Namaste Technologies (CSE: N) (FRA: M5BQ) (OTC: NXTTF), through its wholly-owned subsidiary Cannmart Inc., has signed a medical cannabis product acquisition agreement with medical cannabis producer Clever Leaves with the assistance of Clever Leaves’ financial sponsor, Northern Swan Holdings, Inc. Clever Leaves is a vertically integrated, licensed producer of medical cannabis in Colombia that recently commenced construction of a 15+ hectare good agricultural collection practices compliant cultivation facility and Good Manufacturing Practices (“GMP”) Level-2 Extraction facility. Per the terms of the agreement, Cannmart will submit purchase orders to Clever Leaves for medical cannabis. Subject to approval by Health Canada, Cannmart will import medical cannabis from Clever Leaves and will be responsible for any costs related to shipping and importation of the product. Additionally, Clever Leaves will provide lab test reports to Cannmart in advance of each purchase to ensure Cannmart’s requirements are met under Canadian regulations. “The Clever Leaves management team has proven themselves as experts in the cultivation of medical cannabis, and we are extremely excited at the potential of offering our patients access to a variety of products, which we believe will greatly benefit our patients. We remain focused on implementing this strategy, and we look forward to the launch of Cannmart. We further anticipate the signing of additional supply agreements and partnerships with industry-leading licensed producers, and we feel confident in the direction we are headed,” Namaste president and CEO Sean Dollinger stated in the news release.
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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., 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. For more information, visit the company’s website at www.namastetechnologies.com.
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