Namaste Technologies (TSXV: N) (OTC: NXTTF) AGREEMENT with High Tide
132Namaste Technologies (TSXV: N) (OTC: NXTTF) deal with High Tide - RICH TV LIVE - SEPTEMBER 23, 2020 - Namaste Technologies Inc. and High Tide Inc.'s wholly owned subsidiaries recently entered into a CannMart marketplace agreement pursuant to which High Tide, via Canna Cabana (SK) Inc. as a licensed retailer by the Saskatchewan Liquor and Gaming Authority, will make recreational cannabis products available on-line exclusively on the CannMart website as a licensee under Namaste's VendorLink platform for an initial term of one year, subject to renewals. Upon launch, approximately 40 products designated for recreational use will be available to Saskatchewan-based customers, with weekly inventory changes and product additions to follow.
The agreement marks Namaste's entrance into the direct-to-consumer recreational cannabis market via the CannMart website by using its new marketplace solution, VendorLink, to facilitate the sale of cannabis products by licensed retailers. For High Tide, the agreement accelerates its growth plans in the province and expands its customer reach based on CannMart's established e-commerce business. Customers within the designated region will be able to shop a diverse catalogue of recreational cannabis products without the need for a prescription. Conversely, CannMart's medical customers in Saskatchewan will have the ability to select and purchase both medical and recreational products.
"This is a landmark moment for Namaste. I've been grateful for the opportunity to put all the pieces together to deliver on the mission that Namaste committed to shareholders over the past years. We've finally reached the point where they can start to see the fruition of that mission: to provide the technology and infrastructure for Canadians to order cannabis safely and reliably no matter where they are," said Meni Morim, chief executive officer of Namaste Technologies. "There are so many choices in the cannabis marketplace and we have worked tirelessly to integrate our machine-learning technology into the selection process for consumers and let retailers focus on what they do best -- provide the best in-store experience and let us do the heavy lifting on-line. Canada is the first step and I am excited about what's coming next," added Mr. Morim.
"This agreement brings together two complementary enterprises that are focused on the Canadian cannabis consumer and providing safe and convenient access to residents across Saskatchewan. #namaste #cannmart #richtvlive
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