Namaste Technologies Inc. (TSXV:N), one of the Canadian marijuana stocks, said it has signed a supply agreement with craft-style cannabis firm Kief Cannabis Company in this market news
SmallCapPower | September 5, 2018: Namaste Technologies Inc. (TSXV:N) announced recently that it has signed a wholesale supply agreement with Manitoba-based, late-stage ACMPR applicant, Kief Cannabis Company Ltd. As per the Supply Agreement, Namaste Technologies will purchase bulk cannabis products under its wholly-owned subsidiary, Cannmart Inc.
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Kief Cannabis is focused on developing craft-style cannabis products for the Canadian marketplace. It focuses on the best plant genetics and a refined production process, designed to deliver a high-grade product. The target market for Kief Cannabis is the high-end recreational cannabis market. The supply agreement will help Kief Cannabis to offer its products to a bigger demographic using Cannmart’s online marketplace.
Namaste Technologies, one of the Canadian cannabis stocks, has established itself as the largest global online marketplace for cannabis consumption devices and has over 1.5 million customers globally. Factors such as the growing database of NamasteMD, the imminent sales license for Cannmart, and securing supply agreements with producer partners, should eventually lead to a robust performance by the Company. Cannmart will be one of the first online retailers to offer same-day delivery service through its partner, Pineapple Express Delivery Inc., starting with the Greater Toronto Area (GTA) and expanding across the country. The Company has also developed industry-leading e-commerce technology such as on-site AI through its wholly-owned subsidiary, Findify AB, that personalizes the online user experience for every customer.
Namaste Technologies President and CEO Sean Dollinger said, “We’re very pleased to announce this Supply Agreement with Kief Cannabis. We’ve spent significant time in discussion with their team and believe strongly in our ability to market and sell craft cannabis brands on our platform. We believe that consumers should have access to the best selection of high-quality product and we’re focused on building relationships with craft brands like Kief Cannabis who will create more value for our patients online. Ultimately, everything we’re doing is focused on creating a personalized and amazing user experience. All of the technology we’ve developed has been centered around this concept. The more value we can bring to our customers, whether through NamasteMD, AI integrations or the best possible customer service, Namaste has years of experience operating in the online market and that is what I believe sets us apart from our competitors. We’re also very proud that our cultivator partners across the country see value in Namaste’s platform and marketplace. We believe that the online market for medical and recreational cannabis will evolve rapidly in Canada and that Namaste is well-positioned with extensive expertise to be the number one online platform for everything cannabis not only in Canada but globally.”
Namaste Technologies trades at market capitalization of $702 million with price to book multiple of 8.05x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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