VANCOUVER, British Columbia, Dec. 18, 2017 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRANKFURT:M5BQ) (OTCMKTS:NXTTF) is pleased to announce a Letter of Intent (the “LOI”) with Supreme Pharmaceuticals Inc. (“Supreme”) (TSXV:FIRE) (OTCMKTS:SPRWF). The LOI, signed by Supreme’s wholly owned subsidiary, 7ACRES, and Namaste’s wholly owned subsidiary, Cannmart Inc. (“CannMart”), provides that Supreme will supply CannMart with a premium range of high quality dried cannabis flower which will be offered in the Company’s medical marketplace. Supreme is focused on producing high quality cannabis through a commitment to carefully curated genetics, quality focused cultivation practices and a post-harvest process that includes a 14-day whole plant drying process and hand finishing of each flower. Under the terms of the LOI, Namaste has committed to work with Supreme as a preferred vendor as related to possible branded partnerships, in addition to supply for Namaste’s in-house branded medical cannabis. All Supreme cannabis will bear the 7ACRES producer’s mark. Namaste believes that Supreme’s Business to Business (B2B) distribution model fits well with Namaste’s focus on becoming Canada’s leading online retailer for medical cannabis.
Other terms of the LOI include:
- Purchase orders to be submitted accompanied by terms and conditions governing the purchase and sale of medical cannabis in accordance with Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”)
- All products sold by 7ACRES to CannMart will be in accordance with ACMPR, 7ACRES Standard Operating Procedures (SOP) and GMP Practices
- 7ACRES will provide all product descriptions and photography to be used with respect to the sale of 7ACRES products through CannMart
- CannMart will display 7ACRES trade-mark on all packaging in connection with the sale of any 7ACRES products through CannMart’s website
- 7ACRES shall be CannMart’s preferred supplier of premium dried cannabis flowers as it relates to celebrity endorsements in partnership with CannMart and Namaste
- All shipping costs shall be borne by CannMart
The LOI represents further progress for Namaste in securing this supply agreement with one of Canada’s leading producers of premium quality cannabis. Namaste will focus on offering the largest variety of medical cannabis products, sourced from both domestic and international licensed producers. Management feels strongly that the Company’s relationship with Supreme will offer great value with Supreme’s focus on cultivation while Namaste intends to become Canada’s largest online retailer for medical cannabis through the implementation of its telemedicine application, NamasteMD, built as a patient acquisition tool for Namaste to leverage its growing database of Canadian site visitors and offering an extensive variety of medical cannabis products to CannMart’s patients.
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to be working with Supreme, who we believe to be one of the top Canadian producers of premium quality cannabis. Our goal is to create an online marketplace for our patients that will offer a variety of products sourced from various licensed producers in Canada and overseas. We believe that our relationship with Supreme will be of significant value as their business model fits well with ours. Thanks to Supreme’s management team for their support and we look forward to launching medical cannabis sales through CannMart in the early new year.”
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) 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 medical 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.