Cannmart announces Craft Cannabis Program with Cannabis Compliance Inc. and Micro Cultivator Supply Agreement

Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is very happy to announce the launching of its Craft Cannabis Program using its preferred regulatory partners, Cannabis Compliance Inc. (“CCI”). The program is meant to provide support for craft cultivators that will apply for a micro-cultivator or micro-processor license under the Cannabis Act (“Micro Cultivators”). Namaste’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”) has initiated a program that provides both regulatory and financial aid to Micro Cultivators in exchange for a Supply Agreement with the right of first refusal (“ROFR”) on 100 percent of the production. Cannmart will launch a Craft Cannabis section on its site which will offer patients access to a huge range of cannabis products sourced from producers that are small-batch.

Namaste Technologies Inc. (CNW Group/Namaste Technologies Inc.)

Each Micro Cultivator will be allowed to grow cannabis up to 200 square meters (2152 square feet) of total canopy space. Each Micro Processor will be allowed to process up in their facility to 600kg of cannabis. Cannmart provides its patients with access by securing Supply Agreements with Micro Cultivators. The Craft Cannabis Program of cannmart provides value for prospective Micro Cultivators not just by providing a sales channel directly to consumers but also by providing financial and regulatory aid, with exposure and a healthy margin. Craft growers across the country are now allowed to apply under the Cannabis Act’s regulations. As part of the Craft Cannabis Program, Micro Cultivators will have access to;

  • Regulatory service through its preferred partners at CCI
  • Supply Agreements with a 100 percent ROFR with prices based on fair-market value
  • Reimbursement up to $100,000 per Micro Cultivator for regulatory compliance costs
  • Brand vulnerability through an e-commerce market and earnings across Canada
  • exposure to recreational and international markets

Further to the Company’s May 2018 news release, Namaste acquired 51% of the issued and outstanding shares of 2624078 Ontario Inc., previously Infinite Labz (“Cannmart Labs”), which is being designed as a purpose-built oil extraction facility right across the road from Cannmart. Micro Cultivators and Processors that combine the Craft Cannabis Program will have access to generate various kinds of cannabis extracts and oils for resale through both recreational and medical channels. Each Micro Cultivator and Processor that brings multiple strains to Cannmart’s platform will produce product variants which range from dry flower types and quantities to extracts, pre-rolls, cartridges, and edibles (subject to regulatory compliance and regulations in Health Canada), providing Cannmart the ability to expand its product offering quickly.

The Company is also happy to note that Cannmart has started the process of its application for Good Manufacturing Practices (“GMP”) certification, with the intent of facilitating the export of medical cannabis products to the UK and EU in ancient 2019. Cannmart’s product offering, together with GMP certification and its existing platform in the UK will offer licensed manufacturers and Micro Cultivators with possible access not just to international markets. Namaste is focused on the growth of medical cannabis sales in global markets in which it currently maintains a powerful presence, like the UK and Australia. GMP certification is a requirement for export of medical cannabis products to the EU and for the United Kingdom.

The Company recently co-hosted a Craft Cannabis conference with Cannabis Compliance Inc. in Nelson, BC and is very happy to report that Cannmart has signed its original Micro Cultivator/Processor Supply Agreement. The Company anticipates signing up over the next several weeks to 10 agreements with craft growers in the Kootenay area. With each Micro Cultivator being allowed to create up to 600kg of merchandise, 10 agreements would represent the potential for up to 6000kg of premium cannabis for Cannmart annually and a potential revenue stream of up $72,000,000 annually, based on a retail price of $12 per gram for premium product. The Company anticipates securing a minimum of 10 additional Supply Agreements during its event in Victoria, BC. Cannmart will be focused on securing Supply Agreements with Micro Cultivators, beginning in British Columbia and across Canada over the next several months.

To Learn More on the Craft Cannabis Program please email Info@NamasteTechnologies.com

Deepak Anand, Vice President of Government Relations and Business Development for CCI comments: We are excited to be working with Cannmart and their craft growers on this important initiative to have them licensed under Health Canada’s newly launched regulations as outlined within the Cannabis Act.”

Sean Dollinger, President, and CEO of Namaste remarks:”We’re very enthusiastic about this initiative. We hosted and we’re anticipating Supply Agreements from some of these craft growers over the next few weeks. Our platform provides exposure for growers which aren’t looking to get their products marketed and white labeled through wholesale channels. Cannmart’s platform is direct-to-consumer meaning we can offer fair pricing for craft growers, a new sales channel, and by providing financial support for their Micro Cultivator software, we are securing a guaranteed supply of premium excellent craft cannabis for our future.

We’ll be co-hosting our next Craft Cannabis Conference in Victoria, BC on November 26th, 2018 with Cannmart and CCI and look forward to further success in this exciting program. We would like to invite all craft growers in the area to join and learn about the regulatory process to apply for and receive a Micro Cultivator license and to discuss opportunities with Cannmart.”

About Cannabis Compliance Inc..
Cannabis Compliance Inc. (CCI) provides risk mitigation, due diligence and regulatory compliance for commercial cannabis manufacturers and resellers around the world. We supply comprehensive and trusted solutions to our customers and focus in the market. CCI exists to empower the leaders in the global cannabis industry.

About Namaste Technologies Inc..

Namaste Technologies is Your Everything Cannabis Store&commerce;. Namaste operates the largest cannabis e-commerce platform with over 30 websites in 20 countries under different brands. The product offering through its subsidiaries of namaste includes vaporizers, glassware, accessories, CBD products, and cannabis from the Canadian market.

Namaste has developed and obtained innovative technology platforms including NamasteMD.com, and in May 2018 the Company obtained a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer purchasing experience. Namaste is focused on leveraging its technology to improve the user experience.  Acquire and namaste will continue to develop innovative technologies which will provide value to its shareholders and to the Company as well as to the broader cannabis market.

On behalf of the Board of Directors

Chief Executive Officer
Direct: +1 604-355-6100
Email: info@namastetechnologies.com
Additional information regarding 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 shouldn’t 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. Although such statements are based on management’s reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information unless required by law, to reflect events or circumstances. Even though the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance shouldn’t be set on the forward-looking statements since the Company can provide 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 the 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 may be seen under the Company’s profile on www.sedar.com. The TSXV has neither reviewed nor approved the contents of the press release.

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Released at Mon, 19 Nov 2018 13:35:25 +0000

Posted in: News

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