Namaste enters into distribution agreement with Lowell Herb Co California's fastest growing cannabis brand to penetrate the Canadian recreational market
VANCOUVER, June 6, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N)(FRA: M5BQ)(OTCMKTS: NXTTF) is pleased to announce that the Company has signed a supply and distribution agreement (the "Agreement") with Lowell Herb Co. ("Lowell Smokes" or "lowellsmokes.com") to launch Lowell Smokes brand of ultra-premium cannabis products for the Canadian recreational and medical cannabis markets. In anticipation of Canada's roll-out of legal recreational cannabis, the Agreement represents a strategic partnership between Namaste and Lowell Smokes to leverage Namaste's resources and Lowell's international brand appeal. Namaste will work with Lowell Smoke's procurement team to source the highest quality cannabis grown with organic methods and facilitate packaging and distribution through the Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart"). Namaste anticipates a strong demand for organic cannabis products as the general consumer market becomes more conscious of the products they consume.
California is considered by many to be the most competitive cannabis brand market in the world. Lowell Smokes has established itself as one of the strongest brand names in California and within the entertainment industry and its ties to Hollywood have played a key role in supporting the brand and making it ideally suited for international expansion. In a recent BDS Analytics report, Lowell Smokes ranked as the #1 pre-roll brand in California amongst over 50 other brands listed, with an impressive 12% market share. Lowell Smokes is in over 250 top dispensaries across the entire state of California. With celebrities like N.O.R.E, Snoop Dogg, Jimmy Kimmel, Sarah Silverman, Bella Thorne, Bria Vinaite, Sasha Lane and dozens of others talking about the brand and posting content on social media, this Agreement will bring great value to Namaste and its shareholders.
With the impending roll-out of recreational cannabis in Canada, the Company believes that over time, the commoditization of Cannabis will require companies to become more innovative in branding and marketing to differentiate themselves. Namaste will continue to pursue strategic partnerships where the Company can leverage their e-commerce and technology platform to provide value to brands like Lowell Smokes.
Terms of the Agreement
- Namaste will secure supply of high-quality cannabis and produce Lowell Smoke's branded products on-site at Cannmart.
- Lowell Smokes will provide packaging and branding guidelines, in compliance with Health Canada regulations.
- Lowell Smokes will pay a monthly rental fee that will include storage and overhead costs to Cannmart.
- Lowell Smokes will pay Namaste a 5% royalty fee for all wholesale orders sold through Cannmart.
- Lowell Smokes will provide Namaste with wholesale prices for non-cannabis products that will be sold through Namaste's e-commerce platform.
MANAGEMENT COMMENTARY
David Elias, President and CEO of Lowell Herb Co comments; "We are thrilled to announce our partnership with Namaste. Lowell Herb co is the fastest growing cannabis brand in California, and we believe that there is a massive opportunity for our brand internationally. Working with Namaste, we are confident that they are the perfect partner to help us enter the Canadian market. They have a unique offering, and they are solid operators with deep domain expertise in eCommerce."
Sean Dollinger, President and CEO of Namaste Technologies comments; "We believe the strength of the Lowell Smokes brand makes it a perfect brand to be distributed globally. We have seen the sales data in California, the largest and most competitive market in the US, and it's clear that customers love and adore the Lowell brand. We feel confident that the market for organic cannabis products will play an important role for Canadian consumers and that the timing is perfect for Namaste to not only help the team at Lowell take advantage of the opportunity in Canada but also to help them explore the international marketplace.
When we created the platform, our primary focus was on enhancing the customer experience and we built it with brands like Lowell Smokes in mind. We have been long-time fans of the Lowell Smokes brand and we are excited for them to be our first American brand on the platform, as we look to bring our customers the very best products the cannabis market has to offer. We believe expanding our offering will broaden our customer base and help set us apart from our competitors."
About Lowell Herb Co.
The Lowell Herb Co is the fastest growing, most talked about cannabis brand in California and its signature product, Lowell Smokes, a pack of pre-rolls, is currently the number one selling cannabis product in California, available in over 250 dispensaries and for delivery statewide through their partnership with Eaze. Lowell cultivates, and sources flowers grown with only organic fertilizer, never using synthetic pesticides. Vanity Fair recently described Lowell as "The California family of farms that grows organic cannabis for green-minded consumers who value premium goods and sophisticated design." Lowell has been featured in major media outlets including Cosmopolitan, High Times, NPR, Time Out LA, CBS News, Huffington Post, and many others.
For more information on Lowell Herb Co please visit
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com, Canada's first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada's largest database of medical cannabis patients. The company's subsidiary, CannMart Inc. is an ACMPR Licensed Producer pending receipt of a "sales-only" license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. 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.
For more information on Namaste Technologies please visit
NamasteTechnologies.com
On behalf of the Board of Directors
"Sean Dollinger"
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Investor Relations: [email protected]
Further information on the Company and its products can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
NamasteVapes.ca
Everyonedoesit.ca
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. Neither the TSX Venture Exchange nor its market regulator has reviewed or approved the contents of this press release.
SOURCE Namaste Technologies Inc.
Sean Dollinger, Chief Executive Officer, Direct: +1 (786) 389 9771; Email: [email protected]; Investor Relations: [email protected]
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