Namaste Technologies Announces Receipt of Health Canada Processing Licence by CannMart Labs
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Facility is established for BHO extraction - Making it one of only a few facilities in Canada with such capabilities
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TORONTO, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, is pleased to announce that its wholly owned subsidiary CannMart Labs Inc. (“CannMart Labs”) has received a standard processing licence from Health Canada (the “Standard Processing Licence”). The Company will now focus on the next step in the process, which is commissioning the equipment, a process which will commence immediately. The Company will leverage its existing sales licence through CannMart Inc. to bring our recreational products to provinces in Canada where Namaste already has a distribution network in place. We expect to have CannMart Labs manufactured products in the market by the end of Q2 2021.
Highlights of CannMart Labs:
- CannMart Labs facility in Ontario is established for BHO extraction using leading extraction technology, making it one of only a few facilities in Canada with such capabilities.
- Set to produce in-house branded Cannabis 2.0 products for medical channel customers at CannMart.com and recreational customers across Canada through sister company CannMart's network of provincial sales partners.
- Cannabis 2.0 products initially planned include shatter, live resin, badder, wax and others with capabilities to expand future distillate product offerings to vape cartridges, gel capsules, tinctures and edibles. In addition, we will be looking to add solventless products such as rosin to our portfolio in the near future.
Namaste owns 100% of the CannMart Labs facility, which is located in Etobicoke, Ontario, a purpose-built oil extraction facility which incorporates a leading extraction technology facility designed to meet EU Good Manufacturing Practice (EU-GMP) certification requirements. We will look at selling our manufactured products to other licensed producers and other sales channels as they become available.
“This is a major catalyst for Namaste to generate material revenue through the sale of new and exciting cannabis products and by offering contract manufacturing services to our partners,” said Meni Morim, CEO of Namaste. “The team has selected and installed state-of-the-art extraction equipment and technology in its facility, which will be able to produce an array of cannabis products including shatter and live resin, as well as future distillate products such as vape cartridges, gel capsules, tinctures and edibles. We look forward to producing our in house branded Cannabis 2.0 products, including “ROILTY” for our medical channel customers at CannMart.com and recreational consumers across Canada through our network of provincial sales partners.”
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 will provide US customers with access to smoking accessories and hemp-derived CBD. 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:
For more information please contact:Namaste Technologies Inc.Meni Morim, CEOEdward Miller, VP Investor RelationsPh: 647-362-0390Email: firstname.lastname@example.org
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 the qualification of CannMart Labs equipment, CannMart Labs’ ability to bring products, including planned Cannabis 2.0 to market by the end of Q2, 2021 and the expectation to generate material revenue therefrom and from contract manufacturing services offered to third parties, the possible future expansion of distillate products to include vape cartridges and other products is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time, including, without limitation, its ability to qualify the equipment under the Standard Processing Licence in a timely manner, the level of interest by third parties to seek contract manufacturing services from Namaste, Namaste’s standing in the online marketplace for cannabis products, Namaste's beliefs regarding the expected demand for cannabis products, including Cannabis 2.0 products, and the expected growth of that market, results of operations, operational matters, historical trends, current conditions and expected future developments, 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: the inability of the Company to qualify the equipment in a timely manner, the failure of the CannMart Labs facility to be operational as expected, the generation of material revenue not being as anticipated, 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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