Namaste Announces Strategic Investment in 35% and Kief Cannabis ROFR on Supply

Namaste Announces Strategic Investment in Kief Cannabis and 35% ROFR on Supply

Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is very happy to announce that the Company has signed a Subscription Agreement (the”Agreement”), whereby the Company has completed an investment of $250,000 to acquire 46,729 Class B common shares of Kief Cannabis Company Ltd. (“Kief Cannabis”) at a price of $5.35 per share. Namaste’s investment represents approximately 3% of the issued and outstanding shares of Kief Cannabis, according to an $8.1 million valuation.

Further to the firm’s August 29, 2018 news release where Namaste’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart’) signed a medical cannabis Supply Agreement (the”Supply Agreement”) to purchase premium medical cannabis products from Kief Cannabis for sale on its online platform, Cannmart will now also have the right of first refusal (“ROFR”) on 35% of the whole production of cannabis from Kief Cannabis.

This added and investment security of supply bolsters the objective to become Canada’s premier online medical cannabis retailer of Namaste. In September, the business received its accessibility to Cannabis for Medical Purposes Regulations (“ACMPR”) Sale for Medical Purposes licence, the first of its kind to be issued by Health Canada, allowing Canadian customers the ability to purchase medical cannabis from wide range of licensed producers through Namaste’s platform, giving consumers the power of choice rather than having to register with just one LP.

Supply agreements and Investments such as this in high quality craft producers like Kief Cannabis address the issues around choice and product shortage across Canada. Namaste is committed to encouraging the craft grower such as its Craft Program through investments and services to ensure continuing source of new products and the assortment for its customers. Further to the November 19th, 2018 news release, the business has also received a positive response from many craft cultivators that are considering participating in the program.

Namaste has established itself creating the world’s largest online market for cannabis accessories, cannabis, and related products with more than 30 websites in 20 nations. It recently made significant investments in machine learning platforms and AI technology, helping customers to make purchases according to their needs.

Kief Cannabis is a Manitoba-based, late-stage applicant to be a licensed producer subject to the terms of the Cannabis Act. Kief Cannabis is focused on creating craft cannabis products using only the best plant genetics and a production process that will to deliver high quality, small-batch products. Namaste’s financial investment in Kief Cannabis is part of a larger program to boost the development of the craft cannabis marketplace by offering long-term distribution agreements that subsequently benefit the growing number of customers of Cannmart.

Jesse Denton, CEO of Kief Cannabis comments:”The whole team at Kief Cannabis is thrilled to have entered into a strategic relationship with one of the industry’s most forward-thinking businesses. Namaste announcement about the launch of the craft cannabis and micro-cultivator platform will provide great exposure to producers and demonstrates our vision.   

Kief Cannabis is focused on providing artisan crafted cannabis products developed to deliver a premium quality experience. Our driving force is quality above quantity with an emphasis on rare genetics unseen in today’s marketplace.”

Sean Dollinger, President, and CEO of Namaste comments:”We’re very happy to announce this investment to Kief Cannabis. We believe that craft cannabis products will add substantial value to our platform and that many of the strains which we plan to introduce have not yet been seen in the marketplace. By encouraging the craft marketplace and working with, we will bring long term value to the organization and to our patients. Due to Kief Cannabis and their team for understanding the value of what Namaste brings to craft growers and are excited to offer their products to our patients in the future.  

Around Kief Cannabis

Kief Cannabis Ltd. is a late-stage ACMPR craft manufacturer focused on providing rare, sought-after strains of premium-quality cannabis. Kief Cannabis has obtained its Confirmation of Readiness letter and is now working to complete build-out and anticipates receiving its production licence.

About Namaste Technologies Inc..

Namaste Technologies is trade & Your Everything Cannabis Store;. Namaste operates the largest cannabis e-commerce platform with over 30 sites in 20+ countries under various brands. Namaste’s product offering through its subsidiaries includes vaporizers, glassware, accessories, goods that are CBD, and the business will sell medical cannabis.

Namaste has developed and obtained innovative technology platforms including NamasteMD.com, Canada’s first Health Canada compliant telemedicine application, 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 customize a consumer purchasing experience. Namaste is focused on using its technologies to improve the user experience throughout its platforms.  Acquire and namaste will continue to develop innovative technologies which will provide value to its shareholders and to the organization and to the cannabis industry that is wider.

“Sean Dollinger”

Chief Executive Officer

Direct: +1 604-355-6100

Email: info@namastetechnologies.com

Further information on the Company and its products can be accessed via the links below:

NamasteTechnologies.com

NamasteMD.com

NamasteVapes.ca

Everyonedoesit.ca

FORWARD-LOOKING INFORMATION This press release includes 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 assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect events or circumstances unless required by law. Because the Company can give no assurance that they will prove to be right Even though the Company believes that the assumptions and expectations on which the forward-looking statements are based are reasonable, undue reliance shouldn’t be placed on the forward-looking statements. 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 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 harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of the press release.

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SOURCE Namaste Technologies Inc..

Published at Mon, 26 Nov 2018 13:31:52 +0000

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