02 Dec, 2019, 08:00 ET
~Phyto products to be sold through CannMart's online marketplace and distribution partners~
TORONTO, Dec. 2, 2019 /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 its majority owned subsidiary, CannMart Labs Inc. has entered into an exclusive licensing agreement with a BC numbered company dba Phyto Extractions ("Phyto"). The agreement grants CannMart Labs Inc. with an exclusive licence to use Phyto trademarks on certain cannabis products such as cannabis vaporizing pen cartridges and batteries; cannabis capsules; and cannabis tincture bottles and jars. The agreement provides that CannMart Labs Inc., until such time as it may obtain a production license, may assign such rights under the agreement to Namaste's wholly-owned subsidiary CannMart Inc.
"Phyto Extractions is an established brand name in the Canadian cannabis marketplace and we welcome their innovative products to the CannMart everything cannabis store and distribution channel," said Meni Morim, CEO of Namaste Technologies Inc. "Competition is heating up in Canada with the upcoming launch of cannabis derivative products following recent regulations referred to as Cannabis 2.0 and Namaste is committed to working with leading cannabis brands, such as Phyto, to get high quality products to customers. Phyto has a history in the Canadian marketplace and is well known with our current customer base. Namaste expects this product recognition to drive future sales with existing and new customers on the CannMart website and throughout our network of government partners."
Namaste is adding Phyto's product line to CannMart, its online marketplace, as it continues to aggressively expand its online product offering. CannMart is Canada's online 'everything cannabis store' which carries one of the largest selections of legal cannabis products from established cannabis producers in Canada and around the world. It is focused on providing medical cannabis patients and adult-use enthusiasts with access to the highest quality cannabis products available. Namaste is always seeking to expand and improve the CannMart online marketplace through new products, retailers and online experiences. CannMart also prepares, packages and distributes cannabis products through strategic relationships with leading government agencies. Phyto products are expected to be available on CannMart.com on December 17, 2019.
About Phyto Extractions
Phyto Extractions is an awarding winning, premium grade cannabis Company based in Canada. The company was formed over 5 years ago and was the 1st place winner of the Karma Cup in 2015.
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
Information on the Company and its many products can be accessed through the links below:
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, any future production license grant to CannMart Labs Inc., management's perceptions of Phyto and its standing in the cannabis industry, the anticipated launch of cannabis derivative products through government regulation, the expectation by management that Phyto's brand awareness among Namaste's existing and new customer base will driver sales, the availability and timing of Phyto's products on CannMart's website, 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 Namaste 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
SOURCE Namaste Technologies Inc.
For further information: Incite Capital Markets, Eric Negraeff / Darren Seed, Ph: 604.493.2004; For Meni Morim, CEO, Email: [email protected]
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