Namaste Receives ACMPR Medical Cannabis Production License
VANCOUVER, British Columbia, March 16, 2018 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRA:M5BQ) (OTCMKTS:NXTTF) is pleased to announce that its wholly owned subsidiary, Cannmart Inc. (“Cannmart”) has received its Access to Cannabis for Medical Purposes Regulations (“ACMPR”) Production License (the “License”). Under the guidelines set forth by Health Canada, Cannmart may now place initial orders with ACMPR licensed producers. Upon receipt, packaging and testing of the initial shipments of medical cannabis, the Company is then required to demonstrate compliance with standard operating procedures (“SOPs”) and other ACMPR regulatory requirements with Health Canada. Once these objectives have been achieved and following an initial inspection, Cannmart will be able to book a Pre-Sales License Inspection after which the Company will be eligible to receive its ACMPR Sales License. Cannmart believes it is well prepared and confident in its ability to execute and complete the final steps towards receiving its Sales License in a timely manner.
If Cannmart receives its Sales License, Cannmart will then operate as one of the first aggregators of medical cannabis, sourced from handpicked ACMPR licensed producers. The Company has identified the need for a competitive landscape where patients have the ability to access a larger variety of medical cannabis strains and oils, without the need to change licensed producers. Through a combination of strategic service and supply agreements, Cannmart will be well-positioned to provide Canadian patients with access to a wide range of medical cannabis products through the most diverse online platform in the Canadian cannabis market. Namaste acquired Cannmart as a late-stage ACMPR applicant, with the intention of creating Canada’s most expansive marketplace for medical cannabis. The receipt of the Production License represents a significant milestone for the Company and will help to propel Namaste to become one of Canada’s leading e-commerce retailer of medical cannabis.
Namaste currently operates one of the largest global e-commerce platforms for cannabis delivery devices and plans to leverage its technology and consumer data with the end goal of acquiring medical patients. In order to facilitate growth at an accelerated rate, the Company plans to utilize its recently launched mobile application under its wholly owned subsidiary, NamasteMD Inc. (“NamasteMD”). This revolutionary medical cannabis app is Canada’s first virtual patient consultation portal to be approved by Apple and Google to be used on both iOS and Android devices. NamasteMD will serve the company as a patient acquisition tool, allowing patients to connect with doctors and nurse practitioners in a safe and secure online environment from the comfort of their homes. NamasteMD was designed to streamline the patient onboarding process in comparison to traditional brick-and-mortar clinics.
With receipt of the production license, Namaste now expects to execute on its overall vision of becoming an all-inclusive online cannabis marketplace and creating a platform that consolidates many of the best product offerings by the top ACMPR Licensed Producers in Canada. Namaste believes it can now deliver on its promise of providing patients with a true “one stop shopping” experience. Namaste will continue creating strategic partnerships through various agreements in attempt to innovate in the Canadian medical cannabis industry.
Further to this news release, Namaste will host a special edition Namaste Live420 on the Company’s YouTube channel, on Monday, March 19th, 2018 at 8:30 AM EDT to discuss and answer shareholder questions.
Management Commentary
This important milestone represents an incredible achievement for Namaste and its shareholders. Receipt of the ACMPR Production License not only validates Namaste’s strategy but it serves as a critical component of the Company’s anticipated growth moving forward. We are very proud to have met our goal of receiving our ACMPR medical cannabis Production License from Health Canada as we look to explore the tremendous opportunities that exist in the Canadian cannabis market.
Sean Dollinger, President and CEO of Namaste
While we are excited with this achievement, management remains highly focused on completing the final protocols set forth by Health Canada and plan on executing the final steps towards receiving our “Sales Only” License. If the Sales Licence is received, we fully intend on leveraging our data and technology through our global network of operations where we believe we will be well-positioned to implement the same strategy in other legal markets where the Company has established strong market share.
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and with distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis sales (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
