key supplier for Cannmart's platform. With the upcoming roll-out of recreational cannabis and with an anticipated short-term national supply shortage, cannabis supply agreements are now more important than ever to Namaste's long-term strategy. This Supply Agreement further demonstrates Namastes ability to secure a strong supply chain with multiple LP's.
Namaste's e-commerce platform and technology will continue to drive innovation that will have a major impact on the way in which patients can access medical cannabis online. Namaste's goal is to create the most comprehensive user experience possible by personalizing product and strain recommendations through the integration of its AI technology, by providing convenient access to healthcare practitioners, and by driving cannabis sales through Cannmart.
With the recent launch of NamsteMD's ("NamasteMD.com") Google Android App, the company expects to see exponential growth having recently reached over 14,000 registered users. The continuous acceleration and strong supply channels have Namaste well-positioned to integrate cannabis sales within its e-commerce platform. The Company has been overwhelmed with support from its LP partners who see Namaste's vision to become the global leader in online retail for all things cannabis.
Norton Singhavon, Chairman and CEO of GTEC comments: "GTEC is actively pursuing long-term supply agreements with Licensed Producers whose core competencies are complementary to our own. Accordingly, we are very excited about our partnership with CannMart and Namaste. We believe that GreenTec's ability to cultivate and market high-quality craft cannabis provides an excellent fit with Cannmart's packaging and distribution capabilities, and Namaste's ability to develop a robust network of medical cannabis patients".
Sean Dollinger, President, and CEO of Namaste comments: "We have been working on securing this Supply Agreement with GTEC for several months and are thrilled to see this come together nicely. GTEC operates multiple facilities and will be launching a new production facility in Kelowna shortly. We're pleased to have secured another strong supplier for Cannmart.
We're expecting to receive our sales license very soon and are highly focused on expansion of our patient network and in curating a high-quality offering of cannabis products for our customers. During a time where inventory remains on shortage with many vendors, we are proud to have partners like GTEC who see value in the platform which we've created. Thanks to GTEC's management team for supporting Namaste in its efforts to become Canada's leading online cannabis retailer and we're looking forward to a strong partnership together"
About GTEC Holdings Inc.
GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. The Company also has a number of retail cannabis initiatives in Western Canada. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc. GTEC is a publicly-traded corporation based in Kelowna, British Columbia. The Company's shares are listed on the TSX Venture Exchange and OTC Pink Sheets.
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.
Further information on the Company and its products can be accessed through the links below:
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]