~Choklat, with 49% ownership stake held by
Namaste, now preps for product launch and with new Cannabis product
SKUs~
TORONTO, Jan. 13, 2020 /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 Choklat Inc.
("Choklat"), an Alberta-based craft chocolate manufacturer and
chocolatier in which Namaste holds a 49% equity position, has
received a processing license from Health Canada to produce a line
of chocolate bars, drink mixes and infused sugar.
"Receiving the processing license from Health Canada is a
significant achievement and milestone," said Brad Churchill, CEO of Choklat. "We look forward
to introducing our cannabis infused product line, products with a
pure chocolatey taste with no aftertaste, across Canada leveraging the extensive B2B sales
channels that CannMart Inc. has built. Our high-quality cannabis
infused bars and beverages will be based on our own chocolate
recipe made from a special cocoa bean sourced from the jungles of
South America. This is an exciting
time for Choklat, CannMart and Namaste as we enter the competitive
cannabis 2.0 landscape."
"Brad Churchill is a true pioneer
when it comes to the actual production of chocolate, and he is now
applying his extensive experience and passion to produce high
quality cannabis-infused chocolates," said Meni Morim, Chief Executive Officer
at Namaste Technologies Inc. "We believe there is pent up
demand for cannabis-infused edible products on a national scale.
Choklat is one of the first food processors in Canada to
receive its processing license from Health Canada and we expect
their products to be on shelves in March, allowing for the Health
Canada notice period. We invested in Choklat not only to maximize
the significant market opportunity for cannabis-infused edibles but
also because we see Brad as a true craftsman in his trade and the
quality of his products speak for themselves."
The Cannabis Regulations require licenced
processors to submit a notification to Health Canada of their
intent to sell each novel cannabis product in Canada at least 60 calendar days before making
such cannabis products available for sale. CannMart will be
submitting up to 11 unique product SKUs to Health Canada for the
new derivative product formats that the Company intends to offer
for sale beginning in March. New products are expected to include
dark, white and milk chocolate bars, chocolate-based beverages
and infused sugar, that have been formulated, developed and
packaged to meet the regulatory requirements set out by Health
Canada. These new product formats will be added to Namaste's
e-commerce website CannMart.com and offered through provincial
cannabis stores in authorized markets.
What sets Choklat apart from other chocolatiers is that Choklat
imports premium cocoa beans in the world, then roasts, grinds and
refines them on-site into chocolate that meets exacting taste
specifications. Creating the chocolate allows for complete control
over the quality and taste of the final products which Namaste and
Choklat believe provides an advantage over competitors. Namaste,
CannMart and Choklat are all about treating customers with respect
and integrity and using only the highest quality products and
natural ingredients.
Choklat has existing sales of non-infused products through both
its online e-commerce site and a network of distributors across
Canada. The chocolate manufacturer
has experienced significant expansion while preparing for the
legalization of edibles and has non-infused products available in
over 150 retail outlets across Canada, including an increasing number
of Safeway and Sobeys stores in Western Canada. Choklat has also applied for
and received its FDA number for the sale of non-infused
chocolate bars in the United
States.
About Choklat
Choklat is a team focused on offering
decadent confections with a quality of flavour that is beyond
reproach. At the same time, Choklat strives to bring honesty and
integrity to an industry that for so long has masked cheap
chocolate with expensive ribbons, boxes, bows, and then a good
solid kick to your wallet. Chokalt will kick your wallet a bit too,
however, Choklat spends its money intelligently on ingredients
rather than packaging. After all, nobody eats the box! For
more information visit Choklat.com.
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. 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 belief of Namaste and
Choklat that Choklat receiving its processing license represents a
significant achievement and milestone, Choklat's ability to
leverage the B2B sales channels CannMart Inc. has built, Namaste's
beliefs regarding demand for cannabis-infused edible products on a
national scale and the market opportunity such demand represents,
the type of new products which will be offered and the anticipated
timing of the availability of these products, Namaste's beliefs
regarding Mr. Churchill's skills and abilities in his trade, the
belief of Namaste and Choklat that the type of cocoa beans used and
the process for refining them develops a chocolate which provides
an advantage relative to competitors, 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.