~New business channel for CannMart: An
opportunity in provincial cannabis markets~
TORONTO, Sept. 16, 2019
/CNW/ - Namaste Technologies Inc. ("Namaste" or the
"Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF)
today announced that CannMart has received a purchase order for
pre-rolled cannabis products from the BC Liquor Distribution Branch
(LDB) to cater to the Province of British
Columbia. The LDB is the sole wholesale distribution and
public retailer of non-medical cannabis in B.C. Namaste's pre-roll
products will be available to purchase at licensed private retail
stores, and online and in-store at government-run B.C. Cannabis
Stores.
"This is a major milestone for Namaste as it is the first order
that we have received from a government agency," said Meni Morim, CEO of Namaste Technologies Inc.
"Our unique positioning with Cannmart which enables us to offer a
selection of products from multiple licensed producers, some of
which may only have a cultivation license, allows provincial
distributors the opportunity to purchase a diversified inventory
all in one place. Today's announcement also signifies the expansion
of our business model to include new markets where, as a
marketplace, we can add value and best connect buyers and
sellers."
Namaste is in discussions with multiple provincial government
agencies in an effort to further expand its customer base,
leveraging its unique license, streamlined purchasing process, and
diverse product selection through one location.
About Namaste Technologies Inc.
With headquarters in
Toronto, ON, and offices in both
B.C. and around the globe, Namaste Technologies is the world's
leading online platform for cannabis products, accessories, and
responsible education. The company's 'everything cannabis store',
CannMart.com, provides customers with a diverse selection of
hand-picked products from a multitude of federally-licensed
cultivators, all on one convenient site. Namaste's global
technology and continuous innovation address local needs in a
burgeoning cannabis industry requiring smart solutions. For further
information about Namaste, please visit Namastetechnologies.com
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION - This news release contains
"forward-looking information" within the meaning of applicable
securities laws. All statements contained herein that are not
historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as "may", "expect", "likely", "should", "would", "plan",
"anticipate", "intend", "potential", "proposed", "estimate",
"believe" or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions "may" or "will" happen. The
forward-looking information contained in this press release,
includes, but is not limited to, statements related to court
approval of: the settlement of the class actions availability of
Namaste's pre-roll products at licensed private retailers as well
as online and in-store government-run B.C. cannabis retail stores;
the ability of Namaste to secure licensing with other provincial
government agencies; the potential expansion in Namaste's customer
base in the event Namaste secures licensing with other provincial
government agencies; and the ability of Namaste to address needs in
the cannabis industry, including through the continued ability to
offer a diverse product selection. The forward-looking information
contained herein is made as of the date of this press release and
is based on assumptions management believed to be reasonable at the
time such statements were made, including management's perceptions
of Namaste's standing in the online marketplace for cannabis
products, Namaste's ability to negotiate agreements with other
provincial government agencies, future growth, results of
operations, operational matters, historical trends, current
conditions and expected future developments, as well as 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 such expectations will prove to be correct. By their
nature, forward-looking information is subject to inherent risks
and uncertainties that may be general or specific and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: risks relating to the Company's
ability to execute its business strategy and the benefits
realizable therefrom, risks specifically related to the Company's
international operations, and risks relating to the market price of
the Common Shares. Additional risk factors can also be found in the
Company's current MD&A and annual information form, both of
which have been filed under the Company's SEDAR profile at
www.sedar.com. Readers are cautioned not to put undue reliance on
forward-looking information. The Company undertakes no obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement.
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 this press release.
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SOURCE Namaste Technologies Inc.