Namaste Technologies Inc. (CSE:N) expects to become an all-inclusive online cannabis marketplace after the receipt of a production license
SmallCapPower | March 20, 2018: Namaste Technologies Inc. (CSE:N) late Friday announced that its wholly-owned subsidiary, Cannmart Inc., has obtained the production license under Access to Cannabis for Medical Purposes Regulations (ACMPR). According to the guidelines set forth by Health Canada, Cannmart may place initial orders with ACMPR licensed producers. After the receipt, packaging and testing of the initial shipments of medical cannabis, it is mandatory for the company to show conformity with standard operating procedures and other ACMPR regulatory requirements with Health Canada.
Only after accomplishing these objectives followed by an initial scrutiny, Cannmart can book a pre-sales license inspection after which the company will be qualified to get its ACMPR sales license. The company has expressed confidence in its capabilities to successfully execute and complete the final steps for acquiring its sales license in time. Cannmart is going to be one of the first aggregators of medical cannabis, sourced from select ACMPR licensed producers, if it receives the sales license. The company is well placed to cater to the Canadian patients with variety of medical cannabis products through their diverse platform.
“We are very proud to have met our goal of receiving our ACMPR medical cannabis Production License from Health Canada as we look to explore the tremendous opportunities that exist in the Canadian cannabis market. While we are excited with this achievement, management remains highly focused on completing the final protocols set forth by Health Canada and plan on executing the final steps towards receiving our ‘sales only’ license. If the sales license is received, we fully intend on leveraging our data and technology through our global network of operations where we believe we will be well-positioned to implement the same strategy in other legal markets where the Company has established strong market share,” said Sean Dollinger, President and CEO of Namaste Technologies.
Namaste Technologies is one of the largest global e-commerce platforms for cannabis delivery devices and aims to utilize its technology and consumer data with the objective of acquiring medical patients. In order to create Canada’s most open marketplace for medical cannabis, Namaste Technologies acquired Cannmart as a late-stage ACMPR applicant.
Namaste Technologies, under its wholly-owned subsidiary, NamasteMD Inc, has recently launched a mobile application, which is Canada’s first virtual patient consultation portal to be used on both iOS and Android devices and is approved by Apple and Google. The application will act as patient acquisition tool, permitting patients to connect with doctors and practitioners online from their homes. NamasteMD is designed to make the patient on-boarding process efficient as compared to traditional brick-and-mortar clinics.
Namaste Technologies expects to become an all-inclusive online cannabis marketplace after the receipt of a production license by building a platform that offers best products by the top ACMPR licensed producers in Canada. The Company believes that it can provide patients with ‘one stop-shopping’ experience. Furthermore, Namaste Technologies will actively seek strategic partnerships through several agreements in order to innovate in the Canadian medical cannabis industry.
Namaste Technologies currently has a market capitalization of $586.7 million with price-to-book multiple of 25.11x. Post announcement, the Company’s stock climbed ~14% on CSE to close at $2.37 on Friday.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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