Jan 14, 2021, 08:00 ET
TORONTO, Jan. 14, 2021 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading platform for cannabis products, accessories, and education, is pleased to announce, subject to Exchange approval, further expansion into the USA via CannMart.com with sales of hemp derived CBD. The Company looks forward to leveraging VendorLink, it's marketplace technology, in collaboration with PeakBirch Logic, Inc.
The Company previously announced subject to Exchange approval, through an appropriate affiliate, the sale of accessories in the USA as permissible under state laws. The announcement of this further expansion in the USA underscores Namaste's intention to increase its total addressable market and exploration into other verticals as regulation evolves and other adjacent complementary market opportunities present themselves. The Company is targeting a go-live date for USA customers at CannMart.com by the end of this fiscal quarter.
"We first announced our 24 month collaboration arrangement with PeakBirch in September, 2020 including the possible development of business in the USA and we are delighted to see the first fruits of that collaboration today," said Meni Morim, CEO of Namaste. "With the changing regulatory landscape improving in the USA, our recent announced proposed entry into the USA through the sale of accessories fulfilled by DankStop, and now this proposed entry into the U.S. hemp derived CBD market, we continue the execution of our strategy to position Namaste as a leading global cannabis company and look forward to building on this positive momentum. This development also further validates our investment in technology, as the proposed expansion will be facilitated via our marketplace technology and we are looking forward to launching more vendors onto the platform."
"We are delighted to collaborate with Namaste and join their VendorLink platform to offer hemp derived CBD in the USA at CannMart.com," said Marc Mulvaney, CEO of PeakBirch. "We see great potential in the marketplace to open up our brands to new customers in the USA."
Mr. Meni Morim, CEO will be presenting at the NobleCon17 investor conference on Wednesday, January 20th at 3:45 p.m. EST, discussing this new opportunity and the Company's USA expansion. The conference this year is virtual, with no cost, obligation or restrictions to attend: www.noblecon17.com.
About PeakBirch Logic, Inc.
PeakBirch is a cohesive ecommerce technology group scaling multiple online businesses to become internationally successful brands. With a strong focus on consumer journey, deep analytics and AI powered trend analysis PeakBirch unlocks the true growth potential of customer-centric brands by providing revenue acceleration with customer experience optimization via a lean platform. Through a combination of the latest digital best practices and a proven team, PeakBirch Logic is committed to generating significant and sustained return on investor capital over the long-term.
Information on the Company can be accessed through: www.peakbirch.com
About Namaste Technologies Inc.
Headquartered in Toronto, Canada, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The Company's 'everything cannabis store', CannMart.com, provides medical customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. The Company also distributes licensed and in-house branded cannabis and cannabis derived products to recreational consumers in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales online in Saskatchewan. Namaste's global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
FORWARD-LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained herein, including, without limitation, statements related to Namaste's proposed entry into the United States via CannMart.com and its proposed entry in the hemp derived CBD market fulfilled by PeakBirch Logic, Inc. in the United States, its anticipated "go-live" date for U.S. customers to make purchases through CannMart.com, as well as statements relating to its proposed expansion efforts, is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time, including, without limitation, Namaste's and PeakBirch Logic's standings in the online marketplace for cannabis products, anticipated continued improvements to the regulatory landscape for the sale of cannabis, associated products and accessories that will benefit Namaste's business in the United States and globally; Namaste's expectations that Exchange approval will be given in a timely manner; Namaste's beliefs regarding the expected demand for cannabis products and accessories and hemp derived CBD products and the expected growth of that market globally, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the inability of the Company to obtain Exchange approval in a timely manner in order to enter the US market, if at all; the failure to achieve the intended sales results and benefits from the Company's expansion efforts, regulatory risk both in the United States and globally, including in particular regulations not evolving in a manner to that would benefit Namaste's business, risks relating to the Company's ability to execute its business strategy and plans and the benefits realizable therefrom and risks specifically related to the Company's operations. Additional risk factors can also be found in the Company's current MD&A and annual information form, both of which have been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
SOURCE Namaste Technologies Inc.
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