Namaste Technologies subsidiary CannMart receives its medical cannabis license renewal

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) (FRA:M5BQ) said its wholly-owned CannMart Inc subsidiary has received a license renewal from Health Canada for the processing and sale of medical cannabis effective March 11. 

Namaste also noted that CannMart has signed a supply agreement with Sugarbud Craft Growers Corp, paving the way for Sugarbud’s craft cannabis collection to be available to Canadian medical consumers at cannmart.com.  

“We are pleased with the renewal from Health Canada of our licence for standard processing and sale for medical purposes in Canada,” Namaste Technologies CEO Meni Morim said in a statement. 

READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

Morim added: “The CannMart team has done a tremendous job growing our business over the past year as they are focussed on bringing new partners to distribute an increased variety of products to our customers.”

“We look forward to this continued momentum of expanding our business and remain focused on executing our strategy of becoming a global cannabis and wellness organization.”

Namaste Technologies Chief Technology Officer and Vice President of Marketplace Chad Agate also commented on the Sugarbud agreement, stating: “We are pleased to welcome Sugarbud to CannMart.com - another high quality producer recognising the value of our online distribution channel that leverages our VendorLink platform and innovative technology.”

As well, the company reported that it intends to issue a total of 880,144 common shares, at a price of $0.3062 per share, as payment of the second tranche of the purchase price to the vendors under the share purchase agreement for the acquisition of CannMart Labs.

Namaste also said it has a new corporate website, www.namastetechnologies.com, which has been designed to offer a user-friendly experience with improved navigation and functionality, allowing shareholders to access all the information they need, including access to the company’s quarterly and annual financial statements.

Namaste Technologies is a cannabis-focused, e-commerce technology company with a goal of becoming the one-stop-shop for everything a cannabis user needs.

The Toronto-based company, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands. 

In addition to its product offerings of vaporizers, glassware, accessories, and CBD products, the company’s CannMart Inc, is a key part of its operations that sells online medical and recreational cannabis.  

Contact Sean at [email protected]

Story by ProactiveInvestors