Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV:N.V) (M5BQ.F) (NXTTF) is pleased to announce that the Company’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”), a licensed cannabis producer under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”), has completed Health Canada’s Pre-Sales License Inspection at the Cannmart facility in Etobicoke, Ontario . On July 31 st, 2018, Health Canada inspectors were on-site to verify information submitted by Cannmart as part of its application and in assessing compliance with the applicable sections of the ACMPR prior to license approval. The Pre-Sales License Inspection is one of the last steps prior to the issuance of a Sales License under the ACMPR.
Cannmart’s ACMPR “sales-only” license will be the first of its kind in Canada . The license enables Namaste to aggregate cannabis strains from licensed producers across the country, with the goal of offering medical patients access to the largest variety of medical cannabis products in a single platform. Namaste has positioned itself as a leader in the development of innovative cannabis e-commerce technology and will leverage its expertise and its platform powered by the Company’s wholly-owned subsidiary and AI technology company, Findify AB (“Findify” or “Findify.io”) to offer medical patients the most personalized user experience possible.
In anticipation of its upcoming ACMPR Sales License, Namaste is focused on accelerating patient acquisition through the launch of its updated version of the NamasteMD mobile app and by initiating several strategic marketing initiatives. NamasteMD is a telemedicine application which allows patients across Canada to access nurse practitioners or doctors for medical consultations via phone or video conference, free of charge from the comfort of their homes. NamasteMD is available in the App store for Apple devices, on the Google Play Store for Android devices and on the web at NamasteMD.com.
Namaste is also pleased to announce that pursuant to the Company’s July 16 th news release and the approval of a Normal Course Issuer Bid (“NCIB”) by the Toronto Venture Exchange (“TSXV”), the Company purchased a total of 1,111,700 common shares through the facilities of the TSXV in the month of July. The average price paid for each common share was $1.357 . The Company intends to continue the acquisition of its common shares subject to the terms of the NCIB. Details of the related transactions have been filed and are available on SEDAR.com
The Company is also pleased to announce the appointment of Mr. David Giardino as Chief Operating Officer (“COO”). David Giardino has extensive experience in managing enterprise-level operations and logistics, and will oversee all operations for Namaste’s domestic and international entities and in the execution of Namaste’s business strategy.
About David Giardino
David is an Experienced Operations Professional, bringing over 14 years of experience to Namaste. He began his career at Coca-Cola Enterprises managing a group of analysts responsible for driving warehouse, distribution, & delivery efficiencies for one of the largest US markets. Next David began his Footwear Career working for the Nine West Group, where he was exposed to many areas of the business; focusing on Warehousing & Distribution, Overseas Manufacturing, & Costing. There he worked with various teams to implement new processes that led to significantly lowering operating costs while increasing productivity & efficiency levels.
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