VANCOUVER, British Columbia, March 26, 2018 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRA:M5BQ) (OTCMKTS:NXTTF) is pleased to announce that it has signed a medical cannabis Product Acquisition Agreement (the “Supply Agreement”) under the Company’s wholly owned subsidiary, Cannmart Inc. (“Cannmart”), with Clever Leaves (Ecomedics S.A.S.), a vertically integrated, licensed producer of medical cannabis in Colombia, with the assistance of Clever Leaves’ financial sponsor, Northern Swan Holdings, Inc. (“Northern Swan”). Clever Leaves has recently broken ground on a 15+ hectare Good Agricultural Collection Practices (“GACP”) compliant cultivation facility and Good Manufacturing Practices (“GMP”) Level-2 Extraction facility, leveraging high-grade technology and practices from the international pharmaceutical and cannabis industries. By 2019, development of a second Colombian cultivation site will significantly expand its cultivation capacity to meet the growing demand from domestic and international patients. This Supply Agreement represents further progress in Namaste securing medical cannabis supply agreements with global partners. Namaste, subject to approval by Health Canada, will continue to pursue importation of high-quality medical cannabis, sourced from internationally licensed producers.
Key Terms of the Supply Agreement:
- Cannmart will submit purchase orders to
- Clever Leaves for medical cannabis.
- Cannmart will import medical cannabis from
- Clever Leaves, subject to approval by Health Canada.
- Cannmart will be compliant with Clever Leaves’ branding and pricing strategy.
- Cannmart will be responsible for shipping and importation costs of the product.
- Clever Leaves will provide Cannmart with lab test reports for each purchase in advance and in accordance with Cannmart’s requirements under Canadian regulations.
- The packaging of products will bear the Clever Leaves brand logo.
The Supply Agreement with Clever Leaves further supports Namaste’s strategy of providing its Canadian patients with access to high-quality imported medical cannabis. The Company believes Clever Leaves’ production expertise and quality control methods will meet the highest standard of requirements necessary for importation into the Canadian market. Namaste will continue to cultivate international relationships under the guidelines set forth by Health Canada, in an attempt to position Cannmart as one of the most diverse global e-commerce platforms.