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Marijuana Industry News November 13, 2019 MJ Shareholders
TORONTO, Nov. 12, 2019 /CNW/ – PRESS RELEASE – Namaste Technologies Inc., an online platform for cannabis products, accessories and responsible education, has announced that its wholly owned subsidiary, CannMart Inc., has entered into a supply agreement with the Ontario Cannabis Retail Corporation or OCRC operating as the Ontario Cannabis Store (OCS). The OCS is the sole legal online retailer and wholesaler for recreational cannabis for Canada’s most populous province. In addition, CannMart has been registered with the Saskatchewan Liquor & Gaming Authority (SLGA) allowing for the sale of cannabis products to permitted wholesalers in the Province of Saskatchewan. This follows closely the recently announced purchase order with the Province of British Columbia for pre-rolled cannabis products.
“Working directly with the provincial governments represents a significant market opportunity for us,” said Meni Morim, CEO of Namaste Technologies Inc. “We look forward to being part of the value chain for OCS and SLGA as we expand our presence in this sector.
Namaste is pursuing similar arrangements with provincial government agencies in an effort to further expand its customer base, leverage its unique license, streamlined purchasing process, and diverse product selection through one location. CannMart is Namaste’s online ‘everything cannabis store’ which carries one of the largest selections of legal cannabis products from well regarded cannabis producers in Canada and around the world.
In addition, the company has entered into a services agreement with Native Ads Inc. of Vancouver, BC, pursuant to which Native Ads will provide and manage a comprehensive digital media marketing campaign for cash consideration of US$150,000. The term of the agreement extends from the effective date of Sept. 25, 2019 until the digital media marketing campaign and related media buying concludes. The campaign includes, but is not limited to, content creation, web development, media buying and distribution, advertising development, and campaign reporting and optimization.
Approximately 70 to 80 percent of the marketing campaign’s budget will be allocated for digital advertising, paid distribution and media buying, and approximately 20 to 30 percent will be allocated for digital marketing consulting, managed services and management fees over the campaign period. Neither Native Ads nor any of its directors or officers hold, directly or indirectly, any securities of Namaste. The services provided by Native Ads may be subject to TSX Venture Exchange approval.
Stonebridge Partners, LLC of Miami, Fla., has been engaged in a six-month contract to enhance investor relations efforts and provide digital content marketing services for a monthly fee of $7,500 USD. SB Partners nor any of its directors or officers hold, directly or indirectly, any securities of Namaste.
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