Proactiveinvestors USA & Canada Namaste Technologies Inc https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Namaste Technologies Inc RSS feed en Sat, 20 Jul 2019 07:27:40 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Namaste Technologies adds two more licensed producers to CannMart cannabis marketplace ]]> https://ca.proactiveinvestors.com/companies/news/224216/namaste-technologies-adds-two-more-licensed-producers-to-cannmart-cannabis-marketplace-224216.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Friday it has signed new agreements with two Canadian licensed producers to expand the number of products offered on its online cannabis marketplace CannMart.

The two licensed producers are Agro-Greens Natural Products Ltd of Macklin, Saskatchewan and PureSinse Inc of Brampton, Ontario, which is a subsidiary of Pure Global Cannabis Inc.

Namaste said the Agro-Greens and PureSinse agreements will help solidify CannMart’s new fee-based model, which is based on consignment versus traditional buy and sell.

READ: Namaste Technologies reports 2Q financial results; sees improvements in books

The Toronto-based company also said the new fee-based model will allow CannMart to manage working capital and the licensed producers to retain their brand loyalty.

The new agreements highlight Namaste’s value proposition to licensed producers, enabling them to be vertically integrated within the CannMart platform and providing the infrastructure to deliver products to a new and larger audience.

CannMart started sales in October 2018 when cannabis was legalized in Canada with only two licensed producers offering just three strains and 11 SKU's (stock-keeping units).

Growing CannMart

Today CannMart has supply agreements with 15 licensed producers, providing over 39 strains, and 170 SKU's. Outside of Canada, the company has existing supply relationships in Columbia, Australia and Israel, with imports pending government approval.

"The commitment and investment that we have made in our people and technology is beginning to pay dividends," said Meni Morim, interim CEO of Namaste. "Licensed producers are increasingly recognizing this commitment, and see the value in our platform. As our end-to-end business proposition continues to develop, we are on track and focused to become the world's most customer focused marketplace for cannabis and cannabis accessories.”

Pure Global CEO Malay Panchal said the medical cannabis producer is “incredibly excited about this recent agreement with Namaste, as their CannMart platform truly shares our goals and values.”

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Fri, 19 Jul 2019 08:45:00 -0400 https://ca.proactiveinvestors.com/companies/news/224216/namaste-technologies-adds-two-more-licensed-producers-to-cannmart-cannabis-marketplace-224216.html
<![CDATA[News - Namaste Technologies reports 2Q financial results; sees improvements in books ]]> https://ca.proactiveinvestors.com/companies/news/224171/namaste-technologies-reports-2q-financial-results-sees-improvements-in-books-224171.html Namaste Technologies (CVE:N) (OTCMKTS:NXTTF) released financial statements Thursday for its second quarter, showing a steady improvement in its books. 

In the second quarter, revenue remained consistent at C$4 million compared with C$4.1 million for the same period last year.

In 2Q, Namaste reported that it had improved the company's foundations, with an aim to build the world's most customer focused cannabis marketplace.

"From here, we are reprioritizing and refining our investments towards scalability, gaining marketshare and working capital management. We expect to see these results take shape over the next three to six months with a balanced approach between working capital optimization and the right investments to help the company grow," said Meni Morim, interim CEO of Namaste.

"This is an exciting time in the cannabis market overall and we want to make sure that we're maximizing our opportunities."

READ: Namaste Technologies looks to a brighter future as it aims to be the world’s leading cannabis marketplace

The firm reported a net loss of C$8.6 million, up from a net loss of C$8.0 million in the prior year period. The firm reported net income of C$6,141. 

The company said: "During the quarter, we made technological improvements in our online platform, acquisitions in Pineapple Express and Choklat, and expanded our list of licensed producers on CannMart.  As recently announced, we have increased our access to medical cannabis patients through our relationship with ARBR.

"As part of our strategy to improve the access to and interactivity with license producers, we expect to announce additional producers under our new fee-based or consignment model. 

"This new model allows licensed producers to see Namaste's online marketplace as complementary to their business versus competition. We believe this shift with help drive future expansion of our product categories and related SKU's and highlight our commitment to enhancing the customer experience from education to consumption. From a financial standpoint, this system helps reduce the burden on working capital too."

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 18 Jul 2019 17:15:00 -0400 https://ca.proactiveinvestors.com/companies/news/224171/namaste-technologies-reports-2q-financial-results-sees-improvements-in-books-224171.html
<![CDATA[News - Namaste Technologies looks to a brighter future as it aims to be the world’s leading cannabis marketplace ]]> https://ca.proactiveinvestors.com/companies/news/224087/namaste-technologies-looks-to-a-brighter-future-as-it-aims-to-be-the-worlds-leading-cannabis-marketplace-224087.html Needless to say, it's been quite the year for Namaste Technologies (CVE:N) (OTCMKTS:NXTTF). 

"We are, essentially, inventing an industry," interim CEO Meni Morim told Proactive in an interview. "Investors need to have faith and they do. We are currently building something that doesn’t exist."

Namaste has lofty ambitions when it comes to specialty e-commerce but its premise is simple: own the world of cannabis e-commerce, and be a one-stop shop for everything a cannabis user needs.

The Toronto-based company, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands, through its licensed subsidiary CannMart Inc. That is not to mention, as well, its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, plus sales of medical cannabis from its facility in Toronto.

READ: Namaste and True Leaf join forces to sell hemp-based pet products directly to consumers

Interim CEO Morim is the first to accept and recognize that the firm has had a shake-up number of months, but says it is now much better positioned and more streamlined as it continues with its ambitions. 

There's little doubt the first chunk of 2019 was spent dealing with a number of issues, including a management shakeup that saw former CEO Sean Dollinger removed, and former chief product officer and director of artificial intelligence Morim step in as interim boss. 

"It’s been very bumpy," said Morim. "We’ve had a lot of legacy issues to handle and we’ve put most of them behind us."

Namaste delayed its 2018 annual financials, as well as its Q1 2019 financials. The firm had switched auditors, which led to the delay, with new auditors coming in and having to start from scratch. The firm, to its credit, did reach out to respective securities regulators to request a management cease trade order, in respect to the late results filing. 

"We did that proactively for the benefit of the shareholders," said Morim.

But now, the firm needs to regain investor trust as well, which it says it is well-positioned to do as it continues to execute on its strategic plan, growing the business and creating shareholder value. 

"We have great people across the company and a solid business," said Morim. 

And naturally, through every experience, lessons are learned and new policies put into place.

Customers the biggest asset

One of those moves has been the implementation of OKRs, or objective key results at the firm. In short, the tool creates alignment and engagement around measurable goals and is used by a number of heavy-hitter companies, such as Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL) and Facebook (NASDAQ:FB). Basically, the system drives companies through a performance growth culture.

Above all else, says Morim, the firm's single most important OKR is one very simple question: "Will this enhance our customer experience?"

"That's a fundamental change and puts us on the path of building that customer-focused marketplace," says Morim. 

"Our most valuable asset is our customers," he added. "We’re doing everything to let our customers know it."

Bolstered board

The firm has also moved to strengthen its board as well, with a number of new directors.

"We have a very active board and we are engaging our board in a frequent manner," said Morim. 

The company's audit committee was strengthened, in part, to make sure controls were put in place in order to avoid a late filing, with a clear schedule, and more streamlined process -- all necessary moves, according to Morim.  

Recent deals look promising

Namaste has had a string of recent deals that look promising, notably, its agreement with True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF), which will see True Leaf’s pet products distributed through Namaste’s online dispensary platform.

"Partnering with a leading brand like True Leaf is an excellent way to enhance our consumer product offering and scale our vendor experience,” said Morim. “We're committed to building the most innovative and consumer-friendly marketplace, and this brings us one step closer to that goal."

WATCH: Namaste’s CannMart platform adds True Leaf's hemp based dog treats to platform

The company also has the benefit of a strong cash position, which will help it execute its strategy, while also boosting innovation. In its latest financial statement, the firm recorded around US$52.7 million of cash in the bank. 

Namaste’s business development team boasts a robust pipeline of partnerships which could strengthen the company’s position further. 

Looking forward

Namaste has had a tumultuous few months, and it will take time to see how the company transitions forward. Simply put: the results will have to follow. 

For now, the firm is continuing on its path, as it expands its reach and increases its total addressable market.

"We’re focused on streamlining in Canada," says Morim, adding that the company's aim is to offer an end-to-end experience, in a one-stop shopping way. 

Namaste’s goal is to provide a seamless transition from consulting a pharmacist about personal cannabis needs to being able to get a medical document and order product “near instantaneously.”

Here's an example: a medical patient in greater Toronto could feasibly learn about medical cannabis, schedule an appointment on the same day with a nurse practitioner, and get it delivered to their door by 5 pm, all under the Namaste umbrella.

Once the product was received, users could use Namaste's mobile app, Uppy Cannabis Journal, which allows medical cannabis users to track the effects of different cannabis strains on whatever symptoms they may be looking to address. That data is then fed into Namaste A.I., which provides cannabis strain recommendations, based on machine learning.

The firm is aiming for a single sign-on experience, similar to a Google account. 

"We're building an ecosystem," said Morim, adding that the firm is aiming to perfect the process in Canada and then look internationally, possibly to Germany, and is also keeping its eyes on the US. "We're building our platform in a modular way ... Once we get that right, we have the ability to expand that internationally. That's the high-level vision." 

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 18 Jul 2019 08:00:00 -0400 https://ca.proactiveinvestors.com/companies/news/224087/namaste-technologies-looks-to-a-brighter-future-as-it-aims-to-be-the-worlds-leading-cannabis-marketplace-224087.html
<![CDATA[News - Namaste expands patient referral network through new agreement with ARBR ]]> https://ca.proactiveinvestors.com/companies/news/223764/namaste-expands-patient-referral-network-through-new-agreement-with-arbr-223764.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTFF) announced Thursday that it has signed a new agreement to incorporate the company’s integrated telemedicine application into a clinical referral platform.

ARBR (2103486 Alberta Ltd) is a web-based tool to help pharmacists and clinicians facilitate and support patients seeking medical cannabis.

The agreement allows the Namaste MD application to act as a direct-connect platform to enable patients to immediately transition from clinical consultation to connect with a medical professional.

READ: Namaste and True Leaf join forces to sell hemp-based pet products directly to consumers

ARBR has an existing agreement with one of Canada’s largest generic pharmaceutical manufacturers with an 11,000-strong network of pharmacies across the country.

Namaste’s CannMart will be the preferred platform to execute the agreement, the company said in a release, given its large selection of licensed producers, strains and other cannabis products.

"We continue to find innovative ways to expand our network and build the world's most customer focused cannabis marketplace," said Meni Morim, Interim CEO at Namaste.

"We're leveraging in-house developed technology, like NamasteMD, to support tools like ARBR. This relationship opens a new channel to medical cannabis patients and allows the adult-use cannabis consumer to utilize their existing pharmacy relationships."

Morim said the Toronto-based Namaste’s goal is to provide a seamless transition from consulting a pharmacist about personal cannabis needs to being able to get a medical document and order product “near instantaneously.”

"This agreement with a leading technology platform like ARBR continues to demonstrate our unique approach to the cannabis market and will help accelerate our growth." 

"NamasteMD and the CannMart platform are a great way for pharmacists using our ARBR cannabis application to connect their customers with medical professionals and help service their customers' needs," said Kit Poon, CEO of ARBR. "We're excited to work with the team at Namaste to maximize the benefit from this relationship."

Namaste operates numerous e-commerce platforms with multiple websites under various brands.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Thu, 11 Jul 2019 09:50:00 -0400 https://ca.proactiveinvestors.com/companies/news/223764/namaste-expands-patient-referral-network-through-new-agreement-with-arbr-223764.html
<![CDATA[Media files - Namaste’s CannMart platform adds True Leaf's hemp based dog treats to platform ]]> https://ca.proactiveinvestors.com/companies/stocktube/13907/namastes-cannmart-platform-adds-true-leaf-s-hemp-based-dog-treats-to-platform-13907.html Thu, 27 Jun 2019 12:18:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13907/namastes-cannmart-platform-adds-true-leaf-s-hemp-based-dog-treats-to-platform-13907.html <![CDATA[News - Buds & Duds: Cannabis stocks lose steam but Namaste shares shine on pet product deal ]]> https://ca.proactiveinvestors.com/companies/news/222797/buds--duds-cannabis-stocks-lose-steam-but-namaste-shares-shine-on-pet-product-deal-222797.html Cannabis stocks continued to drop Tuesday, after a tough few weeks for many cannabis stocks across North America. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 1.8% to 231.7 points by Tuesday's close. The Horizons Marijuana Life Sciences Index ETF was down 1.8% to C$18.12. The OTCQX Cannabis Index was down 2.6% at 710.1 points.

