Namaste announces its intent to launch recreational dispensaries through Cannmart and Infinite Labz
VANCOUVER, Oct. 26, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that subject to the proposed legislation outlined by the Province of Ontario, that the Company intends to launch recreational cannabis dispensaries through its wholly-owned subsidiary, Cannmart Inc. ("Cannmart") and through its partnership with 2624078 Ontario In. ("Infinite Labz").
Both facilities are located within approximately 5km from Pearson International Airport. With over 47 million passengers through the airport annually, Cannmart and Infinite Labz will provide travelers with a convenient location within minutes from the airport that will offer a variety of cannabis products sourced from multiple vendors.
Cannmart is the first sales license which has been issued to a non-cultivator of cannabis in the Canadian market (the "sales-only" license). This allows Cannmart to offer a variety of cannabis products sourced from multiple license producers in a single platform. While the Company is focused on creating an online marketplace for medical cannabis, it has at the same time recognized the value of Cannmart and Infinite Labz locations and intends on launching physical dispensaries catered towards the recreational market.
Further to the Company's May 10th, 2018 news release, Namaste acquired 51% of the issued and outstanding shares of Infinite Labz, which will be a purpose-built oil extraction facility incorporating leading extraction technology. Infinite Labz will offer a variety of products and brands to be sold to both the medical and recreational markets. Namaste anticipates an accelerated demand for cannabis oils, and Infinite Labz will be a dedicated facility designed specifically for the production of oil and other products such as gel-caps, tinctures, pre-filled cartridges and edibles, as they become available on the market
The Company has also secured agreements strong US brands like Lowell Herb Co. ("Lowell Smokes") and Airo Brands Inc. ("Airo") to produce pre-rolls and pre-filled vaporizer cartridges subject to regulatory compliance. These brands, which are already established will be produced and distributed by the Company through Infinite Labz and Cannmart in the Canadian market. Both Lowell Smokes and Airo brands products will be made available through the dispensary locations along with a variety of other cannabis products which will be offered through Cannmart and Infinite Labz.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: "We're looking forward to launching recreational dispensary locations in both facilities. Cannmart and Infinite Labz will each have unique product offerings that will provide value for both medical patients and recreational users. With our location being so close to the airport, we anticipate seeing a strong demand for a recreational dispensary model. While we have been focused on developing our online marketplace for medical cannabis, we recognize and intend on taking advantage of strong opportunities in the recreational market."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis ecommerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and medical cannabis through its wholly owned subsidiary CannMart in the Canadian market. Namaste has developed and acquired innovative technology platforms including NamasteMD.com, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
"Sean Dollinger"
Chief Executive Officer
Direct: +1 604-355-6100
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
Forward-looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements regarding the final acceptance of the TSXV, the listing of the Warrants, and use of proceeds, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Namaste Technologies Inc.
Sean Dollinger, Chief Executive Officer, Direct: +1 604-355-6100, Email: [email protected]
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