NAMASTE RECEIVES ACMPR MEDICAL CANNABIS PRODUCTION LICENSE
March 19 2018 - 8:15AM
InvestorsHub NewsWire
Vancouver, British Columbia, Canada -- March
19, 2018 -- InvestorsHub 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
platform 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 via the
link below, on Monday March 19th, 2018 at 8:30 AM EST to
discuss and answer shareholder questions.
Management Commentary
Sean Dollinger, President and CEO of Namaste
comments; “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. 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.
On behalf of the Board of Directors
“Sean Dollinger”
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: info@namastetechnologies.com
Further information on Namaste and its products can be
accessed through the links below:
namastetechnologies.com
namastevapes.ca
everyonedoesit.ca
namastevaporizers.co.uk
everyonedoesit.co.uk
australianvaporizers.com.au
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
harbour provisions of the Private Securities Litigation Reform Act
of 1995. The Canadian Securities Exchange has neither reviewed nor
approved the contents of this press release.
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