Toronto, Ontario, Canada – July 19, 2019 Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced the signing of three new agreements with Canadian licensed producers (“LP”), further expanding the breadth of products offered within its online cannabis marketplace. Included in the list of new LPs is Agro-Greens Natural Products Ltd. (“Agro-Greens”), of Macklin, SK and PureSinse Inc. (“PureSinse”) of Brampton, ON. The Agro-Greens and Puresinse agreements help solidify Namaste’s, and its online platform CannMart’s, new fee-based model based on consignment versus traditional buy and sell. This new model allows CannMart to manage working capital and the LPs to retain their brand loyalty.
These new agreements highlight the company’s value proposition to LPs, enabling them to be vertically integrated within the CannMart platform and providing the infrastructure to deliver products to a new and larger audience. CannMart started sales on Oct 17, 2018 when cannabis legalized with 2 LP’s, only 3 strains and 11 SKU’s. Today CannMart has supply agreements with 15 LP’s, over 39 strains, and 170 SKU’s. Outside of Canada, the company has existing supply relationships in Columbia, Australia and Israel, with imports pending government approval.
“The commitment and investment that we have made in our people and technology is beginning to pay dividends,” stated Meni Morim, interim CEO of Namaste. “Licensed producers are increasingly recognizing this commitment, and see the value in our platform. As our end-to-end business proposition continues to develop, we are on track and focused to become the world’s most customer focused marketplace for cannabis and cannabis accessories”.
Originally focused on dried flower and pre-rolls, the company has continued to differentiate itself through expanding into new product categories, including hemp pet food, and other every day cannabis accessories. The onboarding of LP’s to CannMart has allowed the platform to offer additional products from new and existing LPs, with over 100 products added since the beginning of the year.
About Namaste Technologies Inc.
Namaste Technologies powers the ultimate online customer experience for medicinal cannabis and related products. Beginning with NamasteMD.com, the Company’s integrated telemedicine application, Namaste connects medical clients with health care practitioners to more readily issue and renew cannabis prescriptions online. Featuring the first Canadian Medical Sales-Only Licence, the Company’s own Cannmart.com is your ‘everything cannabis store’ offering clients a large variety of strains to fill their prescription needs. Namaste’s unique artificial intelligence (AI) engine incorporated in its platforms and related Uppy App, completes our ecosystem by identifying the right product and pairing to address specific medical cannabis requirements. Namaste also provides vaporizers and accessories across several platforms operating in several countries. Namaste’s global technology addresses local needs in a burgeoning cannabis industry requiring smart solutions. For further information about Namaste, please log onto www.Namastetechnologies.com
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
For Meni Morim, Interim CEO
Email: [email protected]
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 in this press release, includes, but is not limited to, statements related to government approvals, working capital management, and customer retention. 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 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 the 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.