Namaste Announces Supply Agreement with Kief Cannabis
VANCOUVER, Aug, 29, 2018 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has signed a wholesale supply agreement (the "Supply Agreement") with Manitoba-based, late-stage ACMPR applicant, Kief Cannabis Company Ltd. ("Kief Cannabis" or "kiefcannabis.ca"). Under the terms of the Supply Agreement, Namaste will purchase bulk cannabis products under the Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart") to offer in its online platform.
Kief Cannabis is focused on developing high-quality artisan-crafted cannabis products with a specific focus on the best plant genetics and a refined production process that is designed to deliver high-grade, small-batch craft product. Kief Cannabis will focus on the high-end recreational market with premium quality cannabis. Through the Supply Agreement with Namaste, Kief Cannabis will position in itself for national exposure by offering its products through Cannmart's online marketplace and in having their products for sale along with other leading Canadian cultivators who are participating in Namaste's platform.
With NamasteMD's ("NamasteMD.com") patient database growing at an exponential rate, and with Cannmart's sales license imminent, the Company has successfully secured guaranteed supply through agreements with its cultivation partners. Due to its rapid and accelerating growth rate, NamasteMD's clinic team has expanded to accommodate the influx of patient consultations. Namaste has already established itself as the largest global online marketplace for cannabis consumption devices and has over 1.5 Million customers globally. The Company has developed and uses industry leading e-commerce technology including on-site AI through its wholly owned subsidiary, Findify AB ("Findify.io"), that personalizes the online user experience for every customer.
Cannmart's platform, following the same strategy will offer patients access to the largest variety of cannabis products sourced from multiple vendors in a single location. With innovations like NamasteMD, Findify and Cannmart's online platform, the Company has created a fully-integrated patient experience from prescription to delivery. Cannmart will be one of the first online retailers to offer same-day delivery service through its partner, Pineapple Express Delivery Inc. ("Pineapple Express"), starting with the Greater Toronto Area (GTA) and expanding across the country. This Supply Agreement represents further progress in Namaste positioning itself as Canada's leader for cannabis e-commerce and technology. The Company has received immense support from its cultivation partners that validate Namaste's platform and strategy.
Management Commentary
Jesse Denton, CEO of Kief Cannabis comments: "Namaste has positioned itself very strategically to become Canada's top cannabis retailer online and their business model is supported by their success in e-commerce both in Canada and international markets. I'm very pleased for Kief Cannabis to be aligned with such a major player, and look forward to a long-term working relationship with the Namaste team."
Sean Dollinger, President and CEO of Namaste comments: "We're very pleased to announce this Supply Agreement with Kief Cannabis. We've spent significant time in discussion with their team and believe strongly in our ability to market and sell craft cannabis brands in our platform. We believe that consumers should have access to the best selection of high quality product and we're focused on building relationships with craft brands like Kief Cannabis who will create more value for our patients online.
Ultimately, everything we're doing is focused on creating a personalized and amazing user experience. All of the technology we've developed has been centered around this concept. The more value we can bring to our customers, whether through NamasteMD, AI integrations or the best possible customer service, Namaste has years of experience operating in the online market and that is what I believe sets us apart from our competitors.
We're also very proud that our cultivator partners across the country see value in Namaste's platform and marketplace. We believe that the online market for medical and recreational cannabis will evolve rapidly in Canada and that Namaste is well-positioned with extensive expertise to be the number one online platform for everything cannabis not only in Canada but globally."
About Kief Cannabis
Kief Cannabis was established as a corporation in December of 2013 under the laws of the Province of Manitoba with the goal of producing and delivering craft-style cannabis to the Canadian marketplace. On March 16, 2018, Health Canada provided a Confirmation of Site Readiness letter to Kief Cannabis, and the company has been recognized by the Liquor and Gaming Authority of Manitoba (to be renamed the Liquor, Gaming and Cannabis Authority of Manitoba) as an upcoming supply chain within the Province of Manitoba.
Kief Cannabis is comprised of passionate and determined individuals who will strive: i) to collectively provide exceptionally high quality small-batch craft cannabis strains to recreational users across Canada; and ii) to create an environmentally-friendly, socially responsible and Canadian-owned company. The initial product line will consist of internationally exclusive and rare strains of cannabis and oils, with the intent to expand into vape-pens, rosins and edible products as they become legal in Canada. Kief Cannabis' unique variety of cannabis strains will appeal to those seeking a more exclusive, premier product with a small-batch craft feel.
Kief Cannabis is currently in its Series A funding stage and intends to raise the capital needed to complete the construction of a state-of-the-art cultivation facility located in Selkirk Manitoba. Once completed, Kief Cannabis shall utilize refined procedures throughout the entire production process to develop exceptionally high-grade products for its end-users.
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 the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, 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:
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. The TSXV has neither reviewed nor approved the contents of this press
SOURCE Namaste Technologies Inc.
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