Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, is pleased to provide the following corporate updates including that its wholly owned subsidiary CannMart Inc. has received Health Canada’s renewal for its standard processing and sale for medical purposes under the Cannabis Regulations. The renewed licence is effective as of March 11, 2021.
“We are pleased with the renewal from Health Canada of our licence for standard processing and sale for medical purposes in Canada,” said Meni Morim, CEO of Namaste. “The CannMart team has done a tremendous job growing our business over the past year as they are focussed on bringing new partners to distribute an increased variety of products to our customers. We look forward to this continued momentum of expanding our business and remain focused on executing our strategy of becoming a global cannabis and wellness organization.”
Namaste is pleased to announce that its wholly owned subsidiary CannMart Inc. (“CannMart“) has signed a supply agreement with Sugarbud Craft Growers Corp. (“Sugarbud”) to access its exceptional select batch craft cannabis collection to Canadian medical consumers at cannmart.com.
“We are very pleased to be partnering with CannMart to provide registered medical consumers across the country with access to our Craft Cannabis Collection,” stated Sugarbud CEO, John Kondrosky. “We are pleased to welcome Sugarbud to CannMart.com – another high quality producer recognising the value of our online distribution channel that leverages our VendorLink platform and innovative technology,” said Chad Agate, CTO and VP of Marketplace of Namaste Technologies.
The Company is inviting visitors to explore its new corporate website. The new website has been designed to offer a user-friendly experience with improved navigation and functionality allowing shareholders to access all the information they need including access to our quarterly and annual financial statements. Please visit: www.namastetechnologies.com.
CannMart Labs Inc.
The Company intends to issue an aggregate of 880,144 common shares (issued at a deemed price of $0.3062, which is equal to the seven day volume weighted average) as payment of the second tranche of the purchase price to the vendors under the share purchase agreement for the acquisition of CannMart Labs Inc. The issuance is considered to be a shares for debt transaction under the policies of the TSX Venture Exchange (the “TSX-V“) and remains subject to TSX-V approval.
About Namaste Technologies Inc.
Headquartered in Toronto, Canada, Namaste Technologies is a marketplace platform for cannabis and wellness products. At CannMart.com, the Company provides Canadian medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators and US customers with access to hemp-derived CBD and smoking accessories. The Company also distributes licensed and in-house branded cannabis and cannabis derived products in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales online in Saskatchewan. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
For more information please contact:
Namaste Technologies Inc.
Meni Morim, CEO
Edward Miller, VP Investor Relations
Source: Namaste Technologies Inc
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 herein, including, without limitation, statements related to listing of products on cannmart.com and the Company’s ability to continue its momentum of expansion, are 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, without limitation, Namaste’s standing in the online marketplace for cannabis products, ability to maintain momentum of expanding the Company’s business 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 its 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: regulatory risk, risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom and risks specifically related to the Company’s operations. 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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