Namaste Technologies Provides Corporate Update on CannMart Labs
07 June 2021 - 10:00PM
Namaste Technologies Inc.
(“
Namaste” or the “
Company”)
(TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a
marketplace platform for cannabis and wellness products, is pleased
to provide the following corporate updates:
Application Submitted to Health Canada
for Dealer’s Licence:
Namaste is pleased to advise that it's wholly
owned subsidiary CannMart Labs Inc. ("Labs") has
submitted its application for a Health Canada Controlled Drugs and
Substances Dealer’s Licence (the “Dealer’s
Licence”) for future storage and distribution of the
following controlled substances: psilocybin, psilocin, ketamine
(ketamine hydrochloride), LSD (lysergic acid diethylamide), DMT (N,
N-dimethyltryptamine) and MDMA (3,
4-methylenedioxymethamphetamine). Projected timeline for receipt of
approvals is by the beginning of fiscal third quarter of 2022.
Subject to Health Canada acceptance, the Dealer’s Licence will
allow Labs to sell these controlled substances to individuals (or
their compounding pharmacies), researchers and companies
undertaking clinical trials, each retaining appropriate approvals
for such possession and use.
“We are excited to have finalized and submitted
this application,” said Meni Morim, CEO of Namaste. “Societal
acceptance and scientific discovery of new paths to wellness is
rapidly increasing. Namaste is well versed in the distribution of
controlled substances and looks forward to being a responsible
leader in creating new paths to wellness.”
Share Issuance Related to CannMart
Labs:
The Company intends to issue an aggregate of
1,274,834 common shares (issued at a deemed price of $0.2114, which
is equal to the seven-day volume weighted average), without a hold
period, as payment of the second tranche of the remaining base
purchase price to the vendors under the share purchase agreement
for the acquisition of Labs. The issuance is considered to be a
shares for debt transaction under the policies of the TSX Venture
Exchange (the "TSX-V") and remains subject to
TSX-V approval.
About Namaste Technologies
Inc.
Headquartered in Toronto, Canada, Namaste
Technologies is a marketplace platform for cannabis and wellness
products. At CannMart.com, the Company provides Canadian medical
customers with a diverse selection of hand-picked products from a
multitude of federally licensed cultivators and US customers with
access to hemp-derived CBD and smoking accessories. The Company
also distributes licensed and in-house branded cannabis and
cannabis derived products 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:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
For more information please
contact:Namaste Technologies Inc.Meni Morim, CEOEdward
Miller, VP Investor RelationsPh: 647-362-0390Email:
ir@namastetechnologies.com
Source: Namaste Technologies Inc
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
submission of an application for and receipt of a Health Canada
Dealer’s License, the distribution by Labs of controlled substances
and leadership in alternative paths to wellness, are made as of the
date of this press release and are based on assumptions management
believed to be reasonable at the time such statements were made,
including, without limitation, Namaste’s standing in the online
marketplace for wellness products, ability to maintain momentum of
expanding the Company’s business 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: regulatory risk, risks relating to the
Company’s ability to execute its business strategy 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.
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