VANCOUVER, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRANKFURT:M5BQ) (OTC:NXTTF) is pleased to announce that it has signed a Medical Cannabis Supply Agreement (the “Supply Agreement”) with Marigold Projects Jamaica Ltd. (“Marigold”) under its wholly owned subsidiary, Cannmart Inc. (“Cannmart”), whereby Marigold will supply Cannmart with high quality Jamaican produced medical cannabis, to be imported by Cannmart from Jamaica and offered in the Company’s online marketplace, subject to approval by Health Canada and the Cannabis Licencing Authority. This Supply Agreement further supports Namaste’s vision of creating a diverse platform for medical patients to access high quality cannabis, sourced from both domestic and international producers.
Key Terms of the Supply Agreement:
Cannmart will be compliant with Marigold’s branding and pricing strategy.
Packaging of products will bear the Marigold brand logo.
Cannmart will submit purchase orders to Marigold for medical cannabis.
Cannmart will be responsible for shipping and importation costs of the product.
Marigold will provide Cannmart with lab test reports for each purchase in advance and in accordance with Cannmart’s requirements under Canadian regulations.
Cannmart will import medical cannabis from Marigold, subject to approval by Health Canada.
The Supply Agreement with Marigold exemplifies a major component of Namaste’s strategy in providing Canadian patients with access to high-quality imported medical cannabis. Marigold’s strong management team and extensive experience in cultivation will add significant value to Cannmart’s product offering. The Company anticipates strong demand for imported medical cannabis products and looks forward to further developing a relationship with Marigold and its management team.
Clifford Starke, Chairman of Marigold comments: “Sean and his team have created a leading global web platform in the cannabis accessories industry. Now with an ACMPR production license in hand and the release of the NamasteMD app, we expect Namaste to further disrupt the cannabis industry using their innovative approach to product marketing. As Marigold enters its growth phase, weeks away from first commercial harvest, we look forward to becoming a trusted supplier of premium medicinal cannabis products to Namaste’s customer base. We are thrilled to work with Namaste and look forward to further developing this strategic partnership in step with the legalization of medical cannabis worldwide.”
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to announce this Supply Agreement with Marigold as we look to expand our product offering through Cannmart. The importation of medical cannabis will serve as a strong niche for Namaste in the Canadian marketplace. We believe this strategy will help set Namaste apart from its competitors. Although Cannmart’s patients will have access to some of the highest quality medical cannabis sourced from domestic licensed producers, we feel that there is major value in providing our patients with premium quality imported products as well. We thank Marigold’s management team for working with us to prepare the Supply Agreement and we anticipate a long-term mutually beneficial relationship with them. Having recently received our ACMPR medical cannabis production license for Cannmart, we’re looking forward to exploring new opportunities in this exciting industry.”
Marigold is a vertically integrated cannabis company located in Jamaica with over 70 acres in the Sunshine City and the famous Blue Mountains. Led by a High Times Hall of Fame breeder and 19-time Cannabis cup winner, current operations include 10-acres of outdoor production with the first commercial harvest underway. Marigold is rapidly building out its product suite utilizing top technology hydroponic greenhouses and nurturing specialized strains unique to Jamaica’s climate as well as developing the tourist and local market via dispensaries and herb shops. With one of the only research and development licenses in the country and an exclusive partnership with the University of West Indies, Marigold intends to leverage its low cost, scalable cultivation operations along with world-class portfolio of strains and cultivation expertise to provide markets across the world with a high volume of premium, cost effective cannabis products.
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and with 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., 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 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.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 (786) 389 9771
Further information on the Company and its products can be accessed through the links below:
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.