VANCOUVER, Sept. 4, 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 veteran patient services agreement ("Patient Services Agreement") and a medical cannabis supply agreement (the "Supply Agreement") with Breton CannaPharms Ltd. ("Breton CannaPharms" or "Bretoncannabis.com"). Breton CannaPharms has a very strong presence in veteran communities across Canada and the entire management team has extensive experience in holistically servicing veterans and educating communities on the positive and misunderstood effects of medical cannabis to treat veterans suffering from both chronic pain and post-traumatic stress disorder ("PTSD").
Namaste is focused on supporting various initiatives surrounding veteran communities and on providing free access to its online patient platform, NamasteMD Inc. ("NamasteMD.com").
Under the terms of the Patient Services Agreement, Breton Farms will work exclusively with NamasteMD to target patient acquisition within veteran groups across the country. Namaste is proud to partner with Breton Cannabis to focus on acquiring veteran patients and servicing their needs through its Access to Cannabis for Medical Purposes Regulations ("ACMRP") Licensed Producer partners. NamasteMD provides convenient access to nurse practitioners for medical consultations through online video and is available on the Apple Store, Google Play devices and online at NamasteMD.com.
Further to the Patient Services Agreement, Namaste has also signed a Supply Agreement with Breton Cannabis, whereby the Company will purchase bulk cannabis products from Breton CannaPharms to offer on its online platform through the Company's wholly owned-subsidiary and ACMPR Licensed Producer, Cannmart Inc. ("Cannmart"). Namaste will focus on offering Breton CannaPharms high potency strains that are specifically cultivated to meet the demand of its veteran patients.
Veteran Affairs Canada provides veterans with reimbursements on cannabis for medical purposes, for up to 3 grams of cannabis per day, under the terms of their reimbursement policy POC-10. Furthermore, veterans are entitled to coverage of up to $300 every three years for a medical vaporizer prescribed by their doctor for an awarded pensioned condition. Medical vaporizers are sold and distributed by Namaste. Under the terms of the Patient Services Agreement, Breton CannaPharms management team, who are well versed with Veteran's entitlements and direct-billing coverage, will assist Namaste in the management of its veteran patients to ensuring the highest level of care possible.
Both agreements exemplify Namaste's strategy in leveraging its technology assets through partnerships with organizations like Breton CannaPharms and in providing added-value for medical patients across Canada. Namaste strongly believes that the veteran community remains highly under-served in today's market. The partnership with Breton CannaPharms will not only serve to drive highly valuable veteran patient growth but also provides education and awareness regarding the impact of medical cannabis for veterans who suffer from chronic pain and severe trauma.
Through its partnership with Breton CannaPharms, Namaste will focus on building a section on Cannmart to offer specialty products specifically for veteran patients. Namaste will leverage its AI platform through its wholly owned subsidiary, Findify AB ("Findify") to study the effects of various medical cannabis strains and how they impact veterans suffering from pain and post-traumatic stress disorder ("PTSD"). The goal of the AI integration with Findify is to help provide better strain recommendations based on a patient's specific condition and improve the user experience. By adding value for Namaste's patients through technological innovation, Namaste will set the highest benchmark for patient care and solidify its position as Canada's leading cannabis e-commerce retailer.
Namaste is also pleased to provide further information for share purchases to-date, subject to the Company's Normal Course Issuer Bid ("NCIB"), through the facilities of the Toronto Venture Exchange ("TSXV") below;
July 2018 – 1,111,700 shares at an average price of $1.357 CAD
August 2018 – 1,056,000 shares at an average price of $1.349 CAD
Total – 2,167,700 shares at an average price of $1.354 CAD
Fabian Henry, Founder of Breton CannaPharms comments: "After half a decade assisting and educating Licensed Producers in the cannabis industry, it's a true pleasure to finally partner with a professional group like Namaste Technologies.
Namaste's leadership with its craft approach, patient acquisition strategy and their NamasteMD platform made easy, are extremely welcomed to the veteran community. This strategic partnership will allow veterans nationally to access a wide variety of medical craft cannabis and vaporizers on one platform, while adding more options on how veterans can manage their own healthcare.
Their success in e-commerce both in Canada and internationally have shown what Namaste Technologie is exceptionally capable of world-wide. On behalf of the Breton CannaPharms team, we are very pleased to join the Namaste family and look forward to a long-lasting working relationship with veterans for healing as our end state. "
Fabian Henry founded Marijuana for Trauma ("MFT") in 2013. MFT is a chain of medical cannabis clinics across Canada with over 8,000 registers patients. After completing an RTO with Licensed Producer Abba Medix in 2016, Fabian donated 100% of his ownership to a charity for veterans called the GAFF (Global Alliance Foundation Fund).
In summer 2017, Mr. Henry moved towards becoming a Licensed Producer by acquiring a 75,000 sq ft building with 14 acres in Cape Breton, Nova Scotia. The Breton CannaPharms team is poised for success and anticipates producing 12,500 kg of high-quality cannabis per year.
Mr Henry was instrumental in building value in selling product and assisting Licensed Producers with the processes associated with a comprehensive treatment plan for veterans by gaining approved coverage under Veterans Affairs Canada.
Sean Dollinger, President and CEO of Namaste comments: "We're very proud to have partnered with Breton CannaPharms on this exciting project. We believe strongly in supporting our veterans and that our technology will help improve veteran access to medical cannabis for pain and trauma treatment. Breton CannaPharms management team are highly respected in the veteran communities across Canada and will bring significant value to Namaste in helping to acquire and service veteran patients within our platform.
We're also pleased to have signed a supply agreement with Breton CannaPharms at the same time, which will ensure supply of high potency strains of cannabis that are grown specifically for veterans, to be offered as a stand-alone category within Cannmart's online marketplace.
We're focused on enhancing the lives of veterans not only in Canada but globally, and in using our technology for the greater good."
About Breton Cannabis Group
Breton Cannabis Group ("BCG") is a fully integrated late stage ACMPR Applicant Focused on medical and adult use cannabis in Canada.
Led by a team of experienced Industry experts who have built and run multiple successful medical marijuana clinics across Canada, BCG will use that valuable data to properly select and secure the appropriate phenotypes for our patient populations specific chronic injury and illnesses.
We are growing craft cannabis for a targeted medical group using the best of breed genetics, data analytics, and growing techniques.
Using-cutting edge tech to track and manage supply for two reasons: 1. Eliminate human error from shipping direct to patient and 2. Manage supply and back up supply to fit medical group's needs, especially mental health.
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]