Aug 22, 2018, 08:30 ET
VANCOUVER, Aug. 22, 2018 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has signed a wholesale supply agreement (the "Supply Agreement") with Manitoba-based ACMPR Licensed producer, Bonify Inc. ("Bonify"). Under the terms of the Supply Agreement, Namaste will purchase bulk cannabis products through the Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart"). Bonify operates a large-scale cultivation facility and will expand capacity to over 350,000 square-foot that will accommodate Namaste's growth trajectory. Namaste will work with Bonify to develop private-label strains of cannabis for the medical and recreational markets as well as in offering the full selection of Bonify products.
Further to the Company's August 13th news release, Cannmart completed its Health Canada Pre-Sales inspection on July 31st, 2018 and the receipt of its "sales-only" license will represent a major milestone for the Company. With Cannmart's "sales-only" license imminent, and in order to accommodate the acceleration of NamasteMD's (NamasteMD.com) database and with the launch of Canadian recreational cannabis sales pending, the Supply Agreement with Bonify will guarantee adequate supply to support Namaste's demand.
Namaste is also pleased to announce that it has registered over 14,000 users in its online patient portal and mobile app, NamasteMD representing a 130% increase in registered users in approximately 2 months. With the latest launch of the NamasetMD app, the Company has streamlined the on-boarding process, improved conversion rates and has opened the app's scheduling to accommodate appointments within 15 minutes from sign-up. The accelerated growth in patient acquisition which has taken place over the past two and a half months is extremely encouraging. Namaste anticipates seeing further acceleration once Cannmart's sales license is received and cannabis sales are integrated within the platform.
The Company is also pleased with initial results from the launch of its patient feedback app, Uppy Strain Journal ("Uppy"), with over 11,000 downloads from its launch one month ago. Data collection through Uppy will drive machine learning algorithms that will be used in tandem with cannabis strain data to provide better strain recommendations for medical patients. By adding value for medical patients in an online environment, Namaste will achieve lower cost per patient acquisition, higher conversion rates, increased revenue and provide a better user experience.
Namaste's e-commerce platform and technology will continue to drive innovation that will have a major impact on the way in which patients can access medical cannabis online. Namaste's goal is to create the most comprehensive user experience possible by personalizing product and strain recommendations through integration of its AI technology, providing convenient access to healthcare practitioners through its patient portal, NamasteMD, and to drive cannabis sales through Cannmart.
Dalbir Bains, President and CEO of Bonify comments: "We are thrilled to be partnering with the leading cannabis technology company in Canada. We have witnessed firsthand the impact Namaste MD is having on patients by providing the most convenient and accessible health care experience regardless of whether you live in an urban or rural market thanks to its telehealth capabilities. The addition of Cannmart, which is coming shortly, will truly complete the patient experience from symptom to diagnosis, from a health care practioner, to receiving a product that will improve the quality of the patient's life. This aligns with Bonify's mission of improving the lives of our patients".
Sean Dollinger, President and CEO of Namaste comments: "We're very excited to be working with Bonify and their team. I was personally on-site at their facility in Winnipeg and was very impressed with their operations and the quality of their products. Bonify will be a strong supply partner for Namaste as they understand our vision and have significant capacity to support our growing patient network. We're in a key position now where many of our efforts are coming together with our anticipated sales license at Cannmart. We're looking forward to expanding on our relationship with Bonify in the future and are very excited to be seeing all of these pieces now coming together. The Agreement with Bonify will ensure supply availability for Namaste during a period going in to recreational legalization where many producers anticipate a supply shortage.
I'm very happy to see incredible results in our progress with NamasteMD and Uppy. These platforms will provide Namaste with long term value in domestic and international markets. We will continue to focus on developing our e-commerce platform to encompass everything cannabis. We're very excited for the future, looking forward to receiving our sales license soon and in rolling-out Cannmart's platform. We believe that Namaste will emerge as the dominant leader in cannabis e-commerce sales globally and have already established the infrastructure to achieve this goal."
About Bonify Inc.
Bonify is a Canadian-owned Licensed Producer and leading provider of medical cannabis. By maximizing research findings and strictly adhering to best-in-class practices, quality standards and procedures, Bonify produces medical cannabis products to help individuals get the most out of life each and every day. With over 1,000,000 square feet of potential productive capacity at its present site in Winnipeg, Manitoba, Canada, when at full scale, Bonify will be capable of growing over 100,000 kg of cannabis annually. For more information, visit www.bonify.com.
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 (604) 355 6100
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
SOURCE Namaste Technologies Inc.
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