VANCOUVER, Nov. 21, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N.V - News) (FRANKFURT:M5BQ.F - News) (OTCMKTS:NXTTF - News) is pleased to announce that the Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart") has signed an Asset Purchase Agreement (the "Agreement") with 1181530 BC Ltd. to acquire the domain Buds2go.ca. Subject to the terms of the Agreement, Cannmart purchased the Buds2go.ca domain along with social media accounts and all intellectual property in connection therewith including trademark applications in exchange for a cash payment of $300,000. The 1181530 BC Ltd. management team signed a 6-month consulting agreement to assist with integration and operations.
The acquisition of Buds2go.ca is strategic in nature as the domain has established high-ranking organic search results for many targeted and valuable keywords, and supports the Company's vision to become a global leader in cannabis e-commerce and technology. The Buds2go.ca domain receives approximately 400,000 site visits per month, with an average visit duration of 6 minutes and a bounce-rate of roughly 31%. The site visits, search traffic and SEO rankings of Buds2go.ca would be difficult to replicate and provide strong long-term value for the company.
The Company is pleased to report that it has also concurrently completed an integration with the Buds2go.ca domain and has launched a new website which is powered by Cannmart. This will allow patients to order products from Buds2go.ca through a regulated channel and have access to inventory fed directly through Cannmart. Further to the Company's October 29th, 2018 news release, Cannmart signed a Patient Services Agreement (the "Services Agreement") with 1181530 BC Ltd. to offer users access to the Company's online telemedicine platform, NamasteMD Inc..
Buds2go.ca has established strong organic search results and maintains a high level of domain authority. The domain ranks top 3 in search results for important keywords that drive organic traffic and bring value to the site. The Company will operate both Cannmart.com and Buds2go.ca in parallel and will continue to work to expand on the product offering and look to creating value for patients in enhancing their online experience.
Sean Dollinger, President and CEO of Namaste comments: "We're very excited about this deal. Buds2go.ca has some of the best SEO and natural search traffic we have ever seen. This brings an immense amount of value to our vision of becoming a leading in the sale of medical cannabis online. Our goal is to enhance the user experience and incorporate innovative technology like our AI and machine learning platform, Findify AB (Findify.io) to personalize a patient's experience and offer them the best selection of products available. We're looking forward to expanding the product offering and have received a lot of positive feedback on our Craft Cannabis Program which we believe will drive growth for Buds2go.ca and Cannmart.com in the future."
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 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: +1 604-355-6100
Further information on the Company and its products can be accessed through the links below:
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements regarding the acquisition of Buds2go.ca or the accompanying assets, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
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SOURCE Namaste Technologies Inc.
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