Namaste Technologies Amends LOI to Include Application for both ACMPR and Dealer's Licenses - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - April 10, 2018) - Namaste Technologies (CSE: N) (OTCQB: NXTTF) (FSE: M5BQ), the largest global online retailer for medical cannabis delivery systems, has amended its recently announced Letter of Intent regarding the acquisition of 51% of 2624078 Ontario Inc. In addition to applying for a Dealer's License, the numbered company, soon to be re-named Infinite Labz, will also be applying for an Access to Cannabis for Medical Purposes Regulations, or "ACMPR" license.
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Daniel Stern, President and CEO of Infinite Labz, stated: "We believe that our company and Namaste will see great value in this partnership and in operating both the LD and LP license from the same facility. There are many synergies that are evident between both parties and the addition of an ACMPR license to the facility at 7 Canso Road will solidify our position becoming a premier provider for medical and recreational cannabis oils and we look forward to a bright future with Namaste."
If these new licenses are awarded, they will allow Infinite Labz to perform testing and strain development for CannMart, another Namaste subsidiary, as well as import cannabis materials and genetics for the production of quality cannabis extracts for research purposes. Additionally, an ACMPR License would allow the company to develop a leading brand of cannabis oils to sell to medical patients, other licensed producers and provincial distribution channels for the upcoming recreational market.
Sean Dollinger, President and CEO of Namaste, stated: "We've had the opportunity of seeing a major trend towards cannabis oils and extracts through our hardware platform. The market for cannabis oils is expanding quickly and Namaste will have a first-mover advantage in the research, testing, production and sale of oils to both the medical and recreational markets through our partnership with Infinite Labz."
Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and with distribution hubs located around the world. The company 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.
The company reported that its wholly owned subsidiary, Namaste MD, acquired 535 new medical cannabis patients on the NamasteMD platform, representing a 142% month-over-month increase of patients. This platform allows patients to consult with doctors or nurse practitioners for medical cannabis in a simple and convenient platform from the comfort of their homes. Previously acquired CannMart completes the vertical integration allowing patients to purchase medical cannabis in a secure marketplace.
For the quarter ended March 2018, Namaste reported net revenue of $1,250,000, representing an increase of 74% over the quarter ended March 2017.
For more information please visit the company's website www.NamasteTechnologies.com, or contact Sean Dollinger, President and CEO, at 786-389-9771 or email info@NamasteTechnologies.com.
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