~CannMart marketplace growing with CannTx Life Sciences products~
Toronto, Ontario, Canada – September 26, 2019 Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced that CannMart has signed sales and marketing agreements with CannTx Life Sciences Inc. (“CannTx”) to launch and sell their flagship medical brand, BOWER, under CannMart’s consignment sales model. As an additional value-added service, CannMart will process and package BOWER products through its Health Canada-licenced processing facility. This allows CannMart to provide direct to consumer medical sales through CannMart.com and leverage its licence and approved facility to partner with licenced producers (“LPs”) in a more meaningful way.
“CannMart is expanding its products and services to grow its online marketplace of quality products and demonstrate an additional value proposition to LPs,” said Meni Morim, CEO of Namaste. “We’re adding new services and sales channels for LPs who are licensed for cultivation only and those companies who have yet to receive regulatory approval for their sales and distribution licenses.”
“We’ve chosen CannMart to launch our online sales of quality cannabis products based on their unique value proposition,” said Mike Abbott, President & Co-Founder of CannTx. “We have high quality products and we believe this new channel for us will help alleviate some previous barriers to market.”
CannTx products are available on CannMart’s website effective immediately.
CannTx Life Sciences is a privately-owned cannabis producer licensed by Health Canada under the Cannabis Act. Under its Steadystem Solutions division, CannTx is uniquely equipped to become a commercial-scale producer of micropropagated plantlets (produced from tissue cultures) for sale to other Licensed Producers. These plantlets also supply CannTx’s consumer divisions, Bower Therapy (Medicinal) and Solidus Standard (Recreational). Steadystem Solutions is also building a library of genetics that can be delivered to interested Licensed Producers for production on a commercial scale. The company was incorporated in 2013 and is located near Guelph, Ontario, in the heart of Canadian agricultural innovation.
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in B.C. and around the globe, Namaste Technologies is the world’s leading online platform for cannabis products, accessories, and responsible education. The company’s ‘everything cannabis store’, CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions. For further information about Namaste, please visit Namastetechnologies.com
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
For Meni Morim, 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 CannMart’s intention to process and package BOWER products through its Health Canada-licenced processing facility and CannMart’s future ability to provide direct to consumer medical sales and future partnerships with LPs. 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 Namaste’s standing in the online marketplace for cannabis products, Namaste’s ability to negotiate agreements with third parties, 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 Namaste’s management consider these assumptions to be reasonable based on information currently available to it, 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.
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