VANCOUVER, British Columbia, Dec. 27, 2017 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ)(OTCMKTS: NXTTF) is pleased to announce that it has signed a Letter of Intent (“LOI”) with BRLEV AGRICULTURAL CROPS LTD. (“BRLEV”), through its wholly owned subsidiary, Cannmart Inc. (“CannMart”), whereby BRLEV will supply CannMart with high quality medical cannabis, to be imported by CannMart from Israel and offered in the Company’s online marketplace. BRLEV is Israel’s largest licensed producer of medical cannabis, with over 40 years of experience in commercial agricultural production and export. BRLEV will work with Namaste to export medical cannabis to the Canadian market, which will fall under Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”) guidelines. The LOI and the proposed medical cannabis supply agreement (“Supply Agreement”) highlight Namaste’s intentions of becoming Canada’s leading online retailer for medical cannabis products, by focusing on importation of high quality medical cannabis from industry-leading countries like Israel. Namaste believes that the demand for imported cannabis and the opportunity it presents has been largely overlooked. This deal solidifies Namaste’s commitment in seeking the best cannabis products in global markets and offering them to Canadian cannabis users.
The LOI and proposed Supply Agreement reinforce Namaste’s effort to provide imported medical cannabis products to its patients by offering the largest variety of products from domestic and international producers. BRLEV boasts one of the largest production facilities in Israel and is a strong partner for Namaste. Namaste believes that BRLEV’s existing license and infrastructure will be suited to accommodate the Company’s expected demand for high quality Israeli grown medical cannabis. Namaste is highly focused on cannabis importation for its CannMart facility and specifically on sourcing from the Israeli market.
This partnership will allow Namaste to offer greater value for its patients by allowing CannMart to provide a larger offering in comparison with domestic ACMPR licensed producers. The Company expects to see strong demand for imported cannabis products and looks forward to a growing relationship with BRLEV and its management team.
Mr. Sean Dollinger, President and CEO of Namaste Technologies comments:
While the Canadian market continues to be a leader with regards to the production of high quality cannabis, Namaste remains of the opinion that Canadian consumers will demand other high-quality products from markets abroad. Through our partnership with BRLEV, Namaste fully intends to meet that demand. This transaction represents the first of many partnerships by which Namaste intends to create the largest and most diverse marketplace for Canadian cannabis consumers. We are very pleased to have signed this LOI and are looking forward to working with the BRLEV Group. Namaste believes this represents a strong partnership based on BRLEV’s credentials and experience in cultivation and agricultural export. The BRLEV management team has exceptional talents for cultivation and production of the highest quality medical cannabis in the Israeli market. We look forward to working with BRLEV and their team in creating the most diverse offering of medical cannabis in the Canadian online retail marketplace.
Asaf Bardichev, President and CEO of BRLEV comments:
BRLEV is very excited to announce the signing of this LOI. We see Namaste as a central and leading figure in the growing Canadian retail market and see this as a great opportunity for collaboration. We believe that the partnership with Namaste that we are beginning now can be a long and lasting one. It will be one that strengthens Namaste, BRLEV, and the Canadian medical cannabis market.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
Namaste Technologies Corporate Website
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.
SOURCE: Namaste Technologies Inc.
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