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Namaste Technologies Set to Take a Big Cannabis Step

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Namaste Technologies Inc. (TSXV:N) subsidiary Cannmart’s application is for a “sales-only” license, the first of its kind in Canada

SmallCapPower | August 16, 2018: Namaste Technologies Inc. (TSXV:N) Monday announced on that its subsidiary, Cannmart Inc., has completed Health Canada’s Pre-Sales License Inspection, one of the last steps before the issuance of an ACMPR sales license at its facility in Etobicoke, Ontario. Health Canada inspectors visited the site on July 31, 2018 and verified information as submitted by Cannmart and in assessing compliance with the applicable ACMPR sections.

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The Cannmart application is for a “sales-only” license, the first of its kind in Canada and enables Namaste to aggregate cannabis strains from various licensed producers. These diverse cannabis products will be offered to medical patients on Namaste’s unique cannabis marketplace. Ahead of the sales license, Namaste continues to focus on accelerating patient acquisition through the launch of its updated version of the NamasteMD mobile app.

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Namaste Technologies is building a unique, one-stop-shop marketplace for cannabis by leveraging its e-commerce capabilities and existing database of Canadian medical cannabis consumers, complemented by the acquisition of cannabis distributor CannMart Inc. in April 2017 and the launch of NamasteMD in early 2018. While the CannMart acquisition enables the purchase of cannabis from wholesale producers and reselling to online customers, the NamasteMD platform enables onboarding of patients through online prescription/consultation. The marketplace will also act as a key platform to sell its medical cannabis delivery systems, including vaporizers and other hardware. Note that Namaste Technologies already sells its vaporizers on Aurora Cannabis Inc’s website under the Exclusive Hardware Supply Agreement that was struck late 2017.

Post the news release, shares of Namaste Technologies rose marginally (2.1%) to $1.43 on the TSXV. Namaste Technologies currently trades at a market cap of $405 million, or 23.0x its TTM sales of $18.0 million.

Disclosure: Neither the author nor his family own shares in the company mentioned above.

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