VANCOUVER, British Columbia, Dec. 05, 2017 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (OTCQB:NXTTF) (FRANKFURT:M5BQ) is pleased to announce that it has signed an non-binding letter of intent (“LOI”) with O Cannabis We Stand On Guard For Thee (“O Cannabis”) under which O Cannabis will provide patient consultation services to Namaste’s wholly owned subsidiary, NamasteMD Inc. (“NamasteMD”). Pursuant to the LOI, O Cannabis will provide management services to NamasteMD that will include patient consultations, education, strain recommendations and medical document issuance to qualified patients under the guidance of nurse practitioners. In addition to these services, O Cannabis will also be offering a select range of Namaste’s vaporizer hardware in their online platform.
This LOI represents a major milestone for Namaste in the expansion of its platform into medical cannabis sales using the Company’s innovative telemedicine application, and will provide an incredibly efficient platform for patient consultations and medical documentation issuance. NamasteMD customers will have the ability to connect to Namaste’s e-commerce platform through Namaste’s wholly owned subsidiary, Cannmart Inc. (“CannMart”), which will provide patients with an online marketplace for medical cannabis products, including strains sourced from both domestic and international licensed producers. CannMart is a late stage applicant for a “Sales Only License” under the Canadian Access to Cannabis for Medical Purposes Regulations (“ACMPR”) program. Namaste’s goal is to become Canada’s leading medical cannabis online retailer by leveraging its existing consumer base, along with utilizing its advanced expertise in e-commerce. In doing so, Namaste believes it can successfully convert and on-board patients at an accelerated growth rate and offer the best quality of care for its patients. Namaste believes that with its aggressive growth strategy and the implementation of NamasteMD, it will be able to accumulate a minimum of 18,200 patients within the first calendar year of operations. This figure is based on Namaste’s current site traffic of 1,000 unique visitors per day with a 5% conversion rate, which would generate 350 patients per week. Namaste expects each patient acquisition to cost on average $60 per patient, based on the terms of the LOI, which is currently lower than any industry standard for medical patients.
About O Cannabis
O Cannabis offers affordable medical cannabis telemedicine appointments to patients across Canada, allowing timely access to quality medicine in remote and under-serviced regions; from Yukon to Newfoundland and everywhere in between. O Cannabis has built a name for themselves by offering unparalleled patient education and industry leading follow up care. O Cannabis patients report their appreciation for the easy and fun telemedicine experience, O Cannabis’ streamlined approach to medical document issuance and the exceptional care patients receive at each step of their medical cannabis journey.
Terms of the LOI
Under the terms of the LOI, the O Cannabis management team will be responsible for the general operation of NamasteMD’s platform and will provide the following services:
In return for these services, Namaste will pay O Cannabis as follows:
Closing of the proposed definitive agreement will be contingent on negotiation and execution of definitive documentation containing standard terms, representations and warranties and indemnities for an agreement of this nature, approval of the agreement by each party’s respective board of directors and shareholders, if applicable, and by the Canadian Securities Exchange, if applicable.
NamasteMD is an innovative application that connects patients with medical practitioners through a secure video conference call and incorporates industry-leading facial recognition technology, including instant age and identity verification using data feeds linked to federal databases. The O Cannabis management team is a highly trained group of medical professionals that offer industry leading care for their patients. Through the NamasteMD platform, patients will be offered a variety of packages that will include both free and paid options. Once a patient receives a medical document, they will have access to purchase directly from CannMart’s medical cannabis marketplace. The Company expects full launch of NamasteMD, including the app for both Apple and Android platforms, to be in operation and accepting patients as soon as December 15, 2017.
Sean Dollinger, President and CEO of Namaste comments: “With many of these exciting initiatives now in place, Namaste believes it has successfully created the necessary infrastructure to become a leader in medical cannabis sales in Canada. In addition to Canada, Namaste believes this infrastructure can be easily implemented into other progressive jurisdictions where medical cannabis legislation is in place, and fully intends on exploiting all markets where Namaste has existing operations and market presence. Our goal now is to focus heavily on patient acquisition through our existing database of consumers and to accelerate growth through our e-commerce platform.”
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
On behalf of the Board of Directors
Chief Executive Officer
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 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 CSE has neither reviewed nor approved the contents of this press release.