Namaste expects to add Israeli Licensed Producer's Cannabis to Cannmart.com
VANCOUVER, Jan. 28, 2019 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to report a critical step in the export of medicinal cannabis from Israel and its significance to the Company and its Israeli partner, Cannbit Ltd., ("Cannbit")(TASE:CPHO.M). The Israeli government has approved the export of medical cannabis, a significant milestone for the Company and its Israeli partner, Cannbit, as a late-stage applicant, GMP-certified producer of medical cannabis which is publicly listed on the Tel Aviv Stock Exchange. The Company owns 10% of Cannbit, has a collaboration and supply agreement to purchase medical cannabis, and a Collaboration Agreement whereby Cannbit consults with the Company in relation to Namaste's Israeli operations. For Namaste, the Company intends on facilitating the import of medical cannabis from the Israeli market to Canada and other jurisdictions, subject to regulatory approvals as required, and adding Cannbit's cannabis to Cannmart's product line later this year.
"This is an important milestone for our Israeli partners, Cannbit, and our Cannmart customers," said Sean Dollinger, Co-Founder, President and CEO of Namaste Technologies. "Our goal is to import medical cannabis from the Israeli market and offer it to Canadian patients. Furthermore, this approval opens the door for Namaste to potentially import product into other key markets."
"The government approval for the export of medicinal cannabis should have a material impact on our business and help us with global expansion," added Yaron Razon, President and CEO of Cannbit. "We will be producing flower and cannabis oil in-house and anticipate that the first exports will be seen towards the end of the year, and look forward to supplying Cannmart and its global partners with high-quality medical-grade cannabis."
Cannbit recently announced that it will produce NIS 4.8 million worth of cannabis for Tikun Olam, one of Israel's leading licensed producers of medical cannabis. Under the agreement, Cannbit will grow Tikun Olam's two unique cannabis strains on the basis of the growing protocol developed by Tikun Olam. Growth will be up until the wet plant is harvested, while Tikun Olam will be responsible for drying and processing it.
About Cannbit Ltd.
Cannbit is focused on growing high-quality medical-grade cannabis with advanced technology and agriculture platform while utilizing the best human resources to produce the highest level of quality available that will effectively treat a wide range of illnesses. The Israeli government is expected to approve the export of medical cannabis and Cannbit intends to become Israel's leading exporter for medical cannabis to legal jurisdictions around the globe. Cannbit's facility is 4,000 square meters with an additional 10,000 square meters available for expansion and is located in Neot Hakikar, an area well known in the Israeli agricultural community with clear advantages in the cold seasons. Our cultivation is carried out in a sophisticated greenhouse that provides ideal conditions for a variety of cannabis strains. Cannbit's management is comprised of a group of industry professionals in relevant disciplines.
About Namaste Technologies Inc.
Namaste Technologies powers the ultimate online customer experience for medicinal cannabis and related products. Beginning with NamasteMD.com, the Company's integrated telemedicine application, we connect medical clients with health care practitioners to more readily issue and renew cannabis prescriptions online. Featuring the first Canadian Medical Sales-Only Licence, the Company's own Cannmart.com is your 'everything cannabis store' offering clients a large variety of strains to fill their prescription needs. Namaste's unique artificial intelligence (AI) engine incorporated in its platforms and related Uppy App, completes our ecosystem by identifying the right product and pairing to address specific medical cannabis requirements. Namaste also provides vaporizers and accessories across several platforms operating in more than 20 countries. Namaste's global technology addresses local needs in a burgeoning cannabis industry requiring smart solutions. For more information about Namaste, please visit www.Namastetechnologies.com
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.