~CannMart sets its sights on the next wave of
cannabis legalization with receipt of Health Canada license
amendment~
TORONTO, Oct. 15, 2019 /CNW/ - Namaste Technologies Inc.
("Namaste" or the "Company") (TSXV: N) (FRANKFURT:
M5BQ) (OTCMKTS: NXTTF), a leading online platform for cannabis
products, accessories, and responsible education, today announced
that CannMart Inc., a wholly owned subsidiary of Namaste, has
received approval from Health Canada for an amendment to its
license allowing it to offer cannabis oil concentrates on its
online marketplace, CannMart.com.
"The long-awaited Health Canada approval we just received, is
pivotal as it allows us to participate in the cannabis oils market
today, and sets the stage for our presence in the edibles, extracts
and topicals markets, pending their legalization and regulation
anticipated to occur this week," said Meni
Morim, CEO of Namaste Technologies Inc. "The amended sales
license opens the door to a wide range of new cannabis products and
related revenue streams and fulfills a key strategy milestone."
The amendment to CannMart's cannabis sales license allows
CannMart to offer cannabis oils to its registered medical patients
immediately and positions CannMart to leverage Canada's "Cannabis 2.0" market opportunity
when cannabis edibles, extracts, and topicals become legal for
recreational use. In a recent report, the consulting firm Deloitte
estimates that the Canadian market for edibles and alternative
cannabis products to be worth up to C$2.7
billion annually.
Cannabis oil concentrates will be available on CannMart.com
starting Wednesday, October 16th.
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 availability
of Namaste's cannabis oil products at its online marketplace; the
ability of Namaste to offer a wide range of new cannabis products;
the potential related revenue stream associated with the ability of
Namaste to offer a wide range of new cannabis products ; the
ability of Namaste to address needs in the cannabis oil market; the
anticipated legalization and regulation of edibles, extracts and
topicals and the anticipated timing of thereof; and the forecasts
for the Canadian market for edibles, oil concentrates and
alternative cannabis products to be worth up to C$2.7 billion annually. 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, if necessary, the pending
legalization and regulation of cannabis edibles, extracts and
topicals, 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
atwww.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.