Namaste Technologies Inc. (TSXV:N), one of the Canadian marijuana stocks, said it has signed an agreement with True Leaf Brands Inc. (CSE:MJ)
SmallCapPower | June 25, 2019: Namaste Technologies Inc. (TSXV:N), one of the Canadian cannabis stocks, Monday announced that it has signed a supply and purchase agreement with True Leaf Brands Inc. (CSE:MJ) to market and distribute a line of hemp-based supplements for pets through its online marketplace, CannMart.com.
“We’re building a technologically exciting marketplace for the adult-use cannabis market where we can reimagine the experience and product offering available to both our customers and vendors,” said Namaste Technologies Interim CEO Meni Morim.
“Partnering with a leading brand like True Leaf is an excellent way to enhance our consumer product offering and scale our vendor experience. We’re committed to building the most innovative and consumer-friendly marketplace, and this brings us one step closer to that goal.”
The launch of True Leaf Products through CannMart.com is expected in the third quarter of 2019 and the companies have jointly agreed to donate 10% of all profits generated from the first month of sales to help local animal rescue shelters.
Namaste Technologies has positioned itself as the ultimate online customer experience for medicinal cannabis and related products. Starting with NamasteMD.com, the Company’s integrated telemedicine application, Namaste connects medical clients with healthcare practitioners to more readily issue and renew cannabis prescriptions online.
Namaste Technologies’ website Cannmart.com, which features the first Canadian Medical Sales-Only Licence, offers clients a variety of strains to fill their prescription needs. As well, Namaste’s artificial intelligence (AI) engine incorporated in its platforms and related Uppy App, is used to identify the right product and pairing to address specific medical cannabis requirements. Namaste Technologies also provides vaporizers and accessories across several platforms operating in multiple countries.
Shares of Namaste Technologies have fallen more than 23% year to date to its current price of $0.61.
Despite its recent challenges, Namaste announced in April that it was making operational improvements, which includes continuing to invest in technology and infrastructure to better serve domestic and international licensed producers, cultivators, micro-growers and ancillary device producers, who may wish to distribute products via Namaste’s proposed marketplace.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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