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CALGARY, AB, Sept. 22, 2020 /CNW/ - High Tide Inc. ("High
Tide" or the "Company") (CSE: HITI) (OTCQB: HITIF) (FRA:
2LY) and Namaste Technologies Inc. ("Namaste") (TSXV:N)
(FRANKFURT:M5BQ) (OTCMKTS:NXTTF) today announced that wholly-owned
subsidiaries of each corporation recently entered into a CannMart
Marketplace Agreement pursuant to which High Tide, via Canna Cabana
(SK) Inc. as a licensed retailer by the Saskatchewan Liquor and
Gaming Authority, will make recreational cannabis products
available online exclusively on CannMart.com as a licensee under
Namaste's VendorLink platform for an initial term of one year,
subject to renewals (the "Agreement"). Upon launch, approximately
40 products designated for recreational use will be available to
Saskatchewan-based customers, with
weekly inventory changes and product additions to follow.
The Agreement marks Namaste's entrance into the
direct-to-consumer recreational cannabis market via CannMart.com by
using its new marketplace solution, VendorLink, to facilitate the
sale of cannabis products by licensed retailers. For High Tide, the
Agreement accelerates its growth plans in the province and expands
its customer reach based on CannMart's established e-commerce
business. Customers within the designated region will be able to
shop a diverse catalogue of recreational cannabis products without
the need for a prescription. Conversely, CannMart's medical
customers in Saskatchewan will
have the ability to select and purchase both medical and
recreational products.
"This is a landmark moment for Namaste. I've been grateful for
the opportunity to put all the pieces together to deliver on the
mission that Namaste committed to shareholders over the past years.
We've finally reached the point where they can start to see the
fruition of that mission: to provide the technology and
infrastructure for Canadians to order cannabis safely and reliably
no matter where they are," said Meni
Morim, Chief Executive Officer of Namaste Technologies.
"There are so many choices in the cannabis marketplace and we have
worked tirelessly to integrate our machine-learning technology into
the selection process for consumers and let retailers focus on what
they do best – provide the best in-store experience and let us do
the heavy lifting online. Canada
is the first step and I am excited about what's coming next," added
Mr. Morim.
"This Agreement brings together two complementary enterprises
that are focused on the Canadian cannabis consumer and providing
safe and convenient access to residents across Saskatchewan. We are excited to work with
Namaste and their new VendorLink service to activate a substantial
e-commerce sales channel under Canna Cabana," said Raj Grover,
President and Chief Executive Officer of High Tide. "As the
province with the most business-friendly regulatory framework,
Saskatchewan offers us the
opportunity to leverage our strength as a large cannabis retailer
through strategic partnerships like this one. Further, this
arrangement is nicely aligned with High Tide's goal of achieving
sustainable growth via significant revenue opportunities, without
burdening the Company with additional infrastructure or capital
costs," added Mr. Grover.
"Everyone talks about AI, e-commerce, UI/UX and other technology
when it comes to online shopping. We live and breathe
e-Commerce technology and know what matters: the customer, the
vendors, and how they find each other. Our marketplace, VendorLink,
is a matchmaker, much like Uber, Airbnb and Amazon are," said
Chad Agate, Chief Technology Officer
of Namaste Technologies. "We've taken our proprietary technology
developed over the years and delivered an experience where basket
size averages reach $135, which is
more than the current industry average for both in-store and online
purchases. This is the mark of successfully pairing consumers with
products," added Mr. Agate.
This initiative is part of Namaste's overarching goal to
increase its total addressable market, as well as offer customers a
frictionless buying experience on CannMart.com. Licensed cannabis
retailers across Canada interested
in joining VendorLink and expanding their customer base by
establishing themselves on CannMart.com can join the experience by
registering their interest at
https://cannmart.com/sell-on-cannmart.
About Namaste Technologies
Headquartered in Toronto,
Canada, Namaste Technologies is a leading online platform
for cannabis products, accessories, and responsible education.
Namaste's 'everything cannabis store', CannMart.com, provides
medical customers with a diverse selection of hand-selected
products from a multitude of federally-licensed cultivators, all on
one convenient site. Namaste also distributes licensed and in-house
branded cannabis and cannabis derived products to recreational
consumers in Canada through a
number of provincial government control boards and retailing bodies
and online in Saskatchewan.
Namaste's global technology and continuous innovation address local
needs in a burgeoning cannabis industry requiring smart
solutions.
namastetechnologies.com
cannmart.com
NamasteMD.com
For more information please contact:
Incite Capital
Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
For Meni Morim, CEO
Namaste Technologies Inc.
Ph: 604.493.2004
Email: ir@namastetechnologies.com
About High Tide
High Tide is a retail-focused a retail-focused cannabis
corporation enhanced by the manufacturing and distribution of
cannabis lifestyle accessories. Its premier Canadian retail brand
Canna Cabana spans 34 locations in Ontario, Alberta, and Saskatchewan, with additional locations under
development across Canada. High
Tide has been serving cannabis consumers for over a decade through
its numerous lifestyle accessory enterprises including e-commerce
platforms Grasscity.com and CBDcity.com, lifestyle and licensed
entertainment brand manufacturer Famous Brandz, and its
distribution divisions RGR Canada and Valiant Distribution.
High Tide's strategy as a parent company is to extend and
strengthen its integrated value chain, while providing a complete
customer experience and maximizing shareholder value. Key industry
investors in High Tide include Aphria Inc. (TSX: APHA) (NYSE: APHA)
and Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB).
For more information about High Tide Inc., please visit
www.hightideinc.com and its profile page on SEDAR at
www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release are forward-looking
information or forward-looking statements. Such information and
statements, referred to herein as "forward-looking statements" are
made as of the date of this news release or as of the date of the
effective date of information described in this news release, as
applicable. Forward-looking statements relate to future events or
future performance and reflect current estimates, predictions,
expectations, or beliefs regarding future events. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (generally, forward-looking
statements can be identified by use of words such as "outlook",
"expects", "intend", "forecasts", "anticipates", "plans",
"projects", "estimates", "envisages, "assumes", "needs",
"strategy", "goals", "objectives", or variations thereof, or
stating that certain actions, events or results "may", "can",
"could", "would", "might", or "will" be taken, occur or be
achieved, or the negative of any of these terms or similar
expressions, and other similar terminology) are not statements of
historical fact and may be forward-looking statements.
Such forward-looking statements are based on assumptions that
may prove to be incorrect. However, there can be no assurance that
any one or more of the government, industry, market, operational or
financial targets as set out herein will be achieved. Inherent in
the forward-looking statements are known and unknown risks,
uncertainties and other factors that could cause actual results,
performance or achievements, or industry results, to differ
materially from any results, performance or achievements expressed
or implied by such forward-looking statements. The forward–looking
statements contained herein are current as of the date of this news
release. Except as required by law, High Tide does not have any
obligation to advise any person if it becomes aware of any
inaccuracy in or omission from any forward-looking statement, nor
does it intend, or assume any obligation, to update or revise these
forward-looking statements to reflect new events or circumstances.
Any and all forward-looking statements included in this news
release are expressly qualified by this cautionary statement, and
except as otherwise indicated, are made as of the date of this news
release.
SOURCE High Tide Inc.