VANCOUVER, Sept. 12, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company's wholly-owned subsidiary, Namaste Bahamas Inc. ("Namaste Bahamas"), has signed a distribution agreement (the "Distribution Agreement") with BlueSky Biologicals Inc. ("BlueSky"); a private British Columbia company; whereby Namaste Bahamas will distribute BlueSky's full-spectrum, hemp-derived cannabidiol ("CBD") products in its UK and European marketplace. The UK has classified CBD as a food supplement, as such, Namaste has been focused on building a carefully curated CBD supply chain for its UK platform. Namaste's launch of CBD sales in the UK and EU are the first steps of the Company's initiative to leverage its platform, technology and consumer databases to enter into cannabis consumable sales in the UK and EU.
In Canada, CBD is regulated under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") program, which restricts non-ACMPR vendors from selling it. CBD is a type of cannabinoid which is present in both cannabis and industrial hemp. Most CBD products outside of Canada are produced using industrial hemp, which is naturally high in CBD and low in delta-9 tetrahydrocannabinol ("THC").
The UK's recent classification of CBD opens the market to Namaste to leverage its site traffic and database to create a new high-growth revenue stream in its UK marketplace. BlueSky's full spectrum products have been created to fill the unmet global demand for cannabinoids. Their products have unique formulations and are based on their proprietary Golden Harvest™ cannabinoid blend-. Additionally, BlueSky's hemp is organically grown using sustainable farming practices, which is the foundation for their cannabinoid products containing no additives, chemicals, or preservatives.
The Company intends to develop a platform in the UK, subject to legalization of medical cannabis, which incorporates CBD and cannabis consumable sales in a similar platform to its Canadian subsidiary, Cannmart Inc. ("Cannmart" or "Cannmart.com"). Cannmart will be Canada's first medical cannabis "sales-only" license. Namaste will seek opportunities in the UK to leverage its database, its revolutionary telemedicine app, NamasteMD ("NamasteMD.com") and its cannabis journalling app, MyUppy Cannabis Journal ("MyUppy"), to introduce cannabis consumable products to the UK market, starting with CBD. The Company believes that as the industry evolves and cannabis becomes commoditized, its position as a global leader in cannabis e-commerce will secure Namaste's future in the global cannabis industry.
Sean Dollinger, President and CEO of Namaste comments: "We have a well-established market in the UK and with recent changes in federal regulations we are now able to launch CBD sales into one of our strongest markets. Our team has secured supply from multiple CBD manufacturers and vendors and we see this initiative as our first entry-point into developing a platform similar to what we are implementing in the Canadian market. We will continue to explore international opportunities in markets where Namaste has significant market share. By leveraging our global presence, technology and incredible talent, we will set the benchmark for global cannabis ecommerce."
BlueSky is a vertically integrated global provider of CBD and innovative cannabinoid blended formulas produced from hand harvested industrial hemp fields. Its plants are grown using organic and sustainable farming practices in pristine agricultural environments. BlueSky provides a full range of products including Dietary Supplements, Personal Care, Functional Foods/Beverages and a Pet Care line. Its unique cannabinoid complex, Golden Harvest™ is the next level in cannabinoid blended formulas delivering Cannabinoids beyond CBD in very significant quantities. BlueSky's branded line of Golden Harvest™ based tinctures, Kanabia™, has launched globally in the EU, UK and US markets. For further information contact [email protected].
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]