Toronto - Namaste Technologies Inc. ('Namaste' or the 'Company') (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading platform for cannabis products, accessories, and education, today announced the expansion of their Cannabis 2.0 product offering with the launch of a new butane hash oil ('BHO') live resin product line to be sold under the Phyto Extractions brand.
In addition, Namaste also announces that its wholly-owned subsidiary, CannMart Inc. ('CannMart'), has entered into an exclusive agreement with Stigma Grow, a licensed producer and processor, to distribute shatter, crumble, and live resins through CannMart's B2B channel of provincial body supply agreements and its B2C online medical channel.
'Our ongoing mission is to align with cannabis growers, distributors and retailers to ensure the highest-quality cannabis concentrates are available wherever savvy consumers are looking for something exceptional,' says Travis McIntyre, CEO of Stigma Grow. 'This agreement with CannMart is in perfect alignment with our promise to Canadians and builds on the success and momentum that we have already seen in the provinces where our products are currently sold. We're excited to bring our unique live resin, full-spectrum BHO products to as many stores across Canada as possible.' 'With our new Phyto branded BHO live resin and Stigma Grow's shatter, crumble and live resins, we are leading the marketplace with high-quality Cannabis 2.0 products,' said Meni Morim, CEO of Namaste Technologies. 'Stigma Grow's shatter, crumble and live resins are known for their quality and are an excellent addition to CannMart's line of cannabis products and accessories. Phyto is a leading legacy brand in Canada and their hydrocarbon extracts are a hit with cannabis enthusiasts. Stigma and Phyto products will be available across Canada online at CannMart.com medically, and through our business-to-business distribution channels throughout our provincial customers starting in BC and Saskatchewan. We believe there is pent up demand for these high-quality, higher-margin products and we will look to leverage the past success of the Phyto brand to continue to grow our sales.'
In December 2019, Namaste's subsidiary CannMart Labs Inc. entered into an exclusive licensing agreement with Phyto Extractions ('Phyto') to use Phyto trademarks on certain cannabis products such as cannabis vaporizing pen cartridges and batteries; cannabis capsules and cannabis tincture bottles and jars. Phyto is a well-known and award-winning legacy brand which has strong brand recognition with cannabis aficionados seeking high-quality cannabis products. Phyto vaporizing pen cartridges have experienced significant growth since their introduction in 2019 and are now one of CannMart's best sellers on its medical platform. Stigma Grow, a subsidiary of CanadaBis Capital Inc. (TSXV:CANB), holds cultivation and processing licenses from Health Canada and uses leading-edge BHO cannabis extraction techniques, product development and R&D to produce consistent high-quality shatter, crumble and full-spectrum live resins capable of offering the purity, potency and precision that cannabis customers demand. Stigma Grow uses a state-of-the-art butane hydrocarbon extraction system at their Red Deer, AB facility to process some of the only full-spectrum concentrate products available on the legal market today.
About Stigma Grow
Stigma Grow is a cutting-edge cannabis cultivation and extraction company positioned advantageously to meet the unmet market demands and stigmas within the legal cannabis industry head on, with products designed to disturb the status quo and dramatically shift the conversation surrounding Canada's legal cannabis industry.
About Phyto Extractions
Phyto Extractions is an award winning, premium grade cannabis company based in Canada. The company was formed over 5 years ago and was previously named the 1st place winner of the Karma Cup.
About Namaste Technologies Inc.
With headquarters in Toronto, Canada, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The Company's 'everything cannabis store', CannMart.com, provides medical customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. Namaste's global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
This news release includes statements containing certain 'forward-looking information' within the meaning of applicable securities laws ('forward-looking statements'). Forward-looking statements are frequently characterized by words such as 'plan', 'continue', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'potential', 'proposed' and other similar words, or statements that certain events or conditions 'may' or 'will' occur and include, but are not limited to, statements regarding the anticipated timing of the rollout and availability of Stigma and Phyto products, the projected demand for such products and any associated growth in sales. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including but not limited to, uncertainty relating to the actual timing of the rollout and availability of Stigma and Phyto products, actual customer demand for such products falling short of management's expectations, as well as the risks identified under the heading Risk Factors in the Company's Annual Information Form for the fiscal year ended November 30, 2019. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.