~New business channel for CannMart: An opportunity in provincial cannabis markets~
Toronto, Ontario, Canada – September 16, 2019 Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced that CannMart has received a purchase order for pre-rolled cannabis products from the BC Liquor Distribution Branch (LDB) to cater to the Province of British Columbia. The LDB is the sole wholesale distribution and public retailer of non-medical cannabis in B.C. Namaste’s pre-roll products will be available to purchase at licensed private retail stores, and online and in-store at government-run B.C. Cannabis Stores.
“This is a major milestone for Namaste as it is the first order that we have received from a government agency,” said Meni Morim, CEO of Namaste Technologies Inc. “Our unique positioning with Cannmart which enables us to offer a selection of products from multiple licensed producers, some of which may only have a cultivation license, allows provincial distributors the opportunity to purchase a diversified inventory all in one place. Today’s announcement also signifies the expansion of our business model to include new markets where, as a marketplace, we can add value and best connect buyers and sellers.”
Namaste is in discussions with multiple provincial government agencies in an effort to further expand its customer base, leveraging its unique license, streamlined purchasing process, and diverse product selection through one location.
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 court approval of: the settlement of the class actions availability of Namaste’s pre-roll products at licensed private retailers as well as online and in-store government-run B.C. cannabis retail stores; the ability of Namaste to secure licensing with other provincial government agencies; the potential expansion in Namaste’s customer base in the event Namaste secures licensing with other provincial government agencies; and the ability of Namaste to address needs in the cannabis industry, including through the continued ability to offer a diverse product selection. 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 other provincial government agencies, 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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