- Completion of Acquisition of 49% Interest in CannMart
Labs
- Namaste to Host Virtual Town Hall on December 16
TORONTO, Dec. 3, 2020 /CNW/ - Namaste Technologies
Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ)
(OTCMKTS: NXTTF), a leading platform for cannabis products,
accessories, and education, is pleased to provide shareholders a
corporate update on its recent activities:
Cyber Weekend Highlights:
- Average order value increased 42% compared to
2019 to $192
- Online traffic increased 50% over 2019 cyber
weekend
- 40% more giveaway entries than expected. These entries
generated email newsletter sign ups, increased social media visits
and interactions
- Best sales in Dried Flower: Sage n Sour and Sensi Star,
both under the CannMart brand
- Best sales in Cartridges: Disposable Cart Bundle and
Pink Kush 0.5g Cart, both under the CannMart licensed Phyto
Extractions brand
- Best sales in Edibles: Strawberry Lemonade 1:1 Sour
Gummies and Watermelon Hybrid Sour Gummies, both under the Wana
brand supplied by Indiva
- Best sales in Infused Oils: Treasure Island CBD Tincture
under the CannMart brand and CBD Soft Gels under the brand and
supplied by Indiva
"We are pleased by activity this past cyber weekend to see our
own CannMart and licensed brands shine alongside our valued partner
brands which is a clear validation by consumers that our strategy
is working," said Meni Morim, CEO of
Namaste. "Our average order value increased by 42% compared to
2019, demonstrating that our investment into our e-commerce
platform is driving solid results. We are clearly focused on the
execution of our strategy to position Namaste as a leading cannabis
company and look forward to building on this positive momentum as
we head into the upcoming holiday season."
Save the Date – Namaste Virtual Town Hall:
- We have been actively listening to our shareholders and would
like to announce a virtual town hall so they can hear an in depth
presentation on the future direction of the Company
- Wednesday, December
16th
- 12:00 p.m. EST
- Presentation by Meni Morim
followed by Q&A
- All Shareholders are invited to submit their questions by
December 14th to:
ir@namastetechnologies.com. Our CEO, Meni
Morim, will answer submitted investors questions during the
town hall event.
Completion of Acquisition of 49% Interest in CannMart
Labs:
Namaste has completed the acquisition of the remaining 49%
interest in CannMart Labs Inc. ("CannMart Labs"), an
applicant for a processing licence under the Cannabis Act
(Canada) for cannabis extraction
activities, pursuant to the previously announced share purchase
agreement (the "Share Purchase Agreement") entered into
among Namaste and MKD Holdings Inc. and JLLS Holdings Inc.
(together, the "Vendors").
Execution of the Share Purchase Agreement was first announced by
the Company on November 18, 2020,
confirming a purchase price of $4,034,000 (the "Purchase Price"), and
earn-out payments in the form of Namaste common shares, on a
sliding scale, upon the achievement of pre-determined revenue
targets (the "Earn-Out Payments") payable over 9 fiscal
quarters at a maximum of approximately $1.94M per Earn-Out Payment, payable in Namaste
common shares or, at Namaste's option, in cash with a 5% discount.
A first tranche of the Purchase Price of $1,608,500 has been paid to the Vendors by way of
issuance of 7,123,560 Namaste common shares, issued at a deemed
price of $0.2258, being the 7-day
VWAP up to and including December 1,
2020.
Appointment of Vice President, Investor Relations:
Namaste is pleased to announce the appointment of Edward Miller as Vice President, Investor
Relations effective November 16,
2020. Mr. Miller brings more than 20 years experience as a
seasoned investor relations professional in the pharmaceutical and
cannabis industry. Mr. Miller has built several award-winning
programs and this appointment affirms the Company's clear
commitment to increasing and improving its dialogue with
shareholders going forward.
Subject to Exchange approval, Namaste has granted Mr. Miller
options to acquire 170,000 common shares in the capital of the
Company at a price of CAD$0.23 per
share that vest quarterly over 3 years and have a four-year
term.
Announcement of Whistle Blowing System:
The Company is committed to integrity and honesty. Affirming
said commitment, Namaste has launched a Whistle-blower Program that
allows employees to anonymously and confidentially report cases of
workplace misconduct. The program is supported by ClearView
Connects™, a Canadian-based reporting solution provided by an
independent, third-party supplier. Employees can safely and
anonymously submit reports or questions through ClearView's secure website, toll-free
telephone hotline or post office box. ClearView Connects™ is
easy to use and available 24/7.
About Namaste Technologies Inc.
Headquartered in Toronto,
Canada, Namaste Technologies is a leading online platform
for cannabis products, accessories, and responsible education. The
Company's 'everything cannabis store', CannMart.com, provides
medical customers with a diverse selection of hand-picked products
from a multitude of federally-licensed cultivators, all on one
convenient site. The Company 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 facilitates licensed cannabis retailer sales online in
Saskatchewan. Namaste's global
technology and continuous innovation address local needs in a
burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
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 herein, including, without
limitation, statements related to the future success of Namaste's
business strategy, is made as of the date of this press release and
is based on assumptions management believed to be reasonable at the
time, including, without limitation, Namaste's standing in the
online marketplace for cannabis products, Namaste's beliefs
regarding the expected demand for cannabis products and the
expected growth of that market, 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 its 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: regulatory risk, risks relating to the
Company's ability to execute its business strategy and the benefits
realizable therefrom and risks specifically related to the
Company's operations. 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.