~CannMart expands provincial business channel with sights for more; B2B market is expected to continue growing as a result~
TORONTO, Nov. 12, 2019 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N.V - News) (FRANKFURT:M5BQ.F - News) (OTCMKTS:NXTTF - News), a leading online platform for cannabis products, accessories, and responsible education, today announced that its wholly owned subsidiary, CannMart Inc., has entered into a supply agreement with the Ontario Cannabis Retail Corporation or OCRC operating as the Ontario Cannabis Store ("OCS"). The OCS is the sole legal online retailer and wholesaler for recreational cannabis for Canada's most populous province. In addition, CannMart has been registered with the Saskatchewan Liquor & Gaming Authority ("SLGA") allowing for the sale of cannabis products to permitted wholesalers in the Province of Saskatchewan. This follows closely the recently announced purchase order with the Province of British Columbia for pre-rolled cannabis products.
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"Working directly with the provincial governments represents a significant market opportunity for us," said Meni Morim, CEO of Namaste Technologies Inc. "We look forward to being part of the value chain for OCS and SLGA as we expand our presence in this sector."
Namaste is pursuing similar arrangements with provincial government agencies in an effort to further expand its customer base, leverage its unique license, streamlined purchasing process, and diverse product selection through one location. CannMart is Namaste's online 'everything cannabis store' which carries one of the largest selections of legal cannabis products from well regarded cannabis producers in Canada and around the world.
In addition, the Company has entered into a services agreement with Native Ads Inc. ("Native Ads") of Vancouver, BC, pursuant to which Native Ads will provide and manage a comprehensive digital media marketing campaign for cash consideration of US$150,000. The term of the agreement extends from the effective date of September 25, 2019 until the digital media marketing campaign and related media buying concludes. The campaign includes, but is not limited to, content creation, web development, media buying and distribution, advertising development, and campaign reporting and optimization.
Approximately 70 to 80 per cent of the marketing campaign's budget will be allocated for digital advertising, paid distribution and media buying, and approximately 20 to 30 per cent will be allocated for digital marketing consulting, managed services and management fees over the campaign period. Neither Native Ads nor any of its directors or officers hold, directly or indirectly, any securities of Namaste. The services provided by Native Ads may be subject to TSX Venture Exchange approval.
Stonebridge Partners, LLC of Miami, FL ("SB Partners") has been engaged in a six month contract to enhance investor relations efforts and provide digital content marketing services for a monthly fee of $7,500 USD. SB Partners nor any of its directors or officers hold, directly or indirectly, any securities of Namaste.
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in both B.C. and around the globe, Namaste Technologies is the world's leading online platform for cannabis products, accessories, and responsible education. The company's 'everything cannabis store', CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. Namaste's global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions. For further information about Namaste, please visit NamasteTechnologies.com
Information on the Company and its many products can be accessed through the links below:
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 is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of Namaste's standing in the online marketplace for cannabis products, the Company's goals regarding B2B and B2C clients, the Company's pursuit of agreements with additional government agencies, the significance of the arrangements with the OCS and Saskatchewan Liquor & Gaming Authority, future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, 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 their 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: risks relating to the Company's ability to execute its business strategy and the benefits realizable therefrom, risks specifically related to the Company's international operations, and risks relating to the market price of the Common Shares. 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.
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SOURCE Namaste Technologies Inc.
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