As of today, starting in the province of Saskatchewan, recreational customers can
purchase cannabis products at CannMart.com without a
prescription.
TORONTO, Sept. 22, 2020 /CNW/ - Namaste Technologies
Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ)
(OTCMKTS: NXTTF) and High Tide Inc. ("High Tide") (CSE:HITI)
(OTCQB:HITIF) (FRA:2LY) today announced that wholly-owned
subsidiaries of each corporation recently entered into a CannMart
Marketplace Agreement pursuant to which High Tide, via Canna Cabana
(SK) Inc. as a licensed retailer by the Saskatchewan Liquor and
Gaming Authority, will make recreational cannabis products
available online exclusively on CannMart.com as a licensee under
Namaste's VendorLink platform for an initial term of one year,
subject to renewals (the "Agreement"). Upon launch, approximately
40 products designated for recreational use will be available to
Saskatchewan-based customers, with
weekly inventory changes and product additions to follow.
The Agreement marks Namaste's entrance into the
direct-to-consumer recreational cannabis market via CannMart.com by
using its new marketplace solution, VendorLink, to facilitate the
sale of cannabis products by licensed retailers. For High Tide, the
Agreement accelerates its growth plans in the province and expands
its customer reach based on CannMart's established e-commerce
business. Customers within the designated region will be able to
shop a diverse catalogue of recreational cannabis products without
the need for a prescription. Conversely, CannMart's medical
customers in Saskatchewan will
have the ability to select and purchase both medical and
recreational products.
"This is a landmark moment for Namaste. I've been grateful for
the opportunity to put all the pieces together to deliver on the
mission that Namaste committed to shareholders over the past years.
We've finally reached the point where they can start to see the
fruition of that mission: to provide the technology and
infrastructure for Canadians to order cannabis safely and reliably
no matter where they are," said Meni
Morim, Chief Executive Officer of Namaste Technologies.
"There are so many choices in the cannabis marketplace and we have
worked tirelessly to integrate our machine-learning technology into
the selection process for consumers and let retailers focus on what
they do best – provide the best in-store experience and let us do
the heavy lifting online. Canada
is the first step and I am excited about what's coming next," added
Mr. Morim.
"This Agreement brings together two complementary enterprises
that are focused on the Canadian cannabis consumer and providing
safe and convenient access to residents across Saskatchewan. We are excited to work with
Namaste and their new VendorLink service to activate a substantial
e-commerce sales channel under Canna Cabana," said Raj Grover,
President and Chief Executive Officer of High Tide. "As the
province with the most business-friendly regulatory framework,
Saskatchewan offers us the
opportunity to leverage our strength as a large cannabis retailer
through strategic partnerships like this one. Further, this
arrangement is nicely aligned with High Tide's goal of achieving
sustainable growth via significant revenue opportunities, without
burdening the company with additional infrastructure or capital
costs," added Mr. Grover.
"Everyone talks about AI, e-commerce, UI/UX and other technology
when it comes to online shopping. We live and breathe
e-Commerce technology and know what matters: the customer, the
vendors, and how they find each other. Our marketplace, VendorLink,
is a matchmaker, much like Uber, Airbnb and Amazon are," said
Chad Agate, Chief Technology Officer
of Namaste Technologies. "We've taken our proprietary technology
developed over the years and delivered an experience where basket
size averages reach $135, which is
more than the current industry average for both in-store and online
purchases. This is the mark of successfully pairing consumers with
products," added Mr. Agate.
This initiative is part of Namaste's overarching goal to
increase its total addressable market, as well as offer customers a
frictionless buying experience on CannMart.com. Licensed cannabis
retailers across Canada interested
in joining VendorLink and expanding their customer base by
establishing themselves on CannMart.com can join the experience by
registering their interest at
https://cannmart.com/sell-on-cannmart.
About High Tide
High Tide is a retail-focused a retail-focused cannabis
corporation enhanced by the manufacturing and distribution of
cannabis lifestyle accessories. Its premier Canadian retail brand
Canna Cabana spans 34 locations in Ontario, Alberta, and Saskatchewan, with additional locations under
development across Canada. High
Tide has been serving cannabis consumers for over a decade through
its numerous lifestyle accessory enterprises including e-commerce
platforms Grasscity.com and CBDcity.com, lifestyle and licensed
entertainment brand manufacturer Famous Brandz, and its
distribution divisions RGR Canada and Valiant Distribution.
High Tide's strategy as a parent company is to extend and
strengthen its integrated value chain, while providing a complete
customer experience and maximizing shareholder value. Key industry
investors in High Tide include Aphria Inc. (TSX: APHA) (NYSE: APHA)
and Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB).
For more information about High Tide Inc., please visit
www.hightideinc.com and its profile page on SEDAR at
www.sedar.com.
About Namaste Technologies
Headquartered in Toronto,
Canada, Namaste Technologies is a leading online platform
for cannabis products, accessories, and responsible education. The
Company's 'everything cannabis store', CannMart.com, provides
medical customers with a diverse selection of hand-selected
products from a multitude of federally-licensed cultivators, all on
one convenient site. The Company also distributes licensed and
in-house branded cannabis and cannabis derived products to
recreational consumers in Canada
through a number of provincial government control boards and
retailing bodies and online in Saskatchewan. Namaste's global technology and
continuous innovation address local needs in a burgeoning cannabis
industry requiring smart solutions.
namastetechnologies.com
cannmart.com
namastemd.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur and include, but are not limited to,
statements regarding Namaste's goal to increase its total
addressable market, its potential plans in the future via
VendorLink or otherwise and its plans to add new products for sale.
These statements are only predictions and are made as of the date
of this news release. Various assumptions were used in developing
the forward-looking statements throughout this news release which
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 expected
interest of vendors to sign up on VendorLink and the Company's
ability to increase its product offering, as well as other
considerations that are believed to be appropriate in the
circumstances. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking
statements. Such factors include, without limitation: risks
relating to the Company's ability to execute its business strategy
and the benefits realizable therefrom, and risks specifically
related to the Company's operations. Additional risk factors can
also be found in the Company's annual information form 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 news release.
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SOURCE Namaste Technologies Inc.