VANCOUVER, BRITISH COLUMBIA, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) (OTC:NXTTF) is pleased to announce that it has entered into a Services Agreement (the “Agreement”) with 3955 Trading Inc. (“Cannamerx”), Canada’s first online marketplace for the wholesale purchase of medical cannabis certified under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). Cannamerx is a fully automated, ACMPR-compliant forward auction trading platform for bulk cannabis and cannabis products in Canada. Developed in close collaboration with Canadian licensed producers, Cannamerx is designed to facilitate the trade of bulk cannabis and cannabis products between licensed producers throughout the country. Namaste believes that Cannamerx’s platform will offer strategic benefits to the Company’s wholly owned subsidiary, Cannmart Inc. (“Cannmart”), which is a late stage ACMPR applicant for a medical cannabis “sale-only” license. Through Cannmart, Namaste will create an online retail marketplace for medical cannabis that will offer the largest variety of products sourced from ACMPR licensed producers as well as international cultivators.
Terms of the Agreement:
All bids submitted over the platform are binding;
Sale transactions are Ex Works;
Cannamerx offers strong buyer protection to ensure products match descriptions;
Cannamerx is strictly a business to business marketplace;
Cannamerx does not charge sign-up or listing fees;
Cannamerx does not charge any buyer commission;
Bidding on Cannamerx is anonymous; and
The Agreement is non-exclusive to Cannmart.
Using the Cannamerx platform will enhance Namaste’s ability to efficiently source cannabis and cannabis products from small-scale licensed producers throughout Canada, creating a diverse product selection for Cannmart’s online marketplace customers. While large licensed producers will continue to play a vital role in Namaste’s distribution, the Company believes that the Agreement will allow the Company to connect customers with the craft cannabis market, an important niche market that could experience significant growth similar to the craft beer and wine industries.
In addition to the announcement of the Agreement, Namaste would like to announce that Mr. Clifford Stark will be leaving Namaste’s board of directors in pursuit of a new business venture. Mr. Stark has provided Namaste with valuable advice and insight during his position as an active board member of Namaste’s team. The Company would like to thank Mr. Stark for his service and wishes him best of luck in his future endeavors.
Management Commentary “We are proud to welcome Namaste to Cannamerx,” said Dietwald Claus, CEO of 3955 Trading Inc., which owns and operates Cannamerx. “We developed Cannamerx to provide Canadian licensed producers with an effective, easy-to-use, ACMPR-compliant platform for the trade of wholesale cannabis and cannabis products in Canada. By bringing together licensed producers, processors, and retailers from across the country on a single trading platform, we anticipate that Cannamerx will play a critical role in growing a diversified and robust Canadian cannabis industry. Namaste’s decision to join Cannamerx is a strong vote of confidence in our technology and business model. We look forward to welcoming more participants over the coming months as Canada prepares to legalize recreational cannabis.”
Sean Dollinger, President and CEO of Namaste comments, “This Agreement represents a unique opportunity for both parties, as we look for new ways to increase the appeal of our online marketplace. Our relationship with Cannamerx is not intended to replace our existing supply channels, but rather to broaden the selection of quality cannabis products that we are able to provide to our customers. Namaste believes Cannamerx fits well with our purchasing strategy moving forward, and we anticipate Cannamerx playing a significant role in helping us access cannabis from smaller licensed producers to supply Canadian consumers with the most diverse selection in a cannabis space.”
“In addition to the benefits Cannamerx provides Namaste, we believe Cannamerx provides a great channel for licensed producers looking to wholesale their cannabis. Namaste is committed to providing Canadian cannabis users with easy access to the widest range of cannabis products and this agreement helps fast track our efforts in achieving those goals.”
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 ACMPR Program) 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 harbour provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.