Namaste Announces Binding Agreement to Acquire an Additional Equity in Pineapple Express Delivery for 49% Total Ownership

Namaste Announces Binding Agreement to Acquire an Additional 34% Equity in Pineapple Express Delivery for 49% Total Ownership

Namaste Technologies Inc. (“Namaste” or the”Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is very happy to announce that the Company has entered into a share purchase agreement (the”Agreement”) to acquire common shares in Pineapple Express Delivery Inc. (“Pineapple Express”) and an affiliated entity, representing an additional 34% equity in exchange for such number of common shares of Namaste with an aggregate value of approximately $3.06 Million (the”Transaction”). Upon completion of the Transaction, Namaste will have 49 percent of the common shares of Pineapple Express.

The provider’s strategy to invest in innovative companies which bring value to the organization and to the market is supported by namaste’s Deal with Pineapple Express. Namaste considers that same-day delivery for recreational and medical cannabis through Pineapple Express’ platform will provide patients and consumers with added-value and the Company looks forward to the growth of the platform across Canada.

As reported in the Company’s June 13, 2018 news release, Namaste entered into a subscription agreement to acquire 15% of the issued and outstanding shares of Pineapple Express (the”Subscription Agreement”).

Under the conditions of the Subscription Agreement, Namaste has the right to acquire an additional 10% of the ordinary shares of Pineapple Express for a period of 14 months (the”Option”).

Pineapple Express supplies a same-day delivery service platform for recreational and medical cannabis to licensed manufacturers across Canada.

Highlights of this Transaction:

  • Namaste will issue shares in accordance with the Agreement, based on the closing price on the TSX Venture Exchange on Friday December 14th, 2018.
  • Pineapple Express management team maintain financial and operational control of the business.
  • The Transaction is subject to the receipt of certain stock market approvals and the satisfaction of other conditions customary in transactions of this sort.

Pineapple Express is a same-day delivery platform for medical cannabis and has established services in Ontario and Manitoba, with plans. Namaste’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”) has also recently launched same-day delivery services to its patients through Pineapple Express. The Company has been delighted with the initial roll-out of Pineapple Express delivery services and in supplying its services.

Namaste stays focused on developing and acquiring technology platforms that bring value. This Agreement represents a significant milestone for the Company in diversifying its investments in innovative companies, while at the same time having the ability to offer valuable services for its medical patients. By enhancing the user experience namaste’s goal is to evolve the current landscape for retail cannabis products. The Company will continue to seek opportunities to develop and invest in technology platforms and in expanding its offering. 

Randy Rolph, President and CEO of Pineapple Express comments:”We’re extremely excited to be deepening the connection between Pineapple Express and Namaste. Our management staff and I look forward to getting our vision is supported by Namaste for the company’s future development. We’re confident that our same-day delivery platform will offer value to both healthcare patients and recreational customers across Canada.”

Sean Dollinger, President, and CEO of Namaste remarks:”We’re very happy to announce adding to our position in Pineapple Express, an innovative company with a strong management team focused on providing exceptional service. We are currently excited about their growth throughout Canada and are offering delivery services in Toronto through Pineapple Express. We believe strategic investments in technology and service companies like Pineapple Express will drive innovation and provide value for the Company. I’m also personally excited about joining Pineapple Express’ board of directors and in offering value to their group.”

Pineapple Express’ management staff has over 10 years of experience offering same-day 60-minute delivery services in a number of industries across Canada, and has successfully integrated with Ample Organics Inc., Canada’s top seed-to-sale medical cannabis program platform. Pineapple Express delivers a personalized experience for its to facilitate same-day delivery of medical cannabis throughout the nation. Pineapple Express is dedicated to providing patients with a fully integrated, easy to use, same-day delivery platform that it considers brings great value to health patients throughout the country. To learn more visit: www.pineappleexpressdelivery.ca

Namaste Technologies is trade & Your Everything Cannabis Store;. Namaste operates the largest cannabis e-commerce platform with more than 30 sites. Namaste’s product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products and medical cannabis in the Canadian market thorough its licensed affiliate, CannMart.com.

Namaste has developed and obtained innovative technology platforms including NamasteMD.com, a telemedicine application which facilitates online consultations for medical cannabis, and in May 2018 the Company obtained a top 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 using its technologies to enhance the user experience.  Namaste will continue to develop and acquire innovative technologies that will provide value to the organization and to its shareholders and to the wider cannabis industry.

Chief Executive Officer

Direct: +1 604-355-6100

Email: info@namastetechnologies.com

Additional 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
All statements contained herein that are not historical in nature may constitute forward-looking information. Sometimes, forward-looking information can be identified by words or phrases such as”may”,”will”,”expect”,”probably”,”should”,”would”,”plan”,”anticipate”,”intend”,”potential”,”proposed”,”estimate”,”believe” or the negative of those terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions”may” or”will” occur, or by discussions of strategy.

The forward-looking information contained in this press release, includes, but is not limited to, statements with respect to: the completion of the acquisition of the shares of Pineapple Express, the exercise of this Option, the business’s future investments, trades and plan and the jurisdictions in which the Company may operate. Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, in addition to other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that these expectations will prove to be correct.

By their nature, forward-looking information is subject to inherent risks and uncertainties that may be specific or general and which contribute to the possibility that expectations, forecasts, predictions, projections or decisions won’t prove to be accurate, that assumptions might not be correct and objectives, strategic goals and priorities won’t be achieved. An assortment of factors, including known and unknown risks, many of which are outside our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, but not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects that have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; dependence direction; requirements for additional funding; competition; inconsistent public opinion and perception concerning the medical-use and adult-use marijuana industry; and political or regulatory change. Additional risk factors can also be found in the business’s present MD&A and annual information form, both of which have been filed on SEDAR and can be retrieved in www.sedar.com.

Readers are cautioned to consider these and other factors, uncertainties and events carefully and not to put undue reliance on forward-looking information. The forward-looking data contained herein is made as of the date of the press release and is based on the beliefs, estimates, expectations and opinions of management on the date these forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to clarify any material difference between subsequent real events and these forward-looking information, except as required by applicable law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of the press release.

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Published at Mon, 17 Dec 2018 13:34:14 +0000

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