Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading platform for cannabis products, accessories, and education, today announced CannMart Inc. (“CannMart”), a wholly owned subsidiary, has been granted an exclusive license by IGNITE International Brands, Ltd. (“IGNITE”) (CSE: BILZ) (OTCQX: BILZF) to utilize certain brand trademarks on cannabis-based products for sale in the legal Canadian marketplace. In addition, CannMart has received approval from Alberta Gaming, Liquor & Cannabis (“AGLC”) and the Ontario Cannabis Retail Corporation operating as the Ontario Cannabis Store (“OCS”) to begin offering Cannabis 2.0 products.
“Our agreement to become the exclusive distributor of IGNITE products in Canada is an important milestone for the company and positively reflects on our value proposition,” said Meni Morim, CEO of Namaste Technologies. “CannMart continues to demonstrate its ability to grow its sales distribution channels in the Canadian market and this is attracting the attention of well-established brands like IGNITE. We place a high value on our relationships with these brands as it is our belief that brand recognition will be a major driver of growth as the legal industry matures and transitions to consumer-packaged goods. The opportunity for CannMart to be the exclusive distributor for IGNITE in Canada reinforces our position in the competitive cannabis market as consumers gravitate towards brands that are well known and trusted for their quality.”
“The listing of Cannabis 2.0 products for the provinces of Ontario and Alberta is an important achievement and opens meaningful additional revenue channels. The Cannabis 2.0 market is a large addressable market and the approval to list our products in Alberta and Ontario, with more than 450 and 90 cannabis stores respectively, represents a substantial increase in the addressable market for CannMart. We expect to continue our recent sales success of cannabis products from premium brands, like IGNITE, through CannMart.com and throughout our network of government partners and retailers.”
“Canada is an important market for IGNITE International Brands and CannMart has shown its ability to deliver high quality products to our target market,” said Lester Lee, President of IGNITE. “The awareness of the IGNITE brand continues to build throughout Canada and our product sales continue to grow. The team at CannMart has been instrumental and has proven their competency to navigate the regulations within the legal market. We trust that our brand can be nurtured in accordance with our high standards and together we can continue to build on our early success as we look to grow market share.”
Further to the news release of March 20, 2020, CannMart and IGNITE have amended the licensing agreement to add exclusivity to the markets in Canada. The revised agreement grants CannMart an exclusive licence to use certain IGNITE brand trademarks on legal cannabis-based products (the “IGNITE Products”) in consideration for certain royalty payments. CannMart’s introduction of IGNITE cannabis products has been welcomed by its customers and demand has continued to grow.
CannMart’s listing of its first Cannabis 2.0 products in the provinces of Alberta and Ontario are now approved by both jurisdictions. CannMart’s first offering will be a variety of vape cartridges. The AGLC is responsible for regulating and distributing cannabis to Alberta’s licensed retailers and the sole legal online retailer for recreational cannabis at www.albertacannabis.org. The OCS is the sole legal online retailer and wholesaler for recreational cannabis for Canada’s most populous province.