- Company also Exploring Dealer’s Licence Application Opening a Pathway to Psychedelics -
TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a marketplace platform for cannabis and wellness products, is pleased to announce board approval for its expansion to broaden its total addressable market and to evolve into a pre-eminent wellness company, connecting consumers to their wellness needs of tomorrow via additional pathways beyond cannabis.
Our mission is to leverage technology to build the world’s first personalized wellness marketplace; a platform where consumers can learn about wellness products, interact with a variety of brands, and make easy, informed purchases.
Launch of Nutraceutical Division:
As part of the total addressable market expansion, the Company’s board has today approved the launch of a nutraceutical division in fiscal year 2021 headed by Faraaz Jamal, the Company's Chief Operating Officer. Mr. Jamal was previously responsible for the strategic reorientation of Bulletproof 360 Inc., a health and wellness trailblazer where he was able to guide development and rapidly scale multiple channels and product categories to successful revenues.
“There are a few common problems impacting the nutraceutical industry right now and they usually fall into at least one of the following categories: (1) products are poorly formulated and contain a lot of filler ingredients; (2) the ingredients are great but poorly absorbed by the body; or (3) the ingredients, and the delivery mechanism is sound, but the cost makes them unreachable for most,” says Faraaz Jamal. "We look forward to launching a new differentiated offering that brings an exciting formulation, combined with an effective, affordable delivery system that substantially increases the bioavailability of our product.”
“Entering into a global market with a distinctive offering is exciting,” said Meni Morim, CEO of Namaste. “I find immense possibilities to combine our new nutraceuticals offering with our cannabis portfolio as the cannabis regulations mature. Having the potential opportunity to expand our nutraceutical business with micro doses of THC and CBD will open up new pathways and innovative products that haven't been seen before.”
Psychedelics:
With the recent resurgence of psychedelics, Namaste is pleased to announce the intention of its wholly-owned subsidiary, CannMart Labs Inc. to engage a regulatory consulting firm to advise on the Company’s upcoming application to Health Canada for a Controlled Drugs and Substances Dealer’s Licence (a “Dealer’s Licence”). Subject to Health Canada acceptance, a Dealer’s Licence could allow the Company to engage in a number of activities relating to controlled substances including the research and manufacturing of controlled substances such as psilocybin and psilocin, and the sale of controlled substances to researchers and companies undertaking clinical trials.
“This is not a case of jumping on a “mushroom bandwagon”,” said Meni Morim. “This is a case of the Company planting its flag in the space based on a track record of being a trusted and effective connector of regulated products to patients and now consumers. As we look to broaden our horizons within the wellness space, retention and development of a Dealer’s Licence is a natural accretive step.”
Cannabis Remains a Cornerstone:
“Make no mistake, cannabis will continue to be a strong and important part of our portfolio,” says Meni Morim. “We will continue to connect cannabis products to consumers in Canada. In 2021, we look forward to expanding our distribution of premium cannabis products, via our marketplace platform, by leveraging our relations with cultivators and via our own licence pending BHO extraction facility to bring innovative products to market.”
Mr. Morim added: “We are now looking to expand our product offering, increase our total addressable market by adding more wellness products to the platform. These include nutraceuticals and potentially, psychedelics. The management team and every member of the Namaste family looks forward to the continued execution of our strategy to become a global marketplace leader in all things cannabis and wellness.”
About Namaste Technologies Inc.
Headquartered in Toronto, Canada, Namaste Technologies is a marketplace platform for cannabis and wellness products. 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:
For more information please contact:
Namaste Technologies Inc.
Meni Morim, CEO
Edward Miller, VP Investor Relations
Ph: 647-362-0390
Email: ir@namastetechnologies.com
FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. These statements may relate to anticipated events or results and include, but are not limited to, statements related to the Company’s expansion to broaden its total addressable market and to evolve into a wellness company, which includes the expansion of its e-commerce technology platform into a wellness marketplace and the launch of a nutraceutical division, the Company’s plans to apply and obtain a Dealer’s Licence and to engage in a number of activities relating to controlled substances including the research and manufacturing of such substances like psilocybin and psilocin and the sale of controlled substances to researchers and companies undertaking clinical trials, the Company’s plans to expand its product offering, including the distribution of premium cannabis and wellness products, via its existing platform, to become a global leader in all things cannabis and wellness. 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 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, the expectation that the nutraceutical and wellness market and potentially the market for psychedelics will develop as currently anticipated, the introduction of new products and brands will generate additional revenue, its Dealer’s Licence, if obtained, will permit the Company to engage in the proposed activities described herein relating to controlled substances; regulatory approvals in all jurisdictions, as may required, for the sale of nutraceutical products and/or controlled substances will be obtained in a timely manner, Namaste’s standing in the online marketplace for cannabis and related products (including premium cannabis products) and accessories as well as nutraceutical products in the future, Namaste's beliefs regarding the expected demand for cannabis and related products and accessories and wellness products, in general, and the expected growth of those markets, 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: the inability of the Company to develop its nutraceutical division as envisaged, the risks associated with the development of any new nutraceutical products which require successful research and development, satisfactory product testing and regulatory approval prior to the sale of any such products, and the required time and expense related to such development, the Company’s inability to obtain the Dealer’s Licence on the terms it anticipates, if at all, the Company’s inability to engage in the activities described herein relating to controlled substances; the demand for psychedelics by consumers not being as strong as expected, the failure of the Company to obtain all required regulatory approvals in connection with any controlled substances business, anticipated changes to current regulations affecting the Company’s business and proposed business, 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.