Buds 

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXXTF) shares were on the rise Monday, a day after the cannabis ecommerce company announced a deal with True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF) to distribute True Leaf’s pet products through Namaste’s online dispensary platform. 

Shares of Namaste were up 3.3% at C$0.63 in Canadian trading and up 1.4% at US$0.48 in New York. 

True Leaf’s hemp-based supplements will be the first pet product sold on Namaste’s platform CannMart.com. 

"We're building a technologically exciting marketplace for the adult-use cannabis market where we can reimagine the experience and product offering available to both our customers and vendors," said Meni Morim, Interim CEO at Namaste Technologies. "Partnering with a leading brand like True Leaf is an excellent way to enhance our consumer product offering and scale our vendor experience. We're committed to building the most innovative and consumer-friendly marketplace, and this brings us one step closer to that goal."

READ: Namaste and True Leaf join forces to sell hemp-based pet products directly to consumers

Late last week Namaste also released news that it was taking action after an email list of users registered with Namaste MD was uploaded by an employee to a third-party email solicitation provider for the purposes of soliciting unauthorized cannabis sales.

The firm said it has determined the source of the information was an employee of the company affiliated with a website operator, with whom Namaste has no affiliation or relationship with. The firm said it has now completed its investigation of the facts and circumstances leading up to the incident and has taken appropriate action. 

"The company is in the process of hiring a security expert to assist in a review and revision of its internal data control and security policies to better prevent incidents of this sort in the future. Namaste has contacted the impacted users to explain the nature and scope of the incident," Namaste noted in a statement. 

READ: CB2 Insights to take over clinical cannabis care at six New Jersey facilities

Also on the move Tuesday was CB2 Insights (CSE:CBII) (OTCMKTS:CBIIF), which announced Tuesday it has bolstered its clinical division by taking over the assets of New Jersey Alternative Medicine.

The Toronto-based company will assume all clinical care of the 15,000 patients at NJAM’s 6 facilities in the state. The clinics are part of the Canna Care Docs brand, which is the largest multi-state medical cannabis clinic operator in the US.

Shares were up 8.8% at C$0.19 in Toronto, up 11.8% at US$0.15 in New York. 

READ: FSD Pharma granted full sales license from Health Canada to supply and distribute medicinal cannabis

Other gainers Tuesday included FSD Pharma Inc (CSE:HUGE) (OTCMKTS:FSDDF) after it announced Monday its wholly-owned subsidiary FV Pharma Inc had received its full sales license to supply and sell cannabis products, a key milestone for the licensed producer.

Shares of FSD were up 17.2% on Monday at C$0.17 in Canadian trading and up 17.4% higher at US$0.13 in New York. By the close on Tuesday, shares were flat. 

The full license, granted by Health Canada, went into effect on June 21, 2019 and is amended from its original sales license received in April 2019, the company said in a statement. FSD Pharma CEO Raza Bokhari said that achieving the full license is “much awaited positive news” for the company’s shareholders and stakeholders.

Duds

Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF) shares lagged on Tuesday, down 7.1% at C$0.07 in Canadian trading, off 2.2% at US$0.05 in New York. 

Last week, the firm announced it was shaking up its management team again, with the appointment of a new president and CEO. The firm has had four CEOs since December and its board has appointed John Varghese, a director of Golden Leaf, to succeed Karyn Barsa as interim President and CEO of the company.  Varghese will lead the company through a strategic assessment of its management and operations.

The Canadian company has cultivation, production and retail operations in Canada as well as in Oregon and Nevada.

Other laggards Tuesday included Auxly Cannabis Group Inc (CVE:XLY) (OTCMKTS:CBWTF), with shares down 4.7% at US$0.53 in New York, down 2.7% at C$0.71 in Canadian trading. The company has operations across Canada and Uruguay.  

Also dropping Monday was Acreage Holdings Inc (CSE:ACRG) (OTCMKTS:ACRGF), with shares dropping 12.3% at US$17.02 in New York, down 12.5% at C$16.99 in Canadian trading. 

The US multi-state operator recently announced it will embark on a capital raise of up to US$800 million. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Tue, 25 Jun 2019 11:11:00 -0400 https://ca.proactiveinvestors.com/companies/news/222797/buds--duds-cannabis-stocks-lose-steam-but-namaste-shares-shine-on-pet-product-deal-222797.html
<![CDATA[News - Namaste and True Leaf join forces to sell hemp-based pet products directly to consumers ]]> https://ca.proactiveinvestors.com/companies/news/222682/namaste-and-true-leaf-join-forces-to-sell-hemp-based-pet-products-directly-to-consumers-222682.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXXTF) and True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF) announced Monday that the two companies have signed an agreement to distribute True Leaf’s pet products through Namaste’s online dispensary platform.

True Leaf’s hemp-based supplements will be the first pet product sold on Namaste’s platform CannMart.com as part of the Vernon, BC-based company’s strategy to expand its direct-to-consumer distribution network.

Toronto-based Namaste operates numerous e-commerce platforms with multiple websites under various brands. The company said it expects to launch True Leaf products during the third quarter of 2019.

Namaste’s interim CEO Meni Morim said that the online distribution company is building a “technologically exciting marketplace” for the adult-use cannabis market.

"Partnering with a leading brand like True Leaf is an excellent way to enhance our consumer product offering and scale our vendor experience,” Morim said in a statement. “We're committed to building the most innovative and consumer-friendly marketplace, and this brings us one step closer to that goal."

True Leaf CEO Darcy Bomford said that in addition to being in more than 3,500 stores across North America and Europe, the cannabis-for-pets company is seeing “tremendous growth” online with direct-to-consumer sales.

“We’re confident Namaste’s customers will embrace our products to improve the quality of life of their pets, just as they do with the medicinal cannabis products that improve their own quality of life,” said Bamford in a statement. “We also look forward to working with Namaste as a key distribution partner when we launch our line of legally-compliant CBD products for pets.”

The two companies will donate ten percent of all profits from the first month of sales to local animal rescue shelters as part of True Leaf’s Return the Love campaign.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Mon, 24 Jun 2019 08:44:00 -0400 https://ca.proactiveinvestors.com/companies/news/222682/namaste-and-true-leaf-join-forces-to-sell-hemp-based-pet-products-directly-to-consumers-222682.html
<![CDATA[Media files - Buds & Duds: Cannabis stocks trip and stumble, HEXO sinks on 3Q earnings ]]> https://ca.proactiveinvestors.com/companies/stocktube/13735/buds--duds-cannabis-stocks-trip-and-stumble-hexo-sinks-on-3q-earnings-13735.html Thu, 13 Jun 2019 16:09:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13735/buds--duds-cannabis-stocks-trip-and-stumble-hexo-sinks-on-3q-earnings-13735.html <![CDATA[Media files - Buds & Duds: Namaste Technologies shares rise as management cease trade order lifted ]]> https://ca.proactiveinvestors.com/companies/stocktube/13677/buds--duds-namaste-technologies-shares-rise-as-management-cease-trade-order-lifted-13677.html Fri, 07 Jun 2019 14:40:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13677/buds--duds-namaste-technologies-shares-rise-as-management-cease-trade-order-lifted-13677.html <![CDATA[News - Buds & Duds: Namaste Technologies shares rise as management cease trade order lifted ]]> https://ca.proactiveinvestors.com/companies/news/221750/buds--duds-namaste-technologies-shares-rise-as-management-cease-trade-order-lifted-221750.html It's been a tough week for cannabis stocks, but things were looking brighter on Friday, with broad-based gains across North American markets. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 1.7% to 247.4 points on Friday. The Horizons Marijuana Life Sciences Index ETF was up 2% to C$18.99. The newly launched OTCQX Cannabis Index was up 1% at 782.2 points.

Buds

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares were on the rise Friday after it announced that the management cease trade order imposed by the British Columbia securities commission (BCSC) and the Ontario securities commission (OSC) in April has been lifted.

Shares were up 2.7% at C$0.77 in Toronto, up 1% at US$0.58 in New York. 

With the lifting of the cease trade order, directors, officers and other insiders of Namaste are allowed to trade the company's common shares.

Namaste itself put forward the application for the management cease-trade order, due to the late filing of its annual financial statements for the 15 months ended November 30, 2018, as well as interim financial statements for the quarter ended February 28, 2019 and interim filings.

READ: Namaste sees management cease-trade order lifted

Other gainers on Friday included Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF), which was up 4.2% at C$0.74 and up 2.6% at US$0.55.

Yesterday, the firm announced that its wholly-owned subsidiary Satipharm Ltd will distribute its proprietary Satipharm CBD Gelpell capsule in the UK and Ireland.

Harvest One, based in Vancouver, British Columbia, will distribute the 10 miligram CBD capsule through Holland & Barrett, Europe's largest retailer of nutritional supplements and wellness products.

READ: Harvest One to distribute Satipharm CBD Gelpell capsules in UK and Ireland

Shares of Valens GroWorks (CSE:VGW) (OTCMKTS:VGWCF) were on the rise Friday, which was up 6.6% at C$3.87 in Toronto, up 6% at US$2.90 in New York. 

Earlier this week, Proactive spoke with Valens' brand new President Jeff Fallows about his new role with the company and why he decided to work with Valens.

Fallows also talked about the challenges facing the industry and how Valens has a plan to continue its impressive growth in Canada and around the world.

WATCH: Valens GroWorks' new President has big plans to move the company forward

Aphria Inc (TSE:APHA) (NYSE:APHA) shares were on the rise Friday after the firm announced it had inked a deal with PAX Labs, giving it access to the firm's Era vaping device and platform for use with its cannabis extracts.

Shares were up 6.1% at C$9.81 in Toronto, up 7% at US$7.37 in New York. 

"As Aphria continues to drive the evolution of the industry, we are thrilled to partner with a technology leader like PAX to provide a new avenue for consumers to integrate cannabis into their lives," said interim CEO Irwin Simon. "We are excited to bring our premium cannabis extracts from Solei, RIFF and our flagship medical cannabis brand, Aphria, to the PAX Era device and platform."

Duds

Laggards on Friday included Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF), which dropped 5.1% at C$0.07 in Toronto.

Earlier this week, the firm released news that it will hold a meeting for those who hold debentures issued by Golden Leaf in Nov 2017 at the end of June to consider and potentially approve "an extraordinary resolution to amend the indenture to increase the monetary threshold for permitted asset dispositions to better facilitate the disposition of unprofitable, unproductive, or strategically unnecessary assets," according to a statement released by the firm.

The Canadian company has cultivation, production and retail operations in Canada as well as in Oregon and Nevada.

Other detractors Friday included Sunniva Inc (CSE:SNN) (OTCQB:SNNVF), which saw its shares slide steeply on Friday on no news.

However, earlier in the week Sunniva saw an analyst downgrade by Canaccord Genuity Equity research analyst Matt Bottomley, downgraded the company to a hold with a price target that suggests limited upside on the horizon.

Shares were down 6.6% at US$2.42 in New York, down 5.8% at C$3.25. 

 

Contact Katie Lewis at katie@proactiveinvestors.com

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Fri, 07 Jun 2019 11:26:00 -0400 https://ca.proactiveinvestors.com/companies/news/221750/buds--duds-namaste-technologies-shares-rise-as-management-cease-trade-order-lifted-221750.html
<![CDATA[News - Namaste sees management cease-trade order lifted ]]> https://ca.proactiveinvestors.com/companies/news/221747/namaste-sees-management-cease-trade-order-lifted-221747.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Thursday that the management cease trade order imposed by the British Columbia securities commission (BCSC) and the Ontario securities commission (OSC) in April has been lifted. 

With the lifting of the cease trade order, directors, officers and other insiders of Namaste are allowed to trade the company's common shares.

READ: Namaste Technologies adds senior executive talent, provides update on Health Canada Regulations

Namaste itself put forward the application for the management cease-trade order, due to the late filing of its annual financial statements for the 15 months ended November 30, 2018, annual filings, as well as interim financial statements for the quarter ended February 28, 2019 and interim filings. 

The company filed these documents on May 31, 2019.

Shares of Namaste were up 2.7% at C$0.77 on Friday. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Fri, 07 Jun 2019 10:56:00 -0400 https://ca.proactiveinvestors.com/companies/news/221747/namaste-sees-management-cease-trade-order-lifted-221747.html
<![CDATA[Media files - Buds & Duds: Cannabis stocks flatten out; Namaste shares climb in anticipation of financial results ]]> https://ca.proactiveinvestors.com/companies/stocktube/13537/buds--duds-cannabis-stocks-flatten-out-namaste-shares-climb-in-anticipation-of-financial-results-13537.html Thu, 30 May 2019 17:58:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13537/buds--duds-cannabis-stocks-flatten-out-namaste-shares-climb-in-anticipation-of-financial-results-13537.html <![CDATA[News - Buds & Duds: Cannabis stocks flatten out; Namaste shares climb in anticipation of financial results ]]> https://ca.proactiveinvestors.com/companies/news/221249/buds--duds-cannabis-stocks-flatten-out-namaste-shares-climb-in-anticipation-of-financial-results-221249.html Cannabis stocks were trending flat as a pancake on Thursday. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 0.2% to 267.5 points on Thursday. The Horizons Marijuana Life Sciences Index ETF inched down 0.6% to C$19.48.

Buds

Despite the trend, there were a number of stocks outperforming on Thursday. 

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares continued to climb on Thursday, up 3.8% at $0.69 in New York, up 2.2% at C$0.92 in Toronto.

The firm did not release any new news, however, it is expected to release its 2018 financial statements this week.

READ: Heritage Cannabis inks pact with Canntab Therapeutics for capsule manufacturing

Also on the move was Canntab Therapeutics Ltd (CSE:PILL.CN) (OTCMKTS:CTABF), which inked a deal for capsule manufacturing with Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX: HERTF) on Thursday. 

Shares of Canntab were on the rise, up 7% at C$0.76 in Toronto. Heritage shares were flat at US$0.33 in New York. 

Canntab has a Health Canada license to cultivate industrial hemp that it uses to extract cannabidiol (CBD) to manufacture cannabis pills.

According to the term sheet, Heritage’s subsidiary Purefarma Solutions will now provide processing services for hemp supplied by Canntab Therapeutics for its ingestible cannabis products.

READ: WeedMD revamps Ontario facility into cannabis oil extraction site

Also on the rise Thursday was WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF), a day after the company announced it is converting its 26,000-square-foot Aylmer, Ontario facility into a cannabis extraction and processing plant.

Shares were up 1.6% at C$1.85 in Canadian trading.

The fully licensed oil extraction facility is expected to be operational this summer with the capacity to process 200,000 kilograms of biomass per year. The company has processed oils at the Aylmer site since June 2017.

Other gainers Wednesday included Cannabis One Holdings Inc (CSE:CBIS) (OTCMKTS:CAAOF), which announced earlier this week that a pair of vice presidents stepped into interim C-suite positions, effective immediately.

Shares were up 2.8% at C$1.11, up 3.8% at US$0.81 in New York.

Duds

MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) was dropping sharply Thursday after the firm released its third-quarter earnings, which didn’t meet analyst estimates. In particular, MedMen’s quarterly loss was higher than estimates.

Shares slipped 5.2% at US$2.25. 

LA-based MedMen reported revenue of US$36.6 million, versus analyst expectations of US$49.2 million. It reported a net loss of US$63.1 million, reflecting a share loss of US$0.20. In the year-ago quarter, the loss stood at US$18.4 million.

Tilray Inc (NASDAQ:TLRY) shares dropped on Thursday, down 2.3% at US$39.90 in New York.

Also on the decline was Isodiol International (CSE:ISOL) (OTCMKTS:ISOLF), which was down 1.9% at US$0.99 in New York on no news. The firm produces hemp derivatives in bulk quantities, white label formulas, and a branded line of finished goods.

 

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 30 May 2019 11:44:00 -0400 https://ca.proactiveinvestors.com/companies/news/221249/buds--duds-cannabis-stocks-flatten-out-namaste-shares-climb-in-anticipation-of-financial-results-221249.html
<![CDATA[Media files - Buds & Duds: Cannabis stocks nudge up as Namaste shares continue to rise ]]> https://ca.proactiveinvestors.com/companies/stocktube/13506/buds--duds-cannabis-stocks-nudge-up-as-namaste-shares-continue-to-rise-13506.html Tue, 28 May 2019 16:27:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13506/buds--duds-cannabis-stocks-nudge-up-as-namaste-shares-continue-to-rise-13506.html <![CDATA[News - Buds & Duds: Cannabis stocks nudge up as Namaste shares continue to rise ]]> https://ca.proactiveinvestors.com/companies/news/221073/buds--duds-cannabis-stocks-nudge-up-as-namaste-shares-continue-to-rise-221073.html Cannabis stocks had an upbeat start Tuesday, with shares broadly up across US and Canadian markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.6% to 273.8 points on Tuesday. The Horizons Marijuana Life Sciences Index ETF slipped 0.2% to C$20.18.

Buds

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares continued to rise on Tuesday, up 6.1% at $0.66 in New York, up 3.6% at C$0.87 in Toronto.

The firm did not release any new news, however, it is expected to release its 2018 financial statements later this week. 

Last week, Namaste released news that Calgary-based Choklat Inc, in which it acquired a 49% interest in March this year, has submitted its license application for edibles manufacturing. Choklat is the largest premium craft chocolate maker in Canada with existing sales through its e-commerce site and through a network of distributors across Canada.

READ: True Leaf signs first CBD supply agreement ahead of summer debut of CBD pet products

Other gainers on Tuesday included True Leaf Brands Inc (CSE:MJ) (OTCQMKTS:TRLFF) (FSE:TLA), which announced Monday it has signed its first cannabidiol (CBD) supply agreement with Atalo Holdings Inc as the Canadian company prepares to roll out a line of CBD products for pets this summer.

Shares were up 2.2% at C$0.47 in Canadian trading. 

Kentucky-based Atalo Holdings, a private hemp farmer and processor, will supply CBD oil to True Leaf, which is planning to debut in August its suite of new CBD products at SuperZoo, North America’s premier pet-industry trade show in Las Vegas.

READ: WeedMD gets Health Canada approval to bolster Strathroy facility

Also gaining Tuesday was WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF), which received Health Canada approval to bolster its Strathroy facility on Monday. 

The Toronto-based company announced it had received a licence amendment from Health Canada to include an additional processing area with semi-automated packaging lines, which have just been constructed and installed.

Shares were up 1% at C$1.74 in Toronto. 

The processing room and packaging lines are currently undergoing final testing and calibration, and are expected to be fully operational in the third quarter of this year.

Duds

There were a number of laggards on Tuesday. 

Aphria Inc (TSE:APHA) (NYSE:APHA) shares dropped on Tuesday, down 4.8% at C$9.83 in Toronto.

Last week, Jefferies initiated coverage of the stock with a Buy rating, and a price target of C$15, 115% above its current trading level, highlighting the disconnect between its valuation and the company’s positioning.

Other laggards Tuesday included Terra Tech Corp (OTCMKTS:TRTC), which was down 6% at US$0.70.

Planet 13 Holdings Inc (CSE:PLTH) (OTCMKTS:PLNHF) shares continued to slide on Monday, down 7.1% at US$1.99 in New York. 

The cannabis company based in Nevada was uplisted to the OTCQX Best Market last week and is expected to release its first quarter financials on Thursday.

Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) shares were also lagging Tuesday, however, did not release any new news.

Shares were down 5.1% at C$1.12 in New York. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Tue, 28 May 2019 11:42:00 -0400 https://ca.proactiveinvestors.com/companies/news/221073/buds--duds-cannabis-stocks-nudge-up-as-namaste-shares-continue-to-rise-221073.html
<![CDATA[News - Buds & Duds: Cannabis stocks perk up Monday; Namaste shares build on last week's gains ]]> https://ca.proactiveinvestors.com/companies/news/220982/buds--duds-cannabis-stocks-perk-up-monday-namaste-shares-build-on-last-week-s-gains-220982.html Cannabis stocks were fairly muted on Monday, with US markets closed in observance of Memorial day. Canadian cannabis stocks, however, inched up as the morning unfolded. 

The Canadian Marijuana Index, which tracks the top cannabis stocks in Canada, was up 0.4% to 606.6 points by Monday afternoon. The Horizons Marijuana Life Sciences Index ETF was up 0.9% at C$20.16. 

Buds

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares extended its streak from last week, with shares continuing to rise Monday. 

On Friday, the firm announced it has expanded its leadership team with the addition of Andy Wilczynski to the board and Andrew Buckman to the advisory board.

Toronto-based Namaste is also tapping technology futurist Faraaz Jamal as its new vice president of marketing and strategy.

Shares of Namaste were up 3.6% at C$0.87 in Canadian trading on Monday morning. 

READ: Namaste Technologies adds senior executive talent, provides update on Health Canada Regulations

Namaste also released news that Calgary-based Choklat Inc in which it acquired a 49% interest in March this year has submitted its license application for edibles manufacturing.

Choklat is the largest premium craft chocolate maker in Canada with existing sales through its e-commerce site and through a network of distributors across Canada.

The e-commerce cannabis company is currently undergoing an audit of its 2018 financial statements. 

"The audit of the 2018 annual financial statements is well under way, and the company currently continues to expect to file the annual filings by the end of May, 2019," noted the company in a statement released last week.

READ: ICC International Cannabis granted exclusive European licence for extraction technology

ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) shares were on the rise after it announced Monday it has secured an exclusive European licence to its novel cannabinoid extraction system.

Shares rallied, up 5% at C$0.21 in Canadian trading. 

The Vancouver-based cannabis company obtained the licence for the Affinity Alpha Unit, which uses a two-phase process to enable the mass production of THC, CBD, CBG and terpene extracts at ten times the throughput of traditional extraction technologies.

“The integration of the Affinity Unit across ICC’s global operating units will optimize ICC’s multi-pronged CBD strategy, thereby maximizing rents while cornering high growth consumer segments,” said David Shpilt, CEO of International Cannabis in a statement.

READ: Auxly Cannabis shares light up as firm unveils 1Q earnings results

Other gainers Monday included Aphria Inc (TSE:APHA) (NYSE:APHA) building on last week's news after Jefferies initiated coverage of the stock with a Buy rating, and a price target of C$15, 115% above its current trading level, highlighting the disconnect between its valuation and the company’s positioning.

“On our strategic scorecard Aphria scores highly, and third overall behind only Canopy and Aurora,” wrote analyst Owen Bennett in a note to clients. “Despite its strong global outlook, its valuation is the cheapest across our space, with allegations around inflated assets/insider deals weighing.”

Shares were up 4% at C$10.28 in Canadian trading on Monday afternoon.

Duds

A handful of stocks lagged on Monday. 

Planet 13 Holdings Inc (CSE:PLTH) (OTCMKTS:PLNHF) shares were dropping in Canadian trading on Monday, down 4.8% at C$2.75. 

The cannabis company based in Nevada was uplisted to the OTCQX Best Market last week and is expected to release its first quarter financials later on Thursday. 

Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) shares were also lagging Monday, however, did not release any new news.

Shares were down 1.9% at C$1.56 in Toronto. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Mon, 27 May 2019 09:38:00 -0400 https://ca.proactiveinvestors.com/companies/news/220982/buds--duds-cannabis-stocks-perk-up-monday-namaste-shares-build-on-last-week-s-gains-220982.html
<![CDATA[News - Namaste Technologies adds senior executive talent, provides update on Health Canada Regulations ]]> https://ca.proactiveinvestors.com/companies/news/220945/namaste-technologies-adds-senior-executive-talent-provides-update-on-health-canada-regulations-220945.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) said Friday that it has expanded its leadership team with the addition of Andy Wilczynski to the board and Andrew Buckman to the advisory board.

Toronto-based Namaste, often seen as the “Amazon of cannabis,” is also tapping technology futurist Faraaz Jamal as its new vice president of marketing and strategy.

"We have added strength, oversight, experience, and vision to increase our capacity to achieve our corporate milestones and regain our focus on growth," said Interim CEO Meni Morim. "These three individuals each bring a wealth of history and operational excellence with proven results.”

Board appointment

Andrew Wilczynski, who joins Namaste's board, has been a partner at accounting goliath PricewaterhouseCoopers LLP. For the past 38 years, Wilczynski has worked with a wide range of organizations, including start-ups, and multinational corporations to raise capital and to advise on national, international and cross border restructuring initiatives.

Wilczynski has worked with companies across industries to take advantage of growth prospects and to design refinancing and exit strategies. He has expertise with raising capital to implement new technologies and growth strategies, including mergers and acquisitions, corporate takeovers, refinancing and corporate restructuring. He has held leadership and board positions.

Advisory board addition

Andrew Buckman will become the company's first advisory board member. He brings more than two decades of experience in ad-tech, search, start-up creations, and turnaround management in e-commerce and digital advertising. Andrew joined Sublime in 2017 as EMEA managing director and became global chief operations officer in April 2019, adding APAC and the Americas to his responsibilities. Previously, Andrew was EMEA MD at OpenX, where he was responsible for accelerating adoption of the advertising platform throughout the EMEA region. Prior to that, Andrew gained extensive experience in ad-tech through high-profile roles at Yahoo and Tradedoubler.

Marketing and strategy

Faraaz Jamal brings over 12 years of experience in formulating data-driven strategies in e-commerce. At Bulletproof 360, Jamal shifted the marketing department to a custom multi-touch attribution model and optimized advertising spend to 2.2X return on investment across all channels. Prior to Namaste, he had experience with major brands such as Under Armour Inc (NYSE:UAA) and Intiveo.

“Andy provides keen financial strength and brings vast experience with large scale turnaround situations,” said Morim. “Andrew's experience is a great asset in our process to improve efficiencies. I am truly excited to have Faraaz join Namaste and help us build a true data-driven marketing organization. Faraaz will lead the resurgence of our focus on Namaste's brands and their related revenue growth.”

Health Canada regulations update

Namaste said that Calgary-based Choklat Inc in which it acquired a 49% interest in March this year has submitted its license application for edibles manufacturing.

Choklat is the largest premium craft chocolate maker in Canada with existing sales through its e-commerce site and through a network of distributors across Canada. It recently entered into a supply relationship with Sobeys and has its premium chocolate bars in 25 stores in Alberta, with a planned rollout in Western Canada on the anvil.

Meanwhile, Cannmart Labz Inc, in which Namaste has a 51% controlling stake has submitted its license application for oils sales and extraction.

In addition, CannMart has also completed its license application to permit it to offer for sale cannabis oil concentrates on its platform, and awaits Health Canada's approval.

Namaste said it has introduced several important improvements to its CannMart website which is the main distribution channel for the firm's cannabis products.

The company said it is in the “process of reviewing the full scope” of recent regulatory changes, but believes they don’t affect the licensing applications for Choklat, CannMart Lbz, and CannMart.

Namaste operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.

In addition to selling vaporizers, glassware, accessories and CBD products, Namaste is also involved in medical cannabis, through its licensed subsidiary CannMart Inc, not to mention its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, as well as sales of medical cannabis from its facility in Toronto.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Fri, 24 May 2019 09:51:00 -0400 https://ca.proactiveinvestors.com/companies/news/220945/namaste-technologies-adds-senior-executive-talent-provides-update-on-health-canada-regulations-220945.html
<![CDATA[News - Buds & Duds: Cannabis stocks pick up steam as Namaste Technologies shares soar ]]> https://ca.proactiveinvestors.com/companies/news/220810/buds--duds-cannabis-stocks-pick-up-steam-as-namaste-technologies-shares-soar-220810.html Cannabis stocks had an upbeat start Wednesday, with shares broadly up across US and Canadian markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.5% to 276.3 points by Wednesday's close. The Horizons Marijuana Life Sciences Index ETF was up 1% at C$20.40.

Buds

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares were soaring on Wednesday, up 17.6% at C$0.87, up 16.8% at US$0.65. 

The e-commerce cannabis company hasn't released any news, however, it is currently undergoing an audit of its 2018 financial statements.

"The audit of the 2018 annual financial statements is well under way, and the company currently continues to expect to file the annual filings by the end of May, 2019," noted the company in a statement released last week. 

READ: ICC International Cannabis signs major deal to purchase 100 million grams of dried cannabis flower for European distribution

Also on the rise on Wednesday was ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF), which inked a massive supply agreement, announcing Wednesday that it is planning to purchase up to 100 million grams of flower from AgraFlora Organics International Inc (CSE:AGRA) over a five-year period.

Shares of ICC were up 1.7% at US$0.23. 

ICC will distribute the dried cannabis flower through its European distribution footprint of 80,000 pharmacies and 300,000 retail locations under the company’s various brands.

READ: Codebase Ventures to seek investments in expanding cannabis sector

Codebase Ventures Inc (CSE:CODE) (FSE:C5B) (OTCQB:BKLLF) shares soared Wednesday after it annoucned the firm will start seeking investments in the growing cannabis sector.

Shares were up 12.5% at C$0.05 in Canadian trading. 

The company, which invests in early stage tech companies, said its focus within the cannabis sector will target opportunities in information, data and technology.

The Vancouver, British Columbia-based company currently invests in the blockchain and cryptocurrency sectors.

READ: Tilray posts higher revenues but widening losses after a busy quarter of acquisitions and expansions

Other gainers on Wednesday included Tilray Inc (NASDAQ:TLRY) shares were gaining on Wednesday, up 3.7% at US$46.24. 

Last week, the company posted its quarterly earnings results, showing higher revenues but widening losses thanks to its acquisitions and expansion plans in 1Q.

The Nanaimo, BC-based company’s net loss increased to US$30.3 million, or $0.32 per share, compared to a loss of $5.2 million, or $0.07 per share, during the same period last year. Analysts were expecting a loss of around $0.23 for the quarter.

Duds

There were a handful of laggards on Wednesday. 

Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF) dipped on Wednesday down 4.8% at C$0.10 in Toronto. 

The Canadian company has cultivation, production and retail operations in Canada as well as in Oregon and Nevada. 

Other laggards Wednesday included Terra Tech Corp (OTCMKTS:TRTC), which was down 3.3% at US$0.74. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Wed, 22 May 2019 10:58:00 -0400 https://ca.proactiveinvestors.com/companies/news/220810/buds--duds-cannabis-stocks-pick-up-steam-as-namaste-technologies-shares-soar-220810.html
<![CDATA[News - Namaste Technologies shares skyrocket as it names Kenneth Jones director; unveils operational improvements ]]> https://ca.proactiveinvestors.com/companies/news/219125/namaste-technologies-shares-skyrocket-as-it-names-kenneth-jones-director-unveils-operational-improvements-219125.html Shares in Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF), the cannabis e-commerce group, skyrocketed on Thursday as it revealed that Kenneth Jones had been appointed as a board director and the group also issued an update on corporate strategy.

Shares in Canada raced up nearly 29% to stand at $0.95 on the day.

WATCH: Namaste Technologies addresses recent challenges as they look to grow in the future

Jones has also become the chair of the audit committee, the firm said.

Jones' experience includes being a partner at PWC (PricewaterhouseCoopers) as well as progressive roles with a Fortune 500 company.

He has a proven track record of implementing sustainable benefits across a variety of sectors including manufacturing, research, public sector institutions and health care. He is a skilled leader of change in complex organizations, the firm said.

Namaste also revealed it expects to establish an advisory board to help provide additional expertise and strength to the firm and its current board.

"We are focused on making changes internally and delivering results externally. We expect that these changes will have a positive impact in the short, medium, and long-term outlook of the company," said Meni Morim, interim CEO of Namaste.

Namaste also said it continued to invest in technology and infrastructure to position it to cater to domestic and international licensed producers, cultivators, micro-growers and ancillary device producers who may wish to distribute products via Namaste's proposed marketplace, which is currently under development.

At Namaste MD, which connects medical cannabis clients with health care practitioners, it said it had implemented several improvements, including extended compatibility for more devices, improved video experience and improved efficiency.

In addition, Namaste said it was reviewing its entire patient care model and aiming to introduce a more robust operating environment for its nurse practitioners with a greater focus on follow-up visits and data collection.

Important improvements

Namaste also believes it has introduced several important improvements to its CannMart website which is the main distribution channel for the firm's cannabis products.

In addition, CannMart has completed the last steps necessary for the amendment to its license to permit it to offer for sale cannabis oil concentrates on its platform and awaits Health Canada's approval.

On Cannmart Labz, it has completed and submitted its application for oil extracting and processing through its CannMart Labz subsidiary, in which it has a majority interest.

On staff matters, Kory Zelickson, the group's vice president of Investor Relations and Business Development, said he intends to assume a new role as CEO of a start-up licensed producer, with effect from June this year.

Namaste expects to continue working with Zelickson to expand opportunities for Namaste in his new role.

On Thursday, Namaste also said it had expanded its relationship with a major Canadian merchant account provider, which has arranged domestic and international payment solutions.

This expansion depends on final sign off from certain banking partners, which Namaste expects to receive.

Contact Giles at giles@proactiveinvestors.com

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Thu, 25 Apr 2019 10:12:00 -0400 https://ca.proactiveinvestors.com/companies/news/219125/namaste-technologies-shares-skyrocket-as-it-names-kenneth-jones-director-unveils-operational-improvements-219125.html
<![CDATA[News - Namaste Technologies granted management cease trade order ]]> https://ca.proactiveinvestors.com/companies/news/217783/namaste-technologies-granted-management-cease-trade-order-217783.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) says it has been granted a management cease trade order (MCTO).

The MCTO was applied for after the Toronto cannabis company said it was not in a position to file its audited annual financial statements for the fiscal year ending November 30 and the related analysis by the filing deadline of April 1, 2019, as it had to permit sufficient time for Baker Tilly to complete its year-end audit.

READ: Namaste Technologies taps Baker Tilly as new auditor

During the period in which the MCTO is effective, the general investing public, who are not insiders of the company,  can continue to trade.

However, Namaste's CEO and CFO will not be able to trade the firm's shares until the annual filings have been filed by the company and the MCTO has been lifted.

Namaste said in today's statement that it expects to be able to complete the annual filings by May 31 this year.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

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Tue, 02 Apr 2019 10:08:00 -0400 https://ca.proactiveinvestors.com/companies/news/217783/namaste-technologies-granted-management-cease-trade-order-217783.html
<![CDATA[News - Namaste Technologies taps Baker Tilly as new auditor ]]> https://ca.proactiveinvestors.com/companies/news/216657/namaste-technologies-taps-baker-tilly-as-new-auditor-216657.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Monday it has appointed Baker Tilly WM LLP as its auditor, replacing PricewaterhouseCoopers LLP.

As part of this change, the Toronto cannabis company said it is not in a position to file its audited annual financial statements for the fiscal year ending November 30 and the related analysis by the filing deadline of April 1, 2019, as it must permit sufficient time for Baker Tilly to complete its year-end audit.

READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

On the back of its proposed filing delay, Namaste will be making an application to regulators requesting that a management cease trade order (MCTO) be granted. If the company receives the MCTO, it is expected that investors will continue to be able to trade in its shares.

But it is also expected that for the duration of the MCTO, Namaste’s senior management and board will not be able to trade in its shares. There is also no guarantee that a MCTO will be granted.

Namaste and its management are committed to working with Baker Tilley to complete the year-end audit as soon as possible.

READ: Namaste sees green in edibles, buys a stake in Choklat for C$1.5M

Namaste, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.

In addition to its product offerings of vaporizers, glassware, accessories and CBD products, the company is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc.

Namaste shares traded 1.28% higher to hit C$0.79 in morning trade in Canada on Monday.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Mon, 18 Mar 2019 09:34:00 -0400 https://ca.proactiveinvestors.com/companies/news/216657/namaste-technologies-taps-baker-tilly-as-new-auditor-216657.html
<![CDATA[News - Namaste Technologies completes acquisition of 49% of established cannabis delivery group Pineapple Express ]]> https://ca.proactiveinvestors.com/companies/news/216400/namaste-technologies-completes-acquisition-of-49-of-established-cannabis-delivery-group-pineapple-express-216400.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) has completed its previously announced acquisition of 49% of Pineapple Express Delivery Inc.

The latter offers same-day, 60-minute delivery services in multiple industries across Canada, and has established security and delivery protocols for the delivery of medical and recreational cannabis across the country.

READ THE BIG PICTURE: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experienc e

"Pineapple Express is a premier delivery company when it comes to cannabis in Canada, and we look forward to working closely with Randy and his team to continue to grow the business," said Meni Morim, interim CEO at Namaste.

"Having Pineapple Express as part of our family is an efficient way to get medicinal cannabis to customers in the Greater Toronto Area and across Canada as quickly and efficiently as possible. We remain focused on execution of our 2019 strategy and are pleased to have seen this project through," he added.

Last summer, Namaste unveiled a subscription agreement to acquire 15% of Toronto-based Pineapple for $1 million, consisting of $850,000 in cash and $150,000 in Namaste shares.

In December, it said it had struck a purchase agreement with Pineapple Express shareholders to acquire a further 34%, and issued them with shares worth around $3.06 million, based on the closing price of Namaste shares on the TSX Venture Exchange on December 14 last year.

Right to buy more

Namaste has the right to buy a further 10% of Pineapple Express shares for $1.2 million within 14 months from the closing of the subscription agreement.

In connection with the deal, Darren Gill, chief strategy officer of Namaste will be appointed a director of Pineapple Express.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

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Wed, 13 Mar 2019 10:12:00 -0400 https://ca.proactiveinvestors.com/companies/news/216400/namaste-technologies-completes-acquisition-of-49-of-established-cannabis-delivery-group-pineapple-express-216400.html
<![CDATA[Media files - Namaste Technologies addresses recent challenges as they look to grow in the future ]]> https://ca.proactiveinvestors.com/companies/stocktube/12574/namaste-technologies-addresses-recent-challenges-as-they-look-to-grow-in-the-future-12574.html Tue, 12 Mar 2019 12:59:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/12574/namaste-technologies-addresses-recent-challenges-as-they-look-to-grow-in-the-future-12574.html <![CDATA[News - Namaste Technologies says two board members, Kiran Sidhu and Sefi Dollinger step down ]]> https://ca.proactiveinvestors.com/companies/news/216023/namaste-technologies-says-two-board-members-kiran-sidhu-and-sefi-dollinger-step-down-216023.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) said Thursday that Kiran Sidhu and Sefi Dollinger have resigned from its board to pursue other interests.

In the wake of Sidhu and Dollinger’s departures, the Canadian cannabis company is looking to add up to two independent directors and is holding discussions with potential candidates.

READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

Namaste’s board is now made up of Laurens Feenstra, Kenneth Ngo and Branden Spikes, former chief information officer at Elon Musk’s SpaceX, who serves as chairman.

Toronto-based Namaste, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.

READ: Namaste sees green in edibles, buys a stake in Choklat for C$1.5M

In addition to its product offerings of vaporizers, glassware, accessories and CBD products, the company is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc, not to mention its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, as well as the sales of medical cannabis from its facility in Toronto.

Namaste shares slipped C$0.12 to finish at C$0.76 on Wednesday.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Thu, 07 Mar 2019 09:02:00 -0500 https://ca.proactiveinvestors.com/companies/news/216023/namaste-technologies-says-two-board-members-kiran-sidhu-and-sefi-dollinger-step-down-216023.html
<![CDATA[News - Namaste sees green in edibles, buys a stake in Choklat for C$1.5M ]]> https://ca.proactiveinvestors.com/companies/news/215928/namaste-sees-green-in-edibles-buys-a-stake-in-choklat-for-c15m-215928.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Wednesday that it has entered into a share purchase agreement to acquire 49% of Alberta’s Choklat Inc for C$1.5 million in cash.

As part of the acquisition, Namaste will be appointing a member to Choklat’s board.

Calgary-based Choklat is the largest premium craft chocolate maker in Canada with existing sales through its e-commerce site and through a network of distributors across Canada. It recently entered into a supply relationship with Sobeys and has its premium chocolate bars in 25 stores in Alberta, with a planned rollout in Western Canada on the anvil.

READ: Namaste Technologies launches strategic review

"Choklat is a great acquisition for us with a vast offering of existing products that can be easily infused with THC or CBD and sold as edibles," said Meni Morim, interim CEO at Namaste Technologies. "Their small batch manufacturing model is a great fit within the new proposed regulations for edible cannabis products.”

A Deloitte report found that six out of 10 consumers are expected to choose edible cannabis products.

“This transaction provides the security of supply and manufacturing for our medicinal cannabis customers and provides capacity for the recreational market in the event proposed regulations are passed," said Morim.

Choklat has hired industry experts Cannabis Consulting Inc to assist with the procurement of a Health Canada federal processing license.

Sweet opportunity

"This is a great combination where Namaste recognizes the value of e-commerce and direct to consumer sales and has the vision to help us grow by white-labeling products for distribution through CannMart," said Choklat Inc founder CEO Brad Churchill.

Churchill has personal experience with making edibles.

"Almost two years ago I used my own prescription to personally research the concept of infusing chocolate and sugar with cannabis," said Churchill. "As one of the only chocolate makers in Canada I had access to equipment and processes that other chocolatiers and confectioners don't have. My research led me to discoveries which, when legal, will allow us to infuse both THC and CBD into chocolate and sugar in such a way that there is absolutely no discernible "weed" flavour or smell, and with a dosage accuracy that is almost pharmaceutical grade."

READ: Namaste Technologies launches strategic review

Separately, Namaste said on Wednesday that it has launched a strategic review and suspended certain initiatives like the introduction of Namaste Café, a cookbook and a H.E.A.L. product line.

“Following recent changes in management, Namaste's executive team has undertaken an in-depth strategic review of its current and future operations globally,” the cannabis-focused company said in a statement.

The review is laser-focused on streamlining the business and ensuring compliance throughout the organization.

Toronto-based Namaste, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.

In addition to its product offerings of vaporizers, glassware, accessories and CBD products, the company is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc, not to mention its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, as well as sales of medical cannabis from its facility in Toronto.

— Adds details on strategic review —

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Wed, 06 Mar 2019 09:07:00 -0500 https://ca.proactiveinvestors.com/companies/news/215928/namaste-sees-green-in-edibles-buys-a-stake-in-choklat-for-c15m-215928.html
<![CDATA[News - Namaste Technologies launches strategic review ]]> https://ca.proactiveinvestors.com/companies/news/215918/namaste-technologies-launches-strategic-review-215918.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) said Wednesday that it has launched a strategic review and suspended certain initiatives like the introduction of Namaste Café, a cookbook and a H.E.A.L. product line.

“Following recent changes in management, Namaste's executive team has undertaken an in-depth strategic review of its current and future operations globally,” the cannabis-focused company said in a statement.

The review is laser-focused on streamlining the business and ensuring compliance throughout the organization.

DEEP DIVE: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

The company said it has expanded the mandate of its special independent legal counsel Norton Rose Fulbright Canada LLP to assist with the company's compliance throughout its global business and operations, conducted primarily through its Bahamian subsidiary.

“During this review period, the company has elected to suspend certain initiatives that no longer align with the company's mission and strategic direction, such as the introduction of Namaste Café, a cookbook and H.E.A.L. product line in relation to its previously announced franchise distribution model,” said the company in a statement.

Namaste had earlier announced its plans to launch a new retail brand called the Namaste Café, with its first location slotted for Toronto in early 2019.

In February, Namaste reached a legal settlement with ousted CEO Sean Dollinger. Under the deal’s terms, Dollinger will drop his lawsuit against the Canada-based cannabis e-commerce platform and will act as a senior advisor.

Namaste has tapped its director Branden Spikes, former chief information officer at Elon Musk’s SpaceX, as chairman of the board.

New auditor

Meanwhile, PricewaterhouseCoopers LLP will no longer be acting as the company's auditor. The audit committee and board have accepted PwC's resignation and are in discussions with a potential new auditor. The company's annual financial statements are due to by March 31, 2019 but the company said it believes that it is unlikely it will be able to meet the filing deadline. The company said it would update the market in due course.

The company also terminated its agreement with ORH Marketing Ltd and the management believes that the end of the marketing initiative would result in annual cash savings of approximately $3 million.

Brazilian sales update

The company has decided to temporarily suspend the sale of all of its products in Brazil pending a full compliance review. Sales of such products in Brazil are expected to represent approximately 8% of the company's estimated revenue globally for the 15 months ended November 30, 2018. 

READ: Namaste sees green in edibles, buys a stake in Choklat for C$1.5M

Separately, Namaste also announced Wednesday that it has entered into a share purchase agreement to acquire 49% of Alberta’s Choklat Inc for C$1.5 million in cash.

As part of the acquisition, Namaste will be appointing a member to Choklat’s board.

"Choklat is a great acquisition for us with a vast offering of existing products that can be easily infused with THC or CBD and sold as edibles," said Meni Morim, interim CEO at Namaste Technologies. "Their small batch manufacturing model is a great fit within the new proposed regulations for edible cannabis products.”

A Deloitte report found that six out of 10 consumers are expected to choose edible cannabis products

The Toronto-based company, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.

In addition to its product offerings of vaporizers, glassware, accessories and CBD products, the company is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc, not to mention its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, as well as sales of medical cannabis from its facility in Toronto.

-- Adds details on Brazilian sales, auditor, marketing initiatives, Choklat stake -- 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Wed, 06 Mar 2019 07:48:00 -0500 https://ca.proactiveinvestors.com/companies/news/215918/namaste-technologies-launches-strategic-review-215918.html
<![CDATA[News - Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience ]]> https://ca.proactiveinvestors.com/companies/news/215447/namaste-technologies-looks-to-become-the-amazon-of-cannabis-with-its-integrated-intelligent-cannabis-experience-215447.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) has lofty ambitions when it comes to specialty e-commerce but its premise is simple: own the world of cannabis e-commerce, and be a one-stop shop for everything a cannabis user needs.

The Toronto-based company, which has been described as the “Amazon of cannabis,”  operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.

In addition to its product offerings of vaporizers, glassware, accessories and CBD products, the company is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc, not to mention its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, as well as sales of medical cannabis from its facility in Toronto.

Namaste has developed and acquired a number of technology platforms. 

Some of these under the Namaste umbrella include NamasteMD, which is a global telemedicine app, Cann Mart, which offers online cannabis sales and Its mobile app, Uppy Cannabis Journal, allows medical cannabis users to track the effects of different cannabis strains on whatever symptoms they may be looking to address. That data is then fed into Namaste A.I., which provides cannabis strain recommendations, based on machine learning.

How is it doing?

It's been a busy year for Namaste. 

NamasteMD, its online patient portal, has been redesigned and will be released in the coming weeks.

“This will improve performance, user experience and enable rapid deployments in new markets,” wrote CEO Meni Morim in a letter to shareholders, released in February 2018.

Recently, Namaste acquired a stake in Pineapple Express Delivery Inc, a company that offers a same-day delivery service platform for medical and recreational cannabis.

WATCH: Namaste Technologies introducing cafes and working with chef on cannabis recipes

When it comes to Cannmart, the company also has a license to distribute medical cannabis in Canada as well as strong supply agreements. The selection on Cannmart continues to grow and the company says they are working to improve the buying experience.

Namaste recently announced its plans to launch a new retail brand called the “Namaste Café,” with its first location slotted for Toronto in early 2019.

In February, Namaste reached a legal settlement with ousted CEO Sean Dollinger. Under the deal’s terms, Dollinger has dropped his lawsuit against the Canada-based cannabis e-commerce platform and will act as a senior advisor.

Namaste also announced it has tapped its director Branden Spikes, former chief information officer at Elon Musk’s SpaceX, as chairman of the board.

Strong cash position

Namaste’s business development team boasts a robust pipeline of partnerships which will continue to strengthen the company’s position. 

On top of this, the company’s “strong” cash position will allow for the execution of strategy and continued innovation, according to Morim.

In October 2018, Namaste closed a mammoth oversubscribed bought financing deal of C$51.7 million. The company said a total of 17,250,000 units were sold at a price of C$3.00 per unit for gross proceeds of C$51.8 million. Funds are being used for inventory and supplies, capital improvements, expansion of e-commerce platforms and customer base.

What the boss says

In a letter to shareholders, Morim re-affirmed Namaste's focus remained on executing its business plan, and stressed the company was in a good position. 

“In short, the management team’s focus continues to be on executing our strategic plan, growing the business and creating shareholder value for you, Namaste’s owners,” Morim wrote. “That is our mandate, and we are moving full-steam ahead.”

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Wed, 27 Feb 2019 10:45:00 -0500 https://ca.proactiveinvestors.com/companies/news/215447/namaste-technologies-looks-to-become-the-amazon-of-cannabis-with-its-integrated-intelligent-cannabis-experience-215447.html
<![CDATA[News - Namaste Technologies to broaden use of product markers ]]> https://ca.proactiveinvestors.com/companies/news/214998/namaste-technologies-to-broaden-use-of-product-markers-214998.html Namaste Technologies (CVE:N) (OTCMKTS:NXTTF) will broaden the use of YPB Group Ltd (ASE:YPB) product markers, which are designed to protect consumers from the health, safety and quality risks associated with counterfeit products. 

"We want to do the best by our consumers and brands by taking proactive measures to ensure the authenticity of the products we sell through our platform," said Meni Morim, CEO of Namaste Technologies in a news release. "We believe YPB has a strong solution and we expect that the connectivity and authenticity features will be welcomed as a value-add by our brand clients and consumers."

Product authenticity and consumer engagement solutions provider YPB Group in a statement Wednesday that its markers also provide greater market intelligence through consumer data captured through YPB's Connect platform.

READ: Namaste Technologies reaches settlement with ousted CEO Sean Dollinger, taps Branden Spikes as chairman

According to a statement, YPB will receive A$0.13 per product that is marked with its label solution and said other methods of marking are currently being developed, which will result in serialization of product packaging. The company said if the packaging is marked with a printed code, the price per product would be between A$0.01 and A$0.05.

"We are seeing a new level of consumer expectation that the products purchased are genuine, safe and socially responsible," said John Houston, CEO of YPB Group. "Brands are increasingly seeing the reputational and financial damage that results from counterfeit products. It is great to see that the e-commerce platforms are taking the initiative to herald this new age, and YPB believes that it is exceptionally well-placed with the world's leading product authenticity technologies."

YPB solution has advantages 

The move by Namaste follows another globally significant precedent set by e-commerce giant, Amazon, which mandated anti-counterfeit markings on all products sold through its platforms.

According to YPB Group, its solution has "distinct advantages over that announced by Amazon in terms of price, access the brand will have to data and importantly YPB's solution can be read by any smartphone without the need for an APP."

Shares of Namaste Technologies were up 1% at C$1.14 on Wednesday. 

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Wed, 20 Feb 2019 18:43:00 -0500 https://ca.proactiveinvestors.com/companies/news/214998/namaste-technologies-to-broaden-use-of-product-markers-214998.html
<![CDATA[News - Namaste Technologies reaches settlement with ousted CEO Sean Dollinger, taps Branden Spikes as chairman ]]> https://ca.proactiveinvestors.com/companies/news/214898/namaste-technologies-reaches-settlement-with-ousted-ceo-sean-dollinger-taps-branden-spikes-as-chairman-214898.html Namaste Technologies (CVE:N) (OTCMKTS:NXTTF) said Tuesday that it has reached a legal settlement with ousted CEO Sean Dollinger.

Under the deal’s terms, Dollinger has dropped his lawsuit against the Canada-based cannabis e-commerce platform and will act as a senior advisor.

READ: Namaste Technologies says ex-CEO Sean Dollinger is suing the cannabis company

News of the settlement with Dollinger came as Namaste announced it has tapped its director Branden Spikes, former chief information officer at Elon Musk’s SpaceX, as chairman of the board.

Investors applauded the news, sending Namaste shares up 5.6% to C$1.13 in morning trade on Tuesday.

“I am pleased to announce that Namaste Technologies and I were able to put aside our differences in order to achieve an agreement that both parties believe is in the best interest of the Company's stakeholders,” Dollinger said in a statement. “During my advisory period, I will focus on providing resources and skills that will contribute to the future success of the company and its new management team.”

READ: Namaste board fires CEO, launches strategic review

As part of the deal, Dollinger has agreed to step down as a director and from a formal role at the company as he looks to pursue other opportunities. Meni Morim will remain at the helm of Namaste as interim CEO.

“The events of the past few weeks have been difficult for everyone involved, but we are pleased to have reached a mutually agreed upon settlement that puts the interests of Namaste and our shareholders first,” said Morim. “With this issue behind us, Namaste can focus on what matters most -- growing our business and creating shareholder value.”

Board re-shuffled

As part of the board changes, Namaste has shaken up its audit committee to include Spikes, Sefi Dollinger (who is Sean Dollinger's uncle), and Laurens Feenstra. The chairman of the audit committee is Feenstra.

A nominating and governance committee has also been established, which will be comprised of Spikes, Feenstra and Kiranjit Sidhu. Sidhu will chair the committee.

Separately, the date for Namaste’s annual general meeting for shareholders will be May 28. Norton Rose Fulbright Canada LLP has been brought on as Namaste’s special legal counsel.

Under the settlement, Dollinger has agreed to vote his Namaste shares in favor of the election of management’s nominees to the board of directors for three years.

Earlier this month Namaste said that following an investigation by a special committee of the board of directors, it terminated Sean Dollinger as CEO. The board also launched a strategic review to consider “all value-maximizing alternatives,” including selling the company after receiving interest from a potential bidder.

Dollinger, in turn, moved to sue the cannabis company over his departure.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Tue, 19 Feb 2019 09:53:00 -0500 https://ca.proactiveinvestors.com/companies/news/214898/namaste-technologies-reaches-settlement-with-ousted-ceo-sean-dollinger-taps-branden-spikes-as-chairman-214898.html
<![CDATA[News - Namaste's interim CEO sends optimistic letter to shareholders ]]> https://ca.proactiveinvestors.com/companies/news/214300/namaste-s-interim-ceo-sends-optimistic-letter-to-shareholders-214300.html Shares of Namaste Technologies (CVE:N) (OTCMKTS:NXTTF) rose Friday after interim CEO Meni Morim reached out to shareholders via a letter in a bid to gain their support and address the forced departure of former CEO Sean Dollinger.

Throughout the missive, Morim stressed that the cannabis company was in a great position and suggested that investors should focus on communications they receive from the Toronto company and ignore rumors circulating since Dollinger’s abrupt exit.

“In short, the management team’s focus continues to be on executing our strategic plan, growing the business and creating shareholder value for you, Namaste’s owners,” Morim wrote. “That is our mandate, and we are moving full-steam ahead.”

READ: Namaste board fires CEO, launches strategic review

Investors cheered Morim’s response, sending Namaste shares up 11% to C$1.13 in afternoon trade Friday.

Earlier this month Namaste said that following an investigation by a special committee of the board of directors, it terminated Sean Dollinger as CEO. The company also said that its board had launched a strategic review to consider “all value-maximizing alternatives,” including selling the company after receiving interest from a potential bidder.

On the list of Namaste’s achievements is that NamasteMD, its online patient portal, has been redesigned and will be released in the coming weeks. “This will improve performance, user experience and enable rapid deployments in new markets,” Morim pointed out.

READ: Namaste to see more exports from Cannbit as Israel approves export of medical cannabis

Via Cannmart, the company also has a license to distribute medical cannabis in Canada as well as strong supply agreements. “The selection on Cannmart continues to grow and we are working on improving the buying experience,” Morim said.

Namaste’s business development team also boasts a robust pipeline of partnerships which will continue to strengthen the company’s position. On top of this, the company’s “strong” cash position will allow for the execution of strategy and continued innovation, according to Morim.

Lastly, the company is also nearing the completion of its replacement of legacy software with a new ERP system to improve its operational efficiency and reporting capabilities.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Fri, 08 Feb 2019 15:14:00 -0500 https://ca.proactiveinvestors.com/companies/news/214300/namaste-s-interim-ceo-sends-optimistic-letter-to-shareholders-214300.html
<![CDATA[News - Namaste Technologies says ex-CEO Sean Dollinger is suing the cannabis company ]]> https://ca.proactiveinvestors.com/companies/news/214092/namaste-technologies-says-ex-ceo-sean-dollinger-is-suing-the-cannabis-company-214092.html Namaste Technologies Inc (OTCMKTS:NXTTF) (CVE:N) said its former CEO, Sean Dollinger, is suing the company over his departure from the cannabis company.

The Vancouver-based company said Monday in a press release distributed by Cision that the matter is now before the Ontario Superior Court of Justice Commercial List, which handles commercial litigation.

READ: Namaste Technologies says ex-CEO Sean Dollinger is suing the cannabis company

Earlier this week, the company announced that following an investigation by a special committee of the board, Dollinger was terminated as CEO.The company also said it was starting a strategic review to consider alternatives including a sale of Namaste.

Meni Morim was appointed interim CEO.

According to the company, the investigation focused on the sale of Namaste's US subsidiary, Dollinger Enterprises US Inc, and subsequent transactions involving its assets and companies in which Dollinger had an interest. 

"I intend to begin setting the record straight and clearing any misconceptions caused by the inaccurate allegations levelled against me," said Dollinger in a statement issued Tuesday.

Shares fell 3% to US$0.87 in morning OTC Markets trading and lost 4.2% C$1.14 in Canada.

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Wed, 06 Feb 2019 08:35:00 -0500 https://ca.proactiveinvestors.com/companies/news/214092/namaste-technologies-says-ex-ceo-sean-dollinger-is-suing-the-cannabis-company-214092.html
<![CDATA[News - Namaste board fires CEO, launches strategic review ]]> https://ca.proactiveinvestors.com/companies/news/213901/namaste-board-fires-ceo-launches-strategic-review-213901.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Monday that following a recent "expression of interest" in the company, the board has launched a strategic review to consider “all value-maximizing alternatives” including selling the company.

Namaste also announced that following an investigation by a special committee of the board of directors, it has terminated Sean Dollinger as CEO. He has also been removed from the board.

“Meni Morim has been appointed interim CEO of the company. To help strengthen our strategic partnerships, the company has also appointed Darren Gill as chief strategy officer,” according to a company statement.

Looking at a potential sale

The board said it has initiated a “formal strategic review process” to consider all value-maximizing alternatives, which could include a potential sale of the company.

“We are in the process of engaging an investment bank to advise a special committee of the board overseeing the process,” said the company.

READ: Namaste says it’s scouting for cafe locations in Toronto and Montreal

Namaste said it did not intend to set a definite schedule to complete its evaluation and there are "no guarantees” the process will result in a transaction.

“Namaste remains in a strong financial position, with cash balances intact, and will continue to execute on its unique and effective business strategy,” said the company.

Legal action against Sean Dollinger

The company said that the special committee's "thorough investigation" examined certain allegations against the company.

"The only one that was substantiated and required action, as recommended by the special committee, related to the sale of Namaste's US subsidiary, Dollinger Enterprises US Inc, in 2017, and subsequent transactions involving its assets and companies in which Sean Dollinger and Namaste's head of marketing David Hughes have a beneficial interest, as well as breaches of fiduciary duty by Sean Dollinger and evidence of self-dealing," said the company.

In light of the findings, the board decided that it is in the "best interest" of Namaste that Sean Dollinger be terminated as CEO "for cause and removed as director of the company."

In connection with the findings of the investigation, the company is also "commencing legal action against Sean Dollinger for damages and disgorgement."

The news took the markets by surprise as on Friday, Namaste had announced that it’s looking for locations in Toronto, Montreal and other cities for its Namaste Café chain.

The cannabis e-commerce company said the cafes will offer information on safe use and responsible methods of consumption for an age-appropriate audience.

As of 11:15 am ET, shares of Namaste were down 15.2% in Toronto at C$1.17.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

-- Updates with legal action against former CEO Sean Dollinger; adds shares price --

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Mon, 04 Feb 2019 07:29:00 -0500 https://ca.proactiveinvestors.com/companies/news/213901/namaste-board-fires-ceo-launches-strategic-review-213901.html
<![CDATA[News - Namaste says it’s scouting for cafe locations in Toronto and Montreal ]]> https://ca.proactiveinvestors.com/companies/news/213838/namaste-says-its-scouting-for-cafe-locations-in-toronto-and-montreal-213838.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) said Friday that it’s looking for locations in Toronto, Montreal and other cities for its Namaste Café chain.

The cannabis e-commerce company said the cafes will offer information on safe use and responsible methods of consumption for an age-appropriate audience.

“We have been trying develop an educational kind of center for people to gather in communities to learn not only about the benefits of edible cannabis but about how it can help them in everyday living and life,” Darren Gill, vice president for strategic operations at Namaste, told Steve Darling of Proactive Investors. 

READ: Namaste Technologies to open cannabis cafés and launch H.E.A.L. health foods

Each store will sell Vancouver-based Namaste’s vaporizers and cannabis accessories along with non-cannabis Healthy Eating and Living (H.E.A.L.) products developed with Australian TV chef Pete Evans.

The H.E.A.L. brand with work with Evans to develop a series of cooking videos that will showcase some of the products available for purchase and unique recipes.

'Totally new adventure'

"It’s a totally new adventure for people on the planet and the chefs to take it to a new level,” Evans told Proactive Investors. “I am very excited about the future.”

No cannabis will be sold at the cafes, according to Gill.

Shares of Namaste climbed C$0.01 to C$1.38 in Friday’s Canadian trading. They traded at US$1.05 on the OTC Markets.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com


 

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Fri, 01 Feb 2019 12:28:00 -0500 https://ca.proactiveinvestors.com/companies/news/213838/namaste-says-its-scouting-for-cafe-locations-in-toronto-and-montreal-213838.html
<![CDATA[News - Namaste restructures acquisition of UK-based AF Trading ]]> https://ca.proactiveinvestors.com/companies/news/213823/namaste-restructures-acquisition-of-uk-based-af-trading-213823.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Friday that it has scrapped its C$5 million plan to acquire UK-based AF Trading Ltd and signed a new letter of intent paving the way for its subsidiary Namaste Bahamas to widen its reach in the UK by acquiring 100% of the shares of CannMart UK.

Under the deal’s terms, Namaste Bahamas will acquire CannMart UK for C$1.5 million, comprised of C$500,000 in cash and C$1 million in shares of Namaste.

The move comes as Namaste Bahamas pulled out of its original move to acquire AF Trading Ltd, which operates as Access Fulfillment, for C$5 million. It was originally intended that Access Fulfillment would operate as Namaste’s distribution center for CBD or cannabidiol as well as cannabis products in the UK.

READ: Namaste to see more exports from Cannbit as Israel approves export of medical cannabis

Instead, Namaste Bahamas will acquire 100% of the shares in CannMart UK, a subsidiary formed by the principal shareholders of Access Fulfillment.

“As part of our 2019 strategy to re-prioritize our capital investments, we were able to successfully reduce the overall acquisition price of the Access Fulfillment transaction and acquire the net assets we see as adding the most value to Namaste,” said Sean Dollinger, Namaste CEO in a statement. “The UK market represents a significant growth opportunity and this acquisition remains an integral part of this growth.”

After the deal closes, CannMart UK will retain principal shareholders of Access Fulfillment to provide consulting services over a two year period. This C$2 million arrangement will involve a cash payment of C$500,000 and C$1.5 million in shares of stock of Namaste.

The acquisition of CannMart UK is still subject to the approval of the Toronto Venture Exchange.

On top of the medical cannabis, Namaste sells via its medical cannabis subsidiary CannMart, Namaste’s product offerings through its subsidiaries include vaporizers, CBD products, glassware and other cannabis-related accessories.

The Vancouver-based company also runs NamasteMD, an online patient portal, and has developed Canada’s first cannabis telemedicine app for smartphones, which allow patients to connect to doctors or nurse practitioners for consultations on cannabis.

Namaste shares slipped 2.8% to finish at C$1.37 in Toronto on Thursday. In New York, its shares fell 1.87% to hit US$1.05 on Thursday.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

 

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Fri, 01 Feb 2019 09:16:00 -0500 https://ca.proactiveinvestors.com/companies/news/213823/namaste-restructures-acquisition-of-uk-based-af-trading-213823.html
<![CDATA[Media files - Namaste Technologies introducing cafe's and working with chef on cannabis recipes ]]> https://ca.proactiveinvestors.com/companies/stocktube/12062/namaste-technologies-introducing-cafe-s-and-working-with-chef-on-cannabis-recipes-12062.html Fri, 01 Feb 2019 06:12:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12062/namaste-technologies-introducing-cafe-s-and-working-with-chef-on-cannabis-recipes-12062.html <![CDATA[Media files - Israeli Parliament approves export of medical cannabis, Namaste is ready to accept! ]]> https://ca.proactiveinvestors.com/companies/stocktube/12010/israeli-parliament-approves-export-of-medical-cannabis-namaste-is-ready-to-accept-12010.html Mon, 28 Jan 2019 15:02:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12010/israeli-parliament-approves-export-of-medical-cannabis-namaste-is-ready-to-accept-12010.html <![CDATA[News - Namaste to see more exports from Cannbit as Israel approves export of medical cannabis ]]> https://ca.proactiveinvestors.com/companies/news/213427/namaste-to-see-more-exports-from-cannbit-as-israel-approves-export-of-medical-cannabis-213427.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) told investors Monday that it has won a victory as the Israeli government has approved the export of medical cannabis from its Israeli partner Cannbit Ltd.

Namaste owns 10% of Cannbit (TASE:CPHO.M) and has a collaboration and supply agreement to purchase medical cannabis from the Israeli company. It also maintains a collaboration agreement where Cannbit consults on Namaste’s Israeli operations.

READ: Namaste Technologies signs deal to buy bulk medical cannabis from Tilray Canada

Looking ahead, Namaste will look to rely on Cannbit for the importation of medical cannabis from the Israeli market to Canada and other jurisdictions, subject to regulatory approval. Cannbit’s cannabis will also be added to its medical cannabis subsidiary Cannmart’s product line later this year.

“This is an important milestone for our Israeli partners, Cannbit, and our Cannmart customers,” said Sean Dollinger, CEO of Namaste Technologies in a statement. “Our goal is to import medical cannabis from the Israeli market and offer it to Canadian patients. Furthermore, the approval opens the door for Namaste to potentially import product into other key markets.”

Yaron Razon, CEO of  Cannbit, was just as bullish on the news.

READ: Namaste Technologies takes $250,000 stake in Kief Cannabis

“The government approval for the export of medicinal cannabis should have a material impact on our business and help us with global expansion,” Razon said in a statement. “We will be producing flower and cannabis oil in-house and anticipate that the first exports will be seen towards the end of the year, and look forward to supplying Cannmart and its global partners with high-quality medical-grade cannabis.”

On top of the medical cannabis sold via Cannmart, Namaste’s product offerings through its subsidiaries include vaporizers, CBD products, glassware and other cannabis-related accessories.

The Vancouver-based company also runs NamasteMD, an online patient portal, and has developed Canada’s first cannabis telemedicine app for smartphones, which allow patients to connect to doctors or nurse practitioners for consultations on cannabis.

Namaste shares closed up 10.4% to hit C$1.49 on Friday.

 

 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Mon, 28 Jan 2019 09:07:00 -0500 https://ca.proactiveinvestors.com/companies/news/213427/namaste-to-see-more-exports-from-cannbit-as-israel-approves-export-of-medical-cannabis-213427.html
<![CDATA[News - Namaste Technologies shares surge Monday; up more than 44% in the new year ]]> https://ca.proactiveinvestors.com/companies/news/212087/namaste-technologies-shares-surge-monday-up-more-than-44-in-the-new-year-212087.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares had a healthy jump upwards on Monday, recently up 10.5% at C$1.26.

The start of 2019 has been a blockbuster for Namaste, the operator of e-commerce site CannMart, which saw its stock fall in December but has been climbing since the calendar turned over.

The company's stock is up more than 44%  In January.

READ: Namaste names Neil Kothari as cannabis company’s chief legal officer

In the run-up to recreational legalization in Canada in October, cannabis stocks across Canadian markets rocketed, with a substantial number of significant corrections, many of which occurred in December. 

The result in January? Lots of runway for movement. 

"This is simply traders going after low-priced cannabis names," says Tim Collins, a trader and Proactive Investors contributor. "We're seeing similar moves in other small cannabis names."

Recent moves

In December, Namaste announced it appointed Neil Kothari as the company's chief legal officer. The Vancouver-based company added in a press release that Fern Glowinsky is leaving the board and that Chief Financial Officer Kenneth Ngo will replace her.

It also announced it is acquiring a 49% stake in Pineapple Express Delivery Inc, a company that offers a same-day delivery service platform for medical and recreational cannabis to Canadian licensed producers.

Under the terms, Namaste will take shares in Pineapple Express Delivery and an affiliated entity, which represents an additional 34% equity stake in exchange for shares of Namaste having an approximate value of C$3.06 million.

READ: Namaste Technologies takes 49% stake in Pineapple Express Delivery

After the deal is completed, Namaste, which earlier took a 15% stake in Pineapple, will own just under half of the shares of Pineapple Express.

Shares of Namaste were up 10.5% at C$1.26 in Toronto and up 9.4% at US$0.94 in New York.

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Mon, 07 Jan 2019 13:42:00 -0500 https://ca.proactiveinvestors.com/companies/news/212087/namaste-technologies-shares-surge-monday-up-more-than-44-in-the-new-year-212087.html
<![CDATA[News - Namaste rejects dried cannabis supply from Bonify ]]> https://ca.proactiveinvestors.com/companies/news/211690/namaste-rejects-dried-cannabis-supply-from-bonify-211690.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) said Friday that its subsidiary CannMart rejected dried cannabis from the cannabis producer Bonify, which was the subject of a recall by Health Canada on December 7.

The relevant product was immediately returned to Bonify. CannMart has also suspended further purchases and products it previously purchased from Bonify until Health Canada delivers instructions and adequate independent testing is performed.

Namaste operates a global cannabis e-commerce platform with over 30 web sites in 20 countries under various brands. Through its subsidiaries, Namaste’s product offerings include vaporizers, glassware, accessories and CBD products. It also sells medical cannabis in Canada through its licensed subsidiary CannMart.com

Shares of Namaste dropped C$0.03 to C$0.78 in Friday’s Canadian trading. They were down US$0.05 to US$0.56 on the OTC Markets.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Fri, 21 Dec 2018 14:59:00 -0500 https://ca.proactiveinvestors.com/companies/news/211690/namaste-rejects-dried-cannabis-supply-from-bonify-211690.html
<![CDATA[News - Namaste names Neil Kothari as cannabis company’s chief legal officer ]]> https://ca.proactiveinvestors.com/companies/news/211510/namaste-names-neil-kothari-as-cannabis-companys-chief-legal-officer-211510.html Namaste Technologies Inc (CVE:N) said Wednesday that it has appointed Neil Kothari as the company's chief legal officer.

The Vancouver-based cannabis company added in a press release that Fern Glowinsky is leaving the board and that Chief Financial Officer Kenneth Ngo will replace her.

READ: Namaste Technologies takes 49% stake in Pineapple Express Delivery

In addition, the company said Meni Morim has agreed to act as Namaste’s first chief product officer, subject to board approval.

The company said the appointments reflect a focus on information technology infrastructure and a stronger emphasis on governance and legal risk management.

Kothari is a veteran lawyer with experience in corporate finance, securities law, mergers and acquisitions, technology, outsourcing, privacy, compliance, anti-money laundering and international law. He is a barrister and solicitor in Ontario, a solicitor in England and Wales and a chartered professional accountant.

The company said Glowinsky has resigned as a director to focus on her role as CEO of Merrco Payments Inc. Ngo, who is replacing her, became a chartered accountant while working at Deloitte LLP.

Morim recently joined Namaste when it acquired Findify AB, according to the company. As chief product officer, he plans to focus on product strategy, product design, product development and product marketing.

“The company looks forward to having Meni Morim join as chief product officer,” CEO Sean Dollinger said in a statement. "Meni has contributed a great amount of value to the company thus far, and we believe that his new position will enhance the impact of his efforts to support the company's vision.”

Shares of Namaste slipped C$0.03 to C$1.09 in Wednesday’s Canadian trading. They were down US$0.07 to US$0.83 on the OTC Markets.

