~Continued brand and sales channel expansion for
CannMart supports value proposition, new product launches, and
revenue growth~
TORONTO, June 22, 2020 /CNW/ - Namaste
Technologies Inc. ("Namaste" or the "Company") (TSXV: N)
(FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading platform for
cannabis products, accessories, and education, today announced
CannMart Inc. ("CannMart"), a wholly owned subsidiary, has been
granted an exclusive license by IGNITE International Brands, Ltd.
("IGNITE") (CSE: BILZ) (OTCQX: BILZF) to utilize certain brand
trademarks on cannabis-based products for sale in the legal
Canadian marketplace. In addition, CannMart has received approval
from Alberta Gaming, Liquor & Cannabis ("AGLC") and the Ontario
Cannabis Retail Corporation operating as the Ontario Cannabis Store
("OCS") to begin offering Cannabis 2.0 products.
"Our agreement to become the exclusive distributor of IGNITE
products in Canada is an important
milestone for the company and positively reflects on our value
proposition," said Meni Morim, CEO
of Namaste Technologies. "CannMart continues to demonstrate its
ability to grow its sales distribution channels in the Canadian
market and this is attracting the attention of well-established
brands like IGNITE. We place a high value on our relationships with
these brands as it is our belief that brand recognition will be a
major driver of growth as the legal industry matures and
transitions to consumer-packaged goods. The opportunity for
CannMart to be the exclusive distributor for IGNITE in Canada reinforces our position in the
competitive cannabis market as consumers gravitate towards brands
that are well known and trusted for their quality."
"The listing of Cannabis 2.0 products for the provinces of
Ontario and Alberta is an important achievement and opens
meaningful additional revenue channels. The Cannabis 2.0 market is
a large addressable market and the approval to list our products in
Alberta and Ontario, with more than 450 and 90 cannabis
stores respectively, represents a substantial increase in the
addressable market for CannMart. We expect to continue our recent
sales success of cannabis products from premium brands, like
IGNITE, through CannMart.com and throughout our network of
government partners and retailers."
"Canada is an important market
for IGNITE International Brands and CannMart has shown its ability
to deliver high quality products to our target market," said
Lester Lee, President of IGNITE.
"The awareness of the IGNITE brand continues to build throughout
Canada and our product sales
continue to grow. The team at CannMart has been instrumental and
has proven their competency to navigate the regulations within the
legal market. We trust that our brand can be nurtured in accordance
with our high standards and together we can continue to build on
our early success as we look to grow market share."
Further to the news release of March 20,
2020, CannMart and IGNITE have amended the licensing
agreement to add exclusivity to the markets in Canada. The revised agreement grants CannMart
an exclusive licence to use certain IGNITE brand trademarks on
legal cannabis-based products (the "IGNITE Products") in
consideration for certain royalty payments. CannMart's introduction
of IGNITE cannabis products has been welcomed by its customers and
demand has continued to grow.
CannMart's listing of its first Cannabis 2.0 products in the
provinces of Alberta and
Ontario are now approved by both
jurisdictions. CannMart's first offering will be a variety of vape
cartridges. The AGLC is responsible for regulating and distributing
cannabis to Alberta's licensed
retailers and the sole legal online retailer for recreational
cannabis at www.albertacannabis.org. The OCS is the sole legal
online retailer and wholesaler for recreational cannabis for
Canada's most populous
province.
About Ignite International Brands Ltd.
IGNITE is a
global consumer brand, operating in the premium
product segment of the market. Founded by Dan Bilzerian, IGNITEs 'quality-first' approach
is fundamental to the brand and its products. Originally operating
in the cannabis and hemp-derived cannabidiol (CBD) wellness space,
IGNITE was able to establish its brand awareness. IGNITE product
categories now include a full line of CBD oil tinctures, CBD
topicals, CBD pet products and CBD vape devices, produced by
various partners and sold through select distributors, brick
and mortar retailers, and online through IGNITE's website,
ignite.co. The IGNITE THC product line, which was
launched subsequent to the CBD product line, incorporates
quality, locally sourced, cannabis products.
Since the launching of its THC and CBD products, IGNITE has
expanded into the beverage space, launching a full line of
functional performance enhancing drinks. The IGNITE beverage line
currently consists of PH-alkaline balanced water, a line of premium
performance drinks, named Z-RO as well as a gluten-free, seven-time
distilled Vodka. IGNITE beverages will be distributed nationally
within the United States and
available to purchase on the IGNITE beverages website,
IgniteBeverages.co.
IGNITE is a socially responsible company and is committed to
using its marketing and brand power as a positive catalyst for a
healthy lifestyle. The IGNITE management team believes that
socially responsible oriented actions have a positive impact on
IGNITE, its employees and its shareholders.
Shares of IGNITE are listed on the Canadian Securities Exchange
(CSE) under the symbol "BILZ" and in the
United States on the OTCQX under the symbol
"BILZF".
About Namaste Technologies Inc.
With headquarters in Toronto,
ON, and offices in both B.C. and around the globe, Namaste
Technologies is a 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.
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
NamasteVapes.ca
Everyonedoesit.ca
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 and its ability to
increase revenue in the Canadian marketplace through the sale of
recognized, high quality and premium brands, the size and
importance of the Cannabis 2.0 market as a revenue generator for
CannMart, and the Company as a whole, the importance of being
licensed to sell products throughout the Company's network of
government partners and retailers management's perceptions of
IGNITE and its standing in the cannabis industry, the expectation
by management that IGNITE's brand awareness among Namaste's
existing and new customer base will driver sales, 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, the Company's inability to achieve
anticipated sales results through its exclusive relationship with
IGNITE, the failure of the Cannabis 2.0 market to develop as
anticipated, consumer reception to premium brands and recognition
of trademarks being lesser than expected, risks related to the
Cannabis industry in general, and risks relating to the market
price of Namaste common shares. Additional risk factors can also be
found in the Company's current MD&A which has 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.