Vancouver, British Columbia, Canada – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”), has signed a medical cannabis supply agreement (the “Agreement”) with Maple Leaf Green World (“Maple Leaf”) (NEO: MGW, OTCQX: MGWFF), whereby Cannmart will purchase medical cannabis from Maple Leaf to offer in its online platform. Subject to the terms of the Agreement, Cannmart will have the right of first refusal (“ROFR”) on 100% of the total production of cannabis from Maple Leaf’s facility.
Pursuant to the Agreement, Maple Leaf grants Cannmart the exclusive option (but not the obligation) to purchase all of its products, upon the Maple Leaf’s receipt of a license to produce and sell cannabis pursuant to applicable legislation and regulations. For the avoidance of doubt, the Maple Leaf shall first offer products to Cannmart and should Cannmart decide not to purchase the offered products from the Maple Leaf, Maple Leaf shall have full liberty to sell products to third parties.
The Agreement with Maple Leaf, including the ROFR on production further solidifies Cannmart’s future supply chain of unique cannabis products to be sold through its online platform. Cannmart holds the first “sales-only” license to be issued to a non-cultivator. Cannmart’s goal is to offer a unique selection of high-quality cannabis products sourced from Licensed Producers across Canada.
While the Company is focused on growing cannabis sales in the Canadian market, Namaste maintains a large market share with over 500,000 customers in the UK through its vaporizers and accessories
business. As the UK will be legalizing medical cannabis in due course, the Company will also focus on utilizing its domestic supply agreements in the Canadian market to facilitate importation to the UK for distribution under upcoming regulated channels
With virtually hundreds of new cultivators in various stages of the application process, Cannmart will provide a platform whereby all licensed producers can offer their products in a competitive marketplace. As the industry evolves, Namaste’s management team is confident in its ability to set itself apart as a true innovator in cannabis e-commerce.
Sean Dollinger, President and CEO of Namaste comments: “We’re pleased to announce this Agreement with Maple Leaf. These supply agreements with ROFR’s attached will guarantee supply to Cannmart and enhance our product offering. We are well positioned for growth having launched Cannmart and by securing additional supply for the future. We’re very much looking forward to offering Maple Leaf’s high-quality cannabis products in out platform and anticipate this to be a long-term arrangement. By leveraging our technology platforms, expertise in e-commerce and incredible customer service, our focus is on providing a unique and personalized user experience.”
About Maple Leaf Green World
Maple Leaf is a public Canadian company that focuses on the cannabis industry in North America. The Company currently operates cannabis projects in British Columbia and Nevada. With over ten years of extensive greenhouse management experience, the Company applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free cannabis products. Maple Leaf’s long-term objective is to produce cannabis oil and to export its products to approved countries. The Company’s common shares are listed for trading on the Aequitas NEO Exchange Inc. under the symbol “MGW” and on the OTCQB market under the symbol “MGWFF”.
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 medical cannabis in the Canadian market.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, 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 onsite 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: +1 604-355-6100
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 TSXV has neither reviewed nor approved the contents of this press release.