VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV:N) (FRA:M5BQ) (OTC:NXTTF) is pleased to announce that the Company has signed an exclusive drop-shipping supply agreement (the “Agreement”) with Ample Organics Inc. (“Ample Organics”). Ample Organics is Canada’s leading seed-to-sale software platform, currently used by the majority of Canada’s licensed producers of medical cannabis (“LPs”). Under the terms of the Agreement, Namaste will connect its cannabis hardware and accessory platform via API integration with Ample Organics’ system. This will allow each of Ample Organics’ LP customers to have instant access to a large variety of devices and accessories available for purchase during checkout. The Agreement will provide added value for Ample Organics customers by offering their patients industry-leading products. Namaste is proud to have this unique opportunity in partnering with Canada’s most innovative seed-to-sale software company and this Agreement clearly demonstrates Namaste’s continued focus on achieving technological development for the cannabis industry.
Key Terms of the Agreement
Namaste will supply Ample Organics customers with access to the Company’s full range of vaporizers and accessories through an API integration, as the exclusive drop-shipping supplier to Ample Organics.
Namaste will have first right of refusal to supply new products as requested by Ample Organics, or its customers, for drop-shipping through the API integration.
In the event that Namaste decides not to carry a new product or cannot source such product within 30 days, Ample Organics will be granted the right to offer the new product using drop-shipping through a 3rd party supplier.
Each order will be submitted electronically via API integration that will also provide live access to tracking information, inventory and shipping data.
Namaste will be responsible, at its cost for all product support, returns and warranty claims.
Unless Namaste advises otherwise, solely due to pricing restrictions from the product manufacturers, Ample Organics and its customers shall agree to set the prices for the Products at a Minimum Advertised Price (MAP), to be specified by Namaste for each product.
Namaste’s partnership with Ample Organics represents a unique opportunity to provide virtually hundreds of thousands of medical cannabis patients with access to a variety of high-quality vaporizers, which research has shown is a far superior and healthier way to consume medical cannabis. This agreement further demonstrates Namaste’s commitment to the medical cannabis patients of Canada, and in ensuring that they have easy and affordable access to the best cannabis hardware products on the market.
The Agreement represents an important step for Namaste and is accretive in nature, as it will provide immediate, low-overhead revenue for both Namaste and Ample Organics. The Company will now focus its efforts on completing the integration with Ample Organics as soon as possible and will continue to explore further opportunities that have the potential to bring value to Namaste, its partners, and the entire cannabis market.
John X. Prentice, President and CEO of Ample Organics comments; “This partnership represents a substantial value-add for Ample Organics’ clients and their patient customers. It will simplify inventory management and fulfillment for LPs, while ensuring that medical cannabis patients across the country have access to a substantial catalogue of vaporizers and cannabis accessories at great prices. We are excited to continue the development of our relationship with Namaste and look forward to advancing the industry in new and innovative ways together.”
Sean Dollinger, President and CEO of Namaste comments; “We are very proud to be partnered with Ample Organics on this project. It’s been very rewarding to collaborate with the management team, on what we believe is an important initiative for all those involved, most importantly of which are the medical cannabis patients of Canada. We are incredibly excited to be associated with Ample Organics and to have the opportunity to provide healthier, more affordable options for medical patients to consume cannabis. Our commitment to developing a platform with easily accessible products and services for the cannabis industry is what inspired the opportunity to work with Ample Organics. We’re looking forward to completing the integration and to further enhancing the patient experience.”
Ample Organics is Canada’s leading cannabis business solution, adopted by 75% of the nation’s Licensed Producers. To date, the Ample Organics platform has processed more than 880,000 orders and 16,000,000 grams of cannabis. Ample Organics makes compliance easy by tracking individual plants from seed to consumer and reporting every detail of the growth, production, and sales processes. With Ample Organics, data is collected at the most granular levels, offering insights that can drive business decisions and help to protect public safety. Beyond seed to sale, Ample Organics’ extended suite of products creates a complete ecosystem for cannabis businesses. From easy patient registration to cannabis-exclusive payment solutions, Ample Organics continues to evolve and release new products to provide reliable and compliant solutions for the cannabis industry.
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com, Canada's first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada's largest database of medical cannabis patients. The company's subsidiary, CannMart Inc. is an ACMPR Licensed Producer with a "sales-only" license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors,
Chief Executive Officer
Direct: +1 (786) 389 9771
Further information on Namaste and its products can be accessed through the links below:
For more information about Ample Organics, please visit ampleorganics.com or contact:
VP, Corporate Development
Direct: +1 (416) 262-4175
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 Canadian Securities Exchange has neither reviewed nor approved the contents of this press release.