VANCOUVER, British Columbia, April 09, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRANKFURT:M5BQ) (OTC:NXTTF) is pleased to announce that the Company has signed an amendment to the Letter of Intent (“LOI”) dated April 4th, 2018 (the “LOI Amendment”). Under the terms of the LOI Amendment, 2624078 Ontario Inc. will apply for an Access to Cannabis for Medical Purposes Regulations (“ACMPR”) license to produce and sell medical cannabis oils (the “ACMPR Licence”). If the ACMPR Licence is awarded, it will allow 2624078 Ontario Inc. to perform testing and strain development for Cannmart, as well as import cannabis materials and genetics for the production of quality cannabis extracts for research purposes under the dealer’s licence it is also applying for. Additionally, if the ACMPR Licence is obtained, it would allow 2624078 Ontario Inc. to develop a leading brand of ACMPR compliant cannabis oils for sale to medical patients, other ACMPR licensed producers ("LPs") and provincial distribution channels for the upcoming recreational market.
The parties also agreed under the LOI Amendment to change 2624078 Ontario Inc.’s name to Infinite Labz Inc. (“Infinite Labz”). The Company strongly believes in the future market for medical and recreational cannabis oils and extracts and intends to become a leader in this segment of the marketplace. Infinite Labz will be tasked by Namaste’s management team to import, produce and sell a wide variety of medical cannabis oils and extracts for sale to the recreational and medical markets. In addition to its anticipated B2B sales of cannabis oils to other LPs, subject to approval by Health Canada, Infinite Labz would also anticipate producing cannabis oils on behalf of other LPs as an added value service.
Daniel Stern, President and CEO of 2624078 Ontario Inc. comments; “We’re pleased to have signed the amendment to the LOI as per our discussions with Namaste. We believe that our company and Namaste will see great value in this partnership and in operating both the LD and LP license from the same facility. There are many synergies that are evident between both parties and the addition of an ACMPR license to the facility at 7 Canso Road will solidify our position becoming a premier provider for medical and recreational cannabis oils and we look forward to a bright future with Namaste.”
Sean Dollinger, President and CEO of Namaste comments; “This is indeed a very exciting time for the Company. We’ve had the opportunity of seeing a major trend towards cannabis oils and extracts through our hardware platform. The market for cannabis oils is expanding quickly and Namaste will have a first-mover advantage in the research, testing, production and sale of oils to both the medical and recreational markets through our partnership with Infinite Labz.”
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
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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.