VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRA:M5BQ) (OTCM:NXTTF) is pleased to announce that Health Canada’s Office of Medical Cannabis has provided the Company with a Confirmation of Readiness (“COR”) for a license under Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”) for the Company’s wholly owned subsidiary, Cannmart Inc. (“Cannmart”). Cannmart is a late-stage applicant under the ACMPR for a medical cannabis “sales-only” license. Namaste plans to leverage its growing site traffic and existing consumer databases along with the Company’s revolutionary patient acquisition tool, NamasteMD.com, to become Canada’s leading e-commerce retailer for medical cannabis products.
Further to receiving the COR and as construction of the Cannmart facility nears completion, the Company is now focused on providing all additional information as required by Health Canada in order to have the “sales-only” license issued.
Once Cannmart’s ACMPR “sales-only” license is issued, the Company will focus on sourcing medical cannabis from a large variety of domestic and international producers in order to offer the largest variety of strains to its patients. Namaste’s goal is to create a simplified user experience to assist patients with a smooth onboarding process and access to the highest quality products available on the market.
Sean Dollinger, President and CEO of Namaste comments: “We are beyond excited to receive this amazing news. After all of the hard work and dedication from our management team as well as our consultants, we believe we are finally poised to execute on our strategy to become the most comprehensive online marketplace for medical cannabis in Canada. Once the sales license is issued, we will focus on sourcing high-quality products from local ACMPR licensed producers with a specific focus on craft cannabis brands as we bring great value and exposure for all producers, big and small.
This is a monumental day for the Company and I’m very proud of our team and I would also like to take this opportunity to thank all of our peers in the cannabis industry who saw value in both the products and services we are able to provide and decided to work collaboratively with Namaste for the betterment of all Canadian cannabis patients. While this is an important step in our journey, we believe this is only the beginning of a transformational year for Namaste and its shareholders.”
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, 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. The Company 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 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.