Namaste Receives Cease Trade Order
VANCOUVER, British Columbia, Jan. 08, 2018 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ)(OTCMKTS:NXTTF) discloses today that the filings of the Company’s annual financial statements for the fiscal year ended August 31, 2017, the related management’s discussion and analysis and the certification of the annual filings for the year ended August 31, 2017 (collectively, the “2017 Annual Financial Statements”) were not completed by the deadline of December 29, 2017. As a result, the British Columbia Securities Commission issued a cease trade order (the “Cease Trade Order”) against the Company and securities have been halted from trading on the Canadian Securities Exchange (“CSE”).
The Company is actively working with its auditors to file the 2017 Annual Financial Statements, which the Company expects to be completed imminently. Once the 2017 Annual Financial Statements are filed, the Company will seek to have the Cease Trade Order revoked. The Company will be forthcoming with an update on the 2017 Annual Financial Statements once the required filings have been made.
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: