VANCOUVER, Oct. 26, 2018 /CNW/ - Namaste Technologies Inc.(NXTTF) ("Namaste" or the "Company") (TSXV: N) (OTCMKTS: NXTTF) is pleased to announce that subject to the proposed legislation outlined by the Province of Ontario, that the Company intends to launch recreational cannabis dispensaries through its wholly-owned subsidiary, Cannmart Inc. ("Cannmart") and through its partnership with 2624078 Ontario In. ("Infinite Labz").
Both facilities are located within approximately 5km from Pearson International Airport. With over 47 million passengers through the airport annually, Cannmart and Infinite Labz will provide travelers with a convenient location within minutes from the airport that will offer a variety of cannabis products sourced from multiple vendors.
Cannmart is the first sales license which has been issued to a non-cultivator of cannabis in the Canadian market (the "sales-only" license). This allows Cannmart to offer a variety of cannabis products sourced from multiple license producers in a single platform. While the Company is focused on creating an online marketplace for medical cannabis, it has at the same time recognized the value of Cannmart and Infinite Labz locations and intends on launching physical dispensaries catered towards the recreational market.
Further to the Company's May 10th, 2018 news release, Namaste(NXTTF) acquired 51% of the issued and outstanding shares of Infinite Labz, which will be a purpose-built oil extraction facility incorporating leading extraction technology. Infinite Labz will offer a variety of products and brands to be sold to both the medical and recreational markets. Namaste(NXTTF) anticipates an accelerated demand for cannabis oils, and Infinite Labz will be a dedicated facility designed specifically for the production of oil and other products such as gel-caps, tinctures, pre-filled cartridges and edibles, as they become available on the market
The Company has also secured agreements strong US brands like Lowell Herb Co. ("Lowell Smokes") and Airo Brands Inc. ("Airo") to produce pre-rolls and pre-filled vaporizer cartridges subject to regulatory compliance. These brands, which are already established will be produced and distributed by the Company through Infinite Labz and Cannmart in the Canadian market. Both Lowell Smokes and Airo brands products will be made available through the dispensary locations along with a variety of other cannabis products which will be offered through Cannmart and Infinite Labz.
Management Commentary
Sean Dollinger , President and CEO of Namaste(NXTTF) comments: "We're looking forward to launching recreational dispensary locations in both facilities. Cannmart and Infinite Labz will each have unique product offerings that will provide value for both medical patients and recreational users. With our location being so close to the airport, we anticipate seeing a strong demand for a recreational dispensary model. While we have been focused on developing our online marketplace for medical cannabis, we recognize and intend on taking advantage of strong opportunities in the recreational market."
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