Namaste Announces Joint Venture Agreement With Leading Israeli Vaporizer Retailer
VANCOUVER, British Columbia, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRA:M5BQ) (OCT:NXTTF) is pleased to announce signing of a Joint Venture Agreement (the “Agreement”) with one of Israel’s premier online vaporizer retailers, Vaporiza.co.il (“Vaporiza”). The Agreement will bring Vaporiza.co.il and NamasteVapesIsrael.com together under Namaste management to increase revenue and gain greater exposure in the Israeli market. Through the Agreement, Namaste benefits from new customer acquisitions and plans to explore new opportunities for export of medical cannabis products from Israel to Namaste’s wholly owned subsidiary Cannmart Inc. (“CannMart”).
This Agreement represents a strategic decision for Namaste to expand its consumer base in Israel while growing the Company’s database of users. Vaporiza is one of Israel’s leading vaporizer e-commerce sites with a strong management team focused on marketing and business development. Vaporiza will provide value to Namaste through expansion of local channels and will provide services as per the Agreement. General terms of the Agreement are as follows:
Namaste will take ownership and management of the Vaporiza.co.il domain
Namaste will provide inventory for Vaporiza.co.il and NamasteVapesIsrael.com
Namaste will collect revenue from both sites and net profits to be disbursed equally
Namaste will provide an integration for Vaporiza.co.il to access Namaste’s inventory management system that will provide Vaporiza with access to a larger offering of products
Vaporiza will provide order fulfilment, marketing and warranty processing locally
Vaporiza will provide all sales and customer service support locally for both sites
The Israeli market is at the forefront of innovation in the cannabis industry. Namaste expects to see rapid growth in the market and this Agreement being accretive in nature, will bring value to Namaste with new revenue and customer acquisitions, along with a broader exposure to the Israeli market. Namaste will continue to explore opportunities in the Israeli market including supply agreements for medical cannabis, in relation to its wholly owned subsidiary CannMart, and in implementing NamasteMD.com in the Israeli market to focus on acquiring medical patients in Israel.
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to be partnering with Vaporiza as it has an established business with a strong reputation locally. We feel that we can bring value to Vaporiza through inventory and logistics support while at the same time gaining in Israeli market share. Israel is a high priority for us. We see a lot of potential in growth through retail sales channels in working with Vaporiza. Its management team is dedicated to our joint growth in revenues and exposure in the Israeli market. We also plan on pursuing further partnerships with Israeli medical cannabis producers that could provide supply for CannMart in Canada.”
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the Access to Cannabis for Medical Purposes Regulations) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
FORWARD LOOKING INFORMATION 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.