VANCOUVER, Aug. 13, 2018 — /D.M.O. Newswire/ — Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N) (FRANKFURT:M5BQ) (OTC:NXTTF) is pleased to announce that the Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart"), a licensed cannabis producer under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"), has completed Health Canada's Pre-Sales License Inspection at the Cannmart facility in Etobicoke, Ontario. On July 31st, 2018, Health Canada inspectors were on-site to verify information submitted by Cannmart as part of its application and in assessing compliance with the applicable sections of the ACMPR prior to license approval. The Pre-Sales License Inspection is one of the last steps prior to the issuance of a Sales License under the ACMPR.
Cannmart's ACMPR "sales-only" license will be the first of its kind in Canada. The license enables Namaste to aggregate cannabis strains from licensed producers across the country, with the goal of offering medical patients access to the largest variety of medical cannabis products in a single platform. Namaste has positioned itself as a leader in the development of innovative cannabis e-commerce technology and will leverage its expertise and its platform powered by the Company's wholly-owned subsidiary and AI technology company, Findify AB ("Findify" or "Findify.io") to offer medical patients the most personalized user experience possible.
In anticipation of its upcoming ACMPR Sales License, Namaste is focused on accelerating patient acquisition through the launch of its updated version of the NamasteMD mobile app and by initiating several strategic marketing initiatives. NamasteMD is a telemedicine application which allows patients across Canada to access nurse practitioners or doctors for medical consultations via phone or video conference, free of charge from the comfort of their homes. NamasteMD is available in the App store for Apple devices, on the Google Play Store for Android devices and on the web at NamasteMD.com.
Namaste is also pleased to announce that pursuant to the Company's July 16th news release and the approval of a Normal Course Issuer Bid ("NCIB") by the Toronto Venture Exchange ("TSXV"), the Company purchased a total of 1,111,700 common shares through the facilities of the TSXV in the month of July. The average price paid for each common share was $1.357. The Company intends to continue the acquisition of its common shares subject to the terms of the NCIB. Details of the related transactions have been filed and are available on SEDAR.com
The Company is also pleased to announce the appointment of Mr. David Giardino as Chief Operating Officer ("COO"). David Giardino has extensive experience in managing enterprise-level operations and logistics, and will oversee all operations for Namaste's domestic and international entities and in the execution of Namaste's business strategy.
About David Giardino
David is an Experienced Operations Professional, bringing over 14 years of experience to Namaste. He began his career at Coca-Cola Enterprises managing a group of analysts responsible for driving warehouse, distribution, & delivery efficiencies for one of the largest US markets. Next David began his Footwear Career working for the Nine West Group, where he was exposed to many areas of the business; focusing on Warehousing & Distribution, Overseas Manufacturing, & Costing. There he worked with various teams to implement new processes that led to significantly lowering operating costs while increasing productivity & efficiency levels.
In his latest role as Director of Operations for FitFlop, he led the North American Operations team overseeing Warehousing, Logistics, & Customer Service for their Wholesale & Ecommerce channels. Three years after launching the brand and while experiencing tremendous growth globally, FitFlop made the decision to open up a US office. David was the Fifth Employee hired and tasked to help build the team and also identify a new 3PL Warehousing Partner to support their growth. He successfully moved all warehousing operations and structured a team that would help deliver significant year over year growth. He later expanded Operations into Canada, implemented a Drop Ship model for some of the most prestigious retailers in North America, and helped launch an Ecommerce platform to service both US & Canadian markets.
David Giardino, COO of Namaste comments: "I am excited to begin this new opportunity with such an amazing team, and look forward to sharing in the continued success."
Sean Dollinger, President and CEO of Namaste comments: "We're very excited to have completed Health Canada's Pre-License inspection. Our team at Cannmart has been working very hard to ensure that the facility meets all requirements as outlined by the ACMPR program. Cannmart's sales license represents the culmination of all of our efforts and brings together all the individual components of our platform to make our vision a reality.
By incorporating technologies like NamasteMD, Findify and our new medical cannabis journal, Uppy, our focus is on creating an amazing user experience. Our platform will offer licensed producers across the country with access a larger segment of the market, through new sales channel by participating in our online cannabis marketplace. This will introduce a level of healthy competition to the online market for medical cannabis and we're looking forward to seeing results from all of the hard work.
We're also very pleased to announce David Giardino as our new COO. His industry expertise, hard work and dedication to his career are evident in the quality of his work which we've seen thus far, and we're looking forward to seeing improvements in operational efficiencies and costs through some new initiatives which David is undertaking. I'd like to take this opportunity to welcome David to the Namaste team and wish him the best of luck."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. 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 the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATIONThis 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 TSXV has neither reviewed nor approved the contents of this press release.