- Provides an update on progress with its wholly owned subsidiary, Cannmart Inc.
- Updated Access to Cannabis for Medical Purposes Regulations application has been submitted to Health Canada, the CannMart facility is now under construction
- Company expects a six to eight-week time-frame for completion, pending any delays
VANCOUVER, British Columbia, Nov. 16, 2017 — Namaste Technologies Inc. (“Namaste†or the “Companyâ€) (CSE:N)(FRANKFURT:M5BQ)(OTCMKTS:NXTTF) is pleased to provide an update on progress with its wholly owned subsidiary, Cannmart Inc. (“CannMartâ€). Management is excited to announce that the updated Access to Cannabis for Medical Purposes Regulations (“ACMPRâ€) application has been submitted to Health Canada, the CannMart facility is now under construction and the Company expects a six to eight-week time-frame for completion, pending any delays. Namaste’s design goals for the CannMart facility will facilitate the seamless distribution of a wide variety of medicinal cannabis products, which have been sourced both domestically and internationally. Namaste believes that once construction is complete, this state of the art facility will serve as the backbone in servicing Namaste’s impressive and growing database of Canadian medical cannabis consumers.
Further to Namaste’s press release dated November 14, 2017, the application for NamasteMD, the Company’s innovative telemedicine smart-phone app, has been submitted to both the Apple Store and Google for approval, and will available on both IOS and Android devices once approval is received. Additionally, Namaste is pleased to announce that it has engaged multiple doctors and nurse practitioners who will be trained to provide consultations on the NamasteMD app and issue medical documents to Namaste’s patients. NamasteMD has been designed to provide a simple process for patients to connect with a doctor or nurse practitioner through a virtual consultation from the comfort of their home or office. NamasteMD incorporates proprietary identity and age verification technology that will provide high confidence verification for all patients. Patients who complete their consultation and receive a medical document through NamasteMD may then connect to CannMart’s online portal where they can purchase a wide range of medicinal cannabis products. By utilizing Namaste’s innovative technology of machine-learning algorithms and integrating CannMart on the NamasteMD platform, Namaste strongly believes that it will soon become Canada’s leading online retailer for medicinal cannabis.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: “These are extremely exciting times for Namaste as we move forward and implement many new and innovative initiatives. We are very excited about the progress of both CannMart and NamasteMD and believe the next few months will be transformational for the Company. I would like to thank all shareholders for their continued support and in helping Namaste reach these important milestones.â€
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
On behalf of the Board of Directors
“Sean Dollingerâ€
Chief Executive Officer
+1 (786) 389 9771
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
FORWARD LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, Namaste assumes no responsibility to update or revise forward looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.
