VANCOUVER, Sept. 11, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that further to its July 23rd news release, the Company intends to continue to pursue the listing of its common shares on the NASDAQ Capital Market ("NASDAQ"). Due to Company developments and a recent increase in its share price, the Company is now closer to meeting the requirements to list on NASDAQ. Based on the Company's current share price, and the anticipated increase in sales through the launch of its Access to Cannabis for Medical Purposes Regulations ("ACMPR") sales license, the Company currently intends on reaching the share-price target organically without any share consolidation.
By up-listing to the NASDAQ, the Company believes it will gain new exposure and access to a larger base of retail and institutional investors in the US and internationally. The NASDAQ is well-known as a technology exchange and with Namaste being a leading technology company in the cannabis space, management feels strongly that the up-listing would bring significant value to the Company.
The Company believes that the up-listing will allow Namaste the ability to capitalize on investment from an international audience and help bring awareness to its revolutionary technology platform. The NASDAQ will provide a venue for Namaste to unlock the full value of its technology assets and bring much-needed awareness to its role in the global cannabis market.
While cannabis-industry investors have been focused on cultivators, the Company believes that further commoditization of cannabis will lead to a lower cost per gram and eventual consolidation across the sector. As the market matures, Namaste anticipates that a greater amount of pressure will be placed on cultivators to incorporate innovate technology, e-commerce and marketing strategies to ensure their competitiveness in the sector. Namaste is a platform and is open to offer product from all cultivators large and small. The Company will focus on expanding its product offering to include premium craft-cannabis brands which will provide valuable retail exposure for its partners, starting in Canada and launching in new legal markets around the world.
As such, the Company believes that it is well positioned for future growth with industry-leading platforms such as Findify AB, ("Findify" or "Findify.io") the Company's AI machine learning platform, Namaste MD ("NamasteMD.com"), Canadas first fully integrated online patient consultation app available on iPhone and Android devices, its partnership with YBP Group Ltd. ("YPB")(ASX: YPB), a leading consumer goods authentication platform, and Namaste's exclusive age and identity verification technology which incorporates facial recognition for cannabis e-commerce. Through its technology platforms, global partnerships and its consumer base, Namaste is well positioned to solidify itself as an innovator and industry leader in cannabis technology.
Namaste currently operates the largest online marketplace selling cannabis ancillary products in 20 countries and on 30 websites. The Company maintains a database of over 1.5 million customers that it will leverage with its various technology platforms as it enters a new phase of its strategy in incorporating cannabis sales within its platform. The Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart') will be Canada's first ACMR medical cannabis "sales-only" license, which will enable Namaste to launch a medical cannabis marketplace that will incorporate all aspects of its technology platform and change the way Canadians access medical cannabis products.
Once Cannmart's license is received and Cannmart is fully operational, the Company believes that its technology assets will play an important role in differentiating itself from its competitors as it looks to create its own unique ecosystem of products and services. This platform, in conjunction with NamasteMD will lend itself to Namaste in expanding cannabis products into emerging global markets where the Company maintains strong market share.
The Company is also pleased to announce that the Namaste Pledge Party, which is being held on September 12th, 2018 in Montreal has reached capacity with over 800 investors. The party will feature presentations from Namaste's management team, party sponsors and celebrity performances. Namaste shareholders pledged over 140M shares, representing over 50% of the Company's market capitalization.
The share pledge was the first of its kind and has brought together shareholders in solidarity from across the globe. Marc Mulvaney, founder of Namaste's GreenVapes.co.uk platform will be on-site to interview shareholders and management during the Company's live-streamed event. Namaste will be introducing and announcing its partners who have flown from around the world to attend the event. The party will be streamed live at the link below starting at 6:45 PM EST on September 12th.
The Company welcomes current and new shareholders to join its one-of-a-kind Namaste 420 Live YouTube Live Stream featuring Namaste co-founder and CEO, Sean Dollinger every Wednesday at 420 PM EST. This week's special edition Namaste420 which will be streamed live from the event can be viewed at the link below.
Sean Dollinger, President and CEO of Namaste comments: "We are extremely excited to be getting closer to listing our Company on a larger globally diversified exchange. It is incredibly rewarding to see the market slowly start to value our Company more closely in relation to our peers.
After receiving hundreds of emails and phone calls from shareholders, I would like to assure our shareholders that we are not considering a share consolidation at this time and we will continue to work as hard as we can to achieve listing of our shares on the NASDAQ. It would be a major vote of confidence for the Company should our share-price reach the threshold required to enable us to list on the exchange, having achieved this incredible milestone organically.
We are extremely proud of the Company we have built and more importantly the culture we have created. We believe it is an integral part of our success moving forward, as we look to unlock the true value of the Company."
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.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 604-355-6100
Email: [email protected]
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 include the Company's expectation that it can reach the required NASDAQ share price based on organic growth, the benefits of up-listing to the NASDAQ including gaining access to new international investors, the results of further commoditization of cannabis, and the Company's expectations related to future growth. 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]