~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) (FRANKFURT:
M5BQ) (OTCMKTS: NXTTF), 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.
"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:
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, 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.