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Namaste Technologies enters recreational cannabis market through new partnership with High Tide

Namaste CEO Meni Morim called the news a “landmark moment” for the company

Namaste Technologies Inc -
Around 40 products earmarked for the recreational market will be made available to consumers in Saskatchewan via CannMart.com

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) is entering the direct-to-consumer recreational cannabis market to sell products by licensed retailers via its online platform CannMart.com and its recently launched program VendorLink.

The Toronto-based company announced Tuesday it is collaborating with cannabis firm High Tide Inc (CSE:HITI) (OTCQB:HITIF) that will see subsidiaries of both companies make recreational products available exclusively on CannMart.com for a one-year term, subject to renewals.

Around 40 products earmarked for the recreational market will be made available to consumers in Saskatchewan, with weekly inventory changes and additional products to be made available, according to the firm.

READ: Namaste Technologies debuts new marketplace platform VendorLink for cannabis accessories

Launched as an online platform for the medical cannabis market, CannMart.com provides customers with a diverse selection of hand-selected products from a multitude of federally-licensed cultivators. VendorLink allows brands and vendors to upload and sell cannabis accessory products directly to CannMart customers.

Namaste CEO Meni Morim called the news a “landmark moment” for the company.

"We've finally reached the point where they can start to see the fruition of (our) mission: to provide the technology and infrastructure for Canadians to order cannabis safely and reliably no matter where they are," Morim said in a statement.

"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 online. Canada is the first step and I am excited about what's coming next.”

High Tide’s CEO Raj Grover said the agreement combines two “complementary enterprises” that focus on the Canadian cannabis consumer.

The average basket size on CannMart.com is around C$135, above the current industry average for both in-store and online purchases, according to Namaste’s chief technology officer Chad Agate.

Namaste is a leading online platform for cannabis products, accessories, and responsible education.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Namaste Technologies Inc

Price: 0.285 CAD

TSX-V:N
Market: TSX-V
Market Cap: $92.33 m
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