Vancouver, British Columbia, Canada – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”), has signed a medical cannabis supply agreement (the “Agreement”) with RMMI Corp.’s (CSE: RMMI) wholly-owned subsidiary, Rocky Mountain Marijuana Inc. (“RMMI”), whereby Cannmart will purchase medical cannabis from RMMI to offer in its online platform. Subject to the terms of the Agreement, Cannmart will have the right of first refusal (“ROFR”) on 20% of RMMI’s gross production.
Cannmart holds the first “sales-only” license to be issued to a non-cultivator. Cannmart’s goal is to offer a unique selection of high-quality cannabis products sourced from Licensed Producers across Canada. This strategy is the cornerstone of Cannmart’s business model which is focused on enhancing the user experience and offering industry-leading customer support. The Agreement with RMMI which includes the 20% ROFR is important to the Company as it guarantees products for our patients and strengthens Cannmart’s supply chain. Subject to the terms of the Agreement, Cannmart will purchase packaged, pre-labeled and tested products from RMMI to offer through its online platform.
With virtually hundreds of new cultivators in various stages of the application process, Cannmart will provide a platform whereby all licensed producers can offer their products in a competitive marketplace. As the industry evolves, Namaste’s management team is confident in its ability to set itself apart as a true innovator in cannabis e-commerce.
Further to the Company’s Oct 29th press release which outlined terms of a Patient Acquisition Agreement with Buds2go.ca, whereby Buds2go.ca is a highly-ranked website with strong organic search traffic and a database of over 50,000 users, the Company has seen and anticipates rapid expansion of its patient database through the Company’s wholly-owned subsidiary, NamasteMD Inc. (“NamasteMD”). NamasteMD is an online platform for patient consultations which drives traffic through to Cannmart. The Company is focused on securing additional supply agreements with licensed producers that will ensure supply during a period where the industry is experiencing a supply shortage.
Earl Connors, President and CEO of RMMI comments: “We are extremely pleased to have been chosen as a supplier to Cannmart. RMMI’s goal of supplying the highest quality, organic-quality cannabis products by “Blending Science with Nature” and using industry-leading aeroponics cultivation systems, complements Namaste’s approach to employing excellent technology to best serve its rapidly-growing customer base. RMMI looks forward to exceeding Cannmart’s expectations and expanding its relationship with Namaste.”
Sean Dollinger, President and CEO of Namaste comments: “We’re pleased to announce this Agreement with RMMI and have a lot of confidence in their management team. Having now received Cannmart’s sales license and with the closing of our bought-deal financing, we believe that we are in a strong position to execute our strategy of creating Canada’s leading cannabis e-commerce platform. By leveraging our technology platforms, expertise in e-commerce and incredible customer service, our focus is on providing a unique and personalized user experience.”
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 medical cannabis in the Canadian market.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, 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
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.