Cannmart Signs Supply Agreement With Rocky Mountain Marijuana Inc. Including a 20% First Right of Refusal
VANCOUVER, Oct. 29, 2018 /CNW/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”), has signed a medical cannabis supply agreement (the “Agreement”) with RMMI Corp.’s (CSE: RMMI) wholly-owned subsidiary, Rocky Mountain Marijuana Inc. (“RMMI”), whereby Cannmart will purchase medical cannabis from RMMI to offer in its online platform. Subject to the terms of the Agreement, Cannmart will have the right of first refusal (“ROFR”) on 20% of RMMI’s gross production.
Cannmart holds the first “sales-only” license to be issued to a non-cultivator. Cannmart’s goal is to offer a unique selection of high-quality cannabis products sourced from Licensed Producers across Canada. This strategy is the cornerstone of Cannmart’s business model which is focused on enhancing the user experience and offering industry-leading customer support. The Agreement with RMMI which includes the 20% ROFR is important to the Company as it guarantees products for our patients and strengthens Cannmart’s supply chain. Subject to the terms of the Agreement, Cannmart will purchase packaged, pre-labeled and tested products from RMMI to offer through its online platform.
With virtually hundreds of new cultivators in various stages of the application process, Cannmart will provide a platform whereby all licensed producers can offer their products in a competitive marketplace. As the industry evolves, Namaste’s management team is confident in its ability to set itself apart as a true innovator in cannabis e-commerce.
Further to the Company’s Oct 29th press release which outlined terms of a Patient Acquisition Agreement with Buds2go.ca, whereby Buds2go.ca is a highly-ranked website with strong organic search traffic and a database of over 50,000 users, the Company has seen and anticipates rapid expansion of its patient database through the Company’s wholly-owned subsidiary, NamasteMD Inc. (“NamasteMD”). NamasteMD is an online platform for patient consultations which drives traffic through to Cannmart. The Company is focused on securing additional supply agreements with licensed producers that will ensure supply during a period where the industry is experiencing a supply shortage.
Earl Connors, President and CEO of RMMI comments: “We are extremely pleased to have been chosen as a supplier to Cannmart. RMMI’s goal of supplying the highest quality, organic-quality cannabis products by “Blending Science with Nature” and using industry-leading aeroponics cultivation systems, complements Namaste’s approach to employing excellent technology to best serve its rapidly-growing customer base. RMMI looks forward to exceeding Cannmart’s expectations and expanding its relationship with Namaste.”
Sean Dollinger, President and CEO of Namaste comments: “We’re pleased to announce this Agreement with RMMI and have a lot of confidence in their management team. Having now received Cannmart’s sales license and with the closing of our bought-deal financing, we believe that we are in a strong position to execute our strategy of creating Canada’s leading cannabis e-commerce platform. By leveraging our technology platforms, expertise in e-commerce and incredible customer service, our focus is on providing a unique and personalized user experience.”
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce 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 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.