~CannMart sets its sights on the next wave of cannabis legalization with receipt of Health Canada license amendment~
Toronto, Ontario, Canada – October 15, 2019 Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading online platform for cannabis products, accessories, and responsible education, today announced that CannMart Inc., a wholly owned subsidiary of Namaste, has received approval from Health Canada for an amendment to its license allowing it to offer cannabis oil concentrates on its online marketplace, CannMart.com.
“The long-awaited Health Canada approval we just received, is pivotal as it allows us to participate in the cannabis oils market today, and sets the stage for our presence in the edibles, extracts and topicals markets, pending their legalization and regulation anticipated to occur this week,” said Meni Morim, CEO of Namaste Technologies Inc. “The amended sales license opens the door to a wide range of new cannabis products and related revenue streams and fulfills a key strategy milestone.”
The amendment to CannMart’s cannabis sales license allows CannMart to offer cannabis oils to its registered medical patients immediately and positions CannMart to leverage Canada’s “Cannabis 2.0” market opportunity when cannabis edibles, extracts, and topicals become legal for recreational use. In a recent report, the consulting firm Deloitte estimates that the Canadian market for edibles and alternative cannabis products to be worth up to C$2.7 billion annually.
Cannabis oil concentrates will be available on CannMart.com starting Wednesday, October 16th.
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in both 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 availability of Namaste’s cannabis oil products at its online marketplace; the ability of Namaste to offer a wide range of new cannabis products; the potential related revenue stream associated with the ability of Namaste to offer a wide range of new cannabis products ; the ability of Namaste to address needs in the cannabis oil market; the anticipated legalization and regulation of edibles, extracts and topicals and the anticipated timing of thereof; and the forecasts for the Canadian market for edibles, oil concentrates and alternative cannabis products to be worth up to C$2.7 billion annually. 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, if necessary, the pending legalization and regulation of cannabis edibles, extracts and topicals, 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.
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