Namaste Signs Cannabis Purchase Agreement With Tilray®
VANCOUVER, British Columbia, September 7, 2018
VANCOUVER, British Columbia, September 7, 2018 /PRNewswire/ --
Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has signed a purchase agreement (the "Purchase Agreement") with Tilray Canada Ltd., a subsidiary of Tilray Inc. (NASDAQ: TLRY), whereby the Company will purchase bulk medical cannabis products from Tilray, to be sold on Namaste's e-commerce platform through its wholly-owned subsidiary Cannmart Inc. ("Cannmart").
With Cannmart's anticipated sales license imminent, the Company continues to aggressively seek and secure partnerships with the top global ACMPR Licensed Producers as it looks to implement its strategy. The Supply Agreement with Tilray Canada will add significant value to Cannmart's current product offering, and Namaste is incredibly excited to be able to offer patients Tilray's selection of high quality, pharmaceutical-grade medical cannabis products.
Tilray is a global leader in the research, cultivation, production and distribution of cannabis and cannabinoids, and currently serve tens of thousands of patients in eleven countries, spanning five continents. The Supply Agreement represents a significant milestone for Namaste and paves the way for future partnerships in global markets where the Company maintains strong market share.
Namaste remains committed to all of its medical cannabis patients by providing the most comprehensive patient experience possible through its online platform. By supplying inventory to Cannmart, Tilray's high-quality products will be available to Cannmart's patients. This partnership will not only allow patients on Namaste's platform to select from Tilray's variety of high-quality medical cannabis products, but so too will it add significant value for Cannmart's patients and the Company as a whole.
The Company continues to integrate leading technology platforms including its online patient portal, NamasteMD ("NamasteMD.com") and its proprietary AI technology, with the goal of providing its patients with the most expansive product offering in the industry. The Company recently launched My Uppy Cannabis Journal, which is an AI-driven patient feedback app (available for Apple and Android devices). In doing so, Namaste believes that it has the capability of offering its patients an exceptional buying experience that can be personalized to meet each patient's individual needs.
Sean Dollinger, President and CEO of Namaste comments: "We're very proud to have signed a Purchase Agreement with Tilray, who we believe are one of Canada's leading Licensed Producers. We have already had customers from NamasteMD ordering products through Tilray and the response has been overwhelmingly positive. As such, we are looking forward to offering Tilray's high-quality products in our platform.
Namaste's goal of becoming Canada's leading medical cannabis e-commerce platform has once again been reinforced through the signing of this strategic Supply Agreement with an industry leader like Tilray. Namaste feels incredibly lucky to have the opportunity of working with a true pioneer to the industry. We're looking forward to offering Tilray's products to our patients and in providing an exceptional user experience for each and every patient through Cannmart.com."
Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients in eleven countries spanning five continents.
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
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 TSXV has neither reviewed nor approved the contents of this press release.
On behalf of the Board of Directors
Chief Executive Officer