VANCOUVER, British Columbia, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRA:M5BQ)(OTCMKTS:NXTTF) is pleased to announce that its wholly-owned subsidiary, Cannmart, Inc. (“Cannmart”) and 8528934 Canada Ltd. (“7ACRES”), a wholly-owned subsidiary of The Supreme Cannabis Company, Inc. (“Supreme”) (TSXV:FIRE), have signed a Definitive Supply Agreement (the “Agreement”) whereby Namaste, through its wholly-owned subsidiary, Cannmart, has committed to purchase 1000 kilograms of premium quality medial cannabis from 7ACRES in 2018, commencing on the date that Cannmart becomes a “Licensed Producer” under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”). This Agreement represents a significant milestone for Namaste, as its first commitment to a volume purchase of medical cannabis. Namaste believes that Supreme’s business plan of scaled production of branded, premium cannabis flower aligns itself well with Namaste’s goal of positioning Cannmart as Canada’s largest online retail e-commerce platform for medical cannabis.  

Select Terms of the AGREEMENT

  • Cannmart has agreed to purchase a minimum of 1000 kilograms of medical cannabis in the 2018 calendar year, starting from the date whereby Cannmart becomes a “Licensed Producer” as defined in the ACMPR.
  • 7ACRES has agreed to supply Cannmart with premium medical cannabis at a price of $6,000 per kilogram.
  • Should Cannmart fail to purchase a minimum of 1000 kilograms of medical cannabis within the 2018 calendar year, Cannmart will be deemed to have purchased, and will pay for, the full 1000 kilograms at the price of $6,000 per kilogram; provided that if 7ACRES cannot supply to Cannmart the amount requested in any given month, then the amount owing shall be reduced by the amount they failed to supply in such month.
  • Cannmart has agreed to display 7ACRES’ trade-mark on all packaging of the 7ACRES product.

Supreme is focused on producing high quality cannabis through a commitment to carefully curated genetics, quality focused cultivation practices and a post-harvest process that includes a 14-day whole plant drying process and hand finishing of each flower. Namaste
anticipates Supreme becoming a key partner in ensuring a strong supply chain for premium medical cannabis flower and looks forward to a long-term, mutually beneficial relationship. Namaste believes this Agreement significantly strengthens its position, and further validates the role the Cannmart facility will soon play in the Canadian cannabis market once the “sales-only” license is received.  

Management Commentary
John Fowler, CEO of Supreme comments: “As a cultivation focused Licensed Producer we rely on strong retail partners to provide us access to consumers and favourable brand positioning. We are impressed by the platform being built by Namaste to date, and their innovative strategy to position Cannmart as a “sales-only” entity is a natural fit with our 7ACRES business model.  The team at Namaste and Cannmart understand the value of premium cannabis flower and we look forward to taking part in the launch of Cannmart as one of Canada’s first “sales only” Licensed Producers.”

Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to announce this Agreement with Supreme and to make a purchase commitment, which we feel brings significant value in securing supply for premium quality medical cannabis for Cannmart. Namaste feels confident that Supreme’s business strategy as a wholesale producer will lend itself well as Namaste focuses its efforts on the retail component in the medical cannabis industry. We look forward to working with Supreme and their management team and anticipate a long-term relationship that will be beneficial for both companies over the next several years.”

About Supreme
Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. Hybrid Greenhouse facility. The Hybrid Greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit www.supreme.ca and www.7acres.com for more information.

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, 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.

Forward Looking Information
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements are based on Namaste’s 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 Namaste 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 no assurance can be given 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 Namaste’s disclosure documents which can be found under Namaste’s profile on 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.

On behalf of the Board of Directors

“Sean Dollinger”
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: info@namastetechnologies.com 

Further information on Namaste and its products can be accessed through the links below:

Agreement.namastetechnologies.com  
Agreement.namastevaporizers.co.uk  
Agreement.everyonedoesit.co.uk 
Agreement.australianvaporizers.com.au