TORONTO, June 07, 2021 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, is pleased to provide the following corporate updates:
Application Submitted to Health Canada for Dealer’s Licence:
Namaste is pleased to advise that it's wholly owned subsidiary CannMart Labs Inc. ("Labs") has submitted its application for a Health Canada Controlled Drugs and Substances Dealer’s Licence (the “Dealer’s Licence”) for future storage and distribution of the following controlled substances: psilocybin, psilocin, ketamine (ketamine hydrochloride), LSD (lysergic acid diethylamide), DMT (N, N-dimethyltryptamine) and MDMA (3, 4-methylenedioxymethamphetamine). Projected timeline for receipt of approvals is by the beginning of fiscal third quarter of 2022. Subject to Health Canada acceptance, the Dealer’s Licence will allow Labs to sell these controlled substances to individuals (or their compounding pharmacies), researchers and companies undertaking clinical trials, each retaining appropriate approvals for such possession and use.
“We are excited to have finalized and submitted this application,” said Meni Morim, CEO of Namaste. “Societal acceptance and scientific discovery of new paths to wellness is rapidly increasing. Namaste is well versed in the distribution of controlled substances and looks forward to being a responsible leader in creating new paths to wellness.”
Share Issuance Related to CannMart Labs:
The Company intends to issue an aggregate of 1,274,834 common shares (issued at a deemed price of $0.2114, which is equal to the seven-day volume weighted average), without a hold period, as payment of the second tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of Labs. The issuance is considered to be a shares for debt transaction under the policies of the TSX Venture Exchange (the "TSX-V") and remains subject to TSX-V approval.
About Namaste Technologies Inc.
Headquartered in Toronto, Canada, Namaste Technologies is a marketplace platform for cannabis and wellness products. At CannMart.com, the Company provides Canadian medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators and US customers with access to hemp-derived CBD and smoking accessories. The Company also distributes licensed and in-house branded cannabis and cannabis derived products in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales online in Saskatchewan. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
For more information please contact:
Namaste Technologies Inc.
Meni Morim, CEO
Edward Miller, VP Investor Relations
Source: Namaste Technologies Inc
FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, including, without limitation, statements related to submission of an application for and receipt of a Health Canada Dealer’s License, the distribution by Labs of controlled substances and leadership in alternative paths to wellness, are made as of the date of this press release and are based on assumptions management believed to be reasonable at the time such statements were made, including, without limitation, Namaste’s standing in the online marketplace for wellness products, ability to maintain momentum of expanding the Company’s business as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: regulatory risk, risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom and risks specifically related to the Company’s operations. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.