NAMASTE ANNOUNCES LOI WITH
SUPREME PHARMACEUTICALS
Vancouver, British Columbia, Canada -- December 18th --
InvestorsHub NewsWire -- Namaste Technologies Inc.
("Namaste" or the "Company")
(CSE:
N) (FRANKFURT: M5BQ)
(OTCMKTS: NXTTF) is pleased to announce a
Letter of Intent (the "LOI") with Supreme
Pharmaceuticals Inc. ("Supreme") (TSXV:FIRE)
(OTCMKTS:SPRWF).
The LOI, signed by Supreme's wholly owned subsidiary, 7ACRES, and
Namaste's wholly owned subsidiary, Cannmart Inc.
("CannMart"), provides that Supreme will supply
CannMart with a premium range of high quality dried cannabis flower
which will be offered in the Company's medical marketplace. Supreme
is focused on producing high quality cannabis through a commitment
to carefully curated genetics, quality focused cultivation
practices and a post-harvest process that includes a 14-day whole
plant drying process and hand finishing of each flower. Under the
terms of the LOI, Namaste has committed to work with Supreme as a
preferred vendor as related to possible branded partnerships, in
addition to supply for Namaste's in-house branded medical cannabis.
All Supreme cannabis will bear the 7ACRES producer's mark. Namaste
believes that Supreme's Business to Business (B2B) distribution
model fits well with Namaste's focus on becoming Canada's leading
online retailer for medical cannabis.
Other terms of the LOI include:
- Purchase orders to be submitted accompanied by terms and
conditions governing the purchase and sale of medical cannabis in
accordance with Canada's Access to Cannabis for Medical Purposes
Regulations ("ACMPR")
- All products sold by 7ACRES to CannMart will be in accordance
with ACMPR, 7ACRES Standard Operating Procedures (SOP) and GMP
Practices
- 7ACRES will provide all product descriptions and photography to
be used with respect to the sale of 7ACRES products through
CannMart
- CannMart will display 7ACRES trade-mark on all packaging in
connection with the sale of any 7ACRES products through CannMart's
website
- 7ACRES shall be CannMart's preferred supplier of premium dried
cannabis flowers as it relates to celebrity endorsements in
partnership with CannMart and Namaste
- All shipping costs shall be borne by CannMart
The LOI represents further progress for Namaste in securing this
supply agreement with one of Canada's leading producers of premium
quality cannabis. Namaste will focus on offering the largest
variety of medical cannabis products, sourced from both domestic
and international licensed producers. Management feels strongly
that the Company's relationship with Supreme will offer great value
with Supreme's focus on cultivation while Namaste intends to become
Canada's largest online retailer for medical cannabis through the
implementation of its telemedicine application, NamasteMD, built as
a patient acquisition tool for Namaste to leverage its growing
database of Canadian site visitors and offering an extensive
variety of medical cannabis products to CannMart's patients.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: "We are
very pleased to be working with Supreme, who we believe to be one
of the top Canadian producers of premium quality cannabis. Our goal
is to create an online marketplace for our patients that will offer
a variety of products sourced from various licensed producers in
Canada and overseas. We believe that our relationship with Supreme
will be of significant value as their business model fits well with
ours. Thanks to Supreme's management team for their support and we
look forward to launching medical cannabis sales through CannMart
in the early new year."
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
"Sean Dollinger"
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: info@namastevapes.com
Further information on the Company and its products can be
accessed through the links below:
www.namastetechnologies.com
www.namastevaporizers.com
www.namastevaporizers.co.uk
www.everyonedoesit.com
www.everyonedoesit.co.uk
FORWARD LOOKING INFORMATION This press release contains
forward-looking information based on current expectations. These
statements should not be read as guarantees of future performance
or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements. Although such statements are based on
management's reasonable assumptions, Namaste assumes no
responsibility to update or revise forward looking information to
reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will
prove to be correct. Since forward looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. These statements speak only as of
the date of this press release. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks including various risk factors discussed in the
Company's disclosure documents which can be found under the
Company's profile on www.sedar.com. This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such forward
looking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The CSE
has neither reviewed nor approved the contents of this press
release.