Earlier this week, Namaste said it was acquiring a 49% stake in Pineapple Express Delivery Inc, a company that offers a same-day delivery service platform for medical and recreational cannabis.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Wed, 19 Dec 2018 09:46:00 -0500 https://ca.proactiveinvestors.com/companies/news/211510/namaste-names-neil-kothari-as-cannabis-companys-chief-legal-officer-211510.html
<![CDATA[Media files - Namaste Technologies increases stake in Pineapple Express to 49% ]]> https://ca.proactiveinvestors.com/companies/stocktube/11641/namaste-technologies-increases-stake-in-pineapple-express-to-49-11641.html Mon, 17 Dec 2018 13:18:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11641/namaste-technologies-increases-stake-in-pineapple-express-to-49-11641.html <![CDATA[News - Namaste Technologies takes 49% stake in Pineapple Express Delivery ]]> https://ca.proactiveinvestors.com/companies/news/211339/namaste-technologies-takes-49-stake-in-pineapple-express-delivery-211339.html Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) is acquiring a 49% stake in Pineapple Express Delivery Inc, a company that offers a same-day delivery service platform for medical and recreational cannabis to Canadian licensed producers.

Under the terms of the deal, the Vancouver-based cannabis company will take shares in Pineapple Express Delivery and an affiliated entity, which represents an additional 34% equity stake in exchange for shares of Namaste having an approximate value of $3.06 million.

READ: Namaste unit may buy up to C$100M of medical cannabis from Agraflora Organics annually

After the deal is completed, Namaste, which earlier took a 15% stake in Pineapple, will own just under half of the shares of Pineapple Express.

Namaste’s wholly-owned subsidiary Cannmart Inc has already recently launched same-day delivery services to its patients via Pineapple Express.

“We are now offering same-day delivery services in Toronto through Pineapple Express and are looking forward to their expansion throughout Canada,” said Namaste CEO Sean Dollinger in a statement. “We believe strategic investments in technology and service companies like Pineapple Express will drive innovation and provide long-term value for the company.”

READ: Namaste Technologies to open cannabis cafés and launch H.E.A.L. health foods

After the investment, Pineapple Express’s management team will keep hold of the financial and operational control of its business. And Namaste CEO Sean Dollinger will be appointed to Pineapple’s board of directors.

Namaste operates a global cannabis e-commerce platform and boasts over 30 websites in over 20 countries under various brands. Namaste’s product offerings via its subsidiaries include vaporizers, glassware, CBD products and medical cannabis in the Canadian market through CannMart.com.

Pineapple Express, meanwhile, provides medical marijuana patients with a fully integrated, same-day delivery platform.

Namaste shares dipped 0.8% to C$1.22 in Canadian trading on Monday morning.

Contact  Ellen Kelleher at ellen@proactiveinvestors.com

 

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Mon, 17 Dec 2018 09:18:00 -0500 https://ca.proactiveinvestors.com/companies/news/211339/namaste-technologies-takes-49-stake-in-pineapple-express-delivery-211339.html
<![CDATA[News - Namaste's agreed-upon medical cannabis vendor Agraflora provides additional information on supply deal ]]> https://ca.proactiveinvestors.com/companies/news/211250/namaste-s-agreed-upon-medical-cannabis-vendor-agraflora-provides-additional-information-on-supply-deal-211250.html Namaste Technologies Inc’s (CVE:N) (OTCMKTS:NXTTF) agreed-upon medical cannabis vendor Agraflora Organics International Inc (CSE AGRA) (OTCMKTS:PUFXF) said it provided additional information on its supply agreement at the request of the Investment Industry Regulatory Organization of Canada.

Under the deal announced Thursday, Toronto-based Namaste’s Cannmart unit has the right of first refusal to purchase up to 10% of the total annual production from Agraflora's Delta, British Columbia, greenhouse complex. That represents 25 million grams, at a price of C$4 per gram, or as much as C$100 million.

READ: Namaste unit may buy up to C$100M of medical cannabis from Agraflora Organics annually

The deal is subject to approval of Agraflora’s cultivation and sales licenses by Health Canada.

When the 2.2-million-square-foot Delta greenhouse complex is fully operational in 2021, it is projected to have an annual capacity of 250 million grams of high-quality cannabis.

Shares of Namaste traded at C$1.23 in Thursday’s Canadian trading. They slipped US$0.04 to US$0.93 on the OTC Markets. Agraflora traded at C$0.22 in Canada and gained US$0.03 to US$0.16 on the OTC Markets.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Fri, 14 Dec 2018 09:13:00 -0500 https://ca.proactiveinvestors.com/companies/news/211250/namaste-s-agreed-upon-medical-cannabis-vendor-agraflora-provides-additional-information-on-supply-deal-211250.html
<![CDATA[News - Namaste unit may buy up to C$100M of medical cannabis from Agraflora Organics annually ]]> https://ca.proactiveinvestors.com/companies/news/211160/namaste-unit-may-buy-up-to-c100m-of-medical-cannabis-from-agraflora-organics-annually-211160.html Namaste Technologies Inc. (CVE:N) (OTCMKTS:NXTTF) said Thursday that its Cannmart Inc unit has agreed to pay up to C$100 million for as much as 25 million grams of medical marijuana annually from Agraflora Organics International Inc (CSE:AGRA) (OTCMKTS:PUFXF).

The companies said in a press release that under their agreement Cannmart has the right of first refusal to purchase up to 10% of the total annual production from Agraflora's Delta Greenhouse Complex, representing 25 million grams at $4 per gram for a total price of up to C$100 million per year.

READ: Namaste Technologies to open cannabis cafés and launch H.E.A.L. health foods

The supply deal is subject to approval of Agraflora’s cultivation and sales licenses by Health Canada. Cannmart operates a medical cannabis sales-only license under the regulations of the Cannabis Act and purchases bulk cannabis products from licensed producers across the country to offer on its online platform.

In October 2018, Agraflora's majority-owned subsidiary, AAA Heidelberg, received a license to produce under Health Canada's Access to Cannabis for Medical Purposes Regulations at its facility in London, Ontario.

"We are pleased to announce the supply agreement with Agraflora," Namaste CEO Sean Dollinger said in a statement. "We anticipate that they will provide a high-quality product for us to offer to our patients through Cannmart.”

Agraflora CEO Derek Ivany added that the company is “pleased to be partnering with one of the leading cannabis companies in Canada.”

Shares of Namaste slipped C$0.05 to C$1.29 in Wednesday’s Canadian trading. They were down C$0.05 to C$0.96 on the OTC Markets. Agraflora climbed C$0.01 to C$0.18 and rose US$0.01 to US$0.13.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 13 Dec 2018 08:32:00 -0500 https://ca.proactiveinvestors.com/companies/news/211160/namaste-unit-may-buy-up-to-c100m-of-medical-cannabis-from-agraflora-organics-annually-211160.html
<![CDATA[Media files - Namaste Technologies to launch its own version of a cannabis cafe in Toronto ]]> https://ca.proactiveinvestors.com/companies/stocktube/11515/namaste-technologies-to-launch-its-own-version-of-a-cannabis-cafe-in-toronto-11515.html Fri, 07 Dec 2018 12:01:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11515/namaste-technologies-to-launch-its-own-version-of-a-cannabis-cafe-in-toronto-11515.html <![CDATA[News - Namaste Technologies to open cannabis cafés and launch H.E.A.L. health foods ]]> https://ca.proactiveinvestors.com/companies/news/210605/namaste-technologies-to-open-cannabis-cafs-and-launch-heal-health-foods-210605.html Namaste Technologies Inc (CVE:N) (OTCQB:NXTTF) announced the launch of NamasteCafé, a cannabis-infused take on the modern café.

The cannabis company teamed up with Montreal restauranteur Jonathan Dresner, the man behind upscale burger restaurant Notre-Boeuf-De-Grâce, Pigeon Espresso Bar and plant-based quick service restaurant Kupfert & Kim.

READ: Namaste rallies on record C$1.25M in cannabis-related sales for period spanning US Thanksgiving Day, Black Friday and Cyber Monday

The café will serve Pigeon Coffee, jokingly referred to as the “world’s worst coffee.”

The location of the café will be announced within the next 60 days with the first store expected to open early next year.

Namaste plans to open up to 20 franchise locations across Canada by the end of 2019, as well as three overseas locations, including one in the UK, depending on local laws.

The stores will invite industry leaders and cannabis experts as part of an education-focused public outreach, hoping to educate consumers about consumption, legalization and other issues.

“Our intention is to offer the general public a safe space to ask open questions about cannabis, its benefits, risks, and topics people may want to cover,” said Namaste CEO Sean Dollinger in the company’s press release.

The company operates CannMart, an e-commerce platform for medical cannabis and related products, such as vaporizers and CBD products.

Namaste will also collaborate with Chef Pete Evans to launch H.E.A.L (Healthy Eating and Living) branded food-products, which will include cannabis-focused products and recipes.

The H.E.A.L brand also plans to launch an educational platform featuring how-to recipe videos and a series of videos with Pete Evans.

With the potential legalization of cannabis edibles and concentrates on the horizon in Canada, the brand is ready to produce a line of cannabis-infused products for that market as well.

Shares of Namaste were down about 4% to US$1.01 in Wednesday morning trading.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Wed, 05 Dec 2018 10:46:00 -0500 https://ca.proactiveinvestors.com/companies/news/210605/namaste-technologies-to-open-cannabis-cafs-and-launch-heal-health-foods-210605.html
<![CDATA[Media files - Namaste Technologies books record vape sales in November powered by Black Friday and Cyber Monday ]]> https://ca.proactiveinvestors.com/companies/stocktube/11413/namaste-technologies-books-record-vape-sales-in-november-powered-by-black-friday-and-cyber-monday-11413.html Mon, 03 Dec 2018 15:56:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11413/namaste-technologies-books-record-vape-sales-in-november-powered-by-black-friday-and-cyber-monday-11413.html <![CDATA[News - Namaste rallies on record C$1.25M in cannabis-related sales for period spanning US Thanksgiving Day, Black Friday and Cyber Monday ]]> https://ca.proactiveinvestors.com/companies/news/210339/namaste-rallies-on-record-c125m-in-cannabis-related-sales-for-period-spanning-us-thanksgiving-day-black-friday-and-cyber-monday-210339.html Cannabis products e-commerce company Namaste Technologies Inc (CVE:N ) (OTCMKTS:NXTTF) rallied Friday after announcing a record C$1.25 million in revenue during the period spanning US Thanksgiving Day, Black Friday and Cyber Monday.

The Vancouver-based company said in a press release that total reported, unaudited revenue from Friday November 22 through Monday November 26 was about C$988,000. Anticipating demand, its e-commerce platforms launched their sale on Thursday, bringing the five-day total to about C$1,249,000, the highest ever for such a period, according to Namaste.

READ: Namaste Technologies launches Craft Cannabis Program to boost craft cultivators

Namaste attributed the performance mainly to demand for vaporizers and smoking accessories. The company also got a boost from the first holiday weekend of sales of legal medical cannabis sold through its online portal CannMart Inc.

Shares of Namaste climbed C$0.10 to C$1.34 in Friday’s Canadian trading. They were up US$0.07 to US$1.01 on the OTC market.

According to Namaste, CannMart is Canada's first e-commerce platform that can safely and securely deliver legal medical cannabis to patients from a wide variety of licensed producers. The portal began same-day delivery in the Toronto area through Pineapple Express on November 27.

Earlier this month, Namaste started a craft cannabis program that provides regulatory support and a direct sales channel for craft cultivators.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

 

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Fri, 30 Nov 2018 14:55:00 -0500 https://ca.proactiveinvestors.com/companies/news/210339/namaste-rallies-on-record-c125m-in-cannabis-related-sales-for-period-spanning-us-thanksgiving-day-black-friday-and-cyber-monday-210339.html
<![CDATA[News - Namaste Technologies takes $250,000 stake in Kief Cannabis ]]> https://ca.proactiveinvestors.com/companies/news/209963/namaste-technologies-takes-250000-stake-in-kief-cannabis-209963.html Cannabis e-commerce operator Namaste Technologies Inc (CVE:N) (OTCQB:NXTTF) has unveiled an investment of $250,000 in Kief Cannabis, a Manitoba-based craft cannabis producer.

Namaste’s funding comes in exchange for 46,729 class B shares of Kief at a cost of $5.35 per share and gives it a 3% stake in Kief, based on an $8.1 million valuation.

Earlier this year, Namaste’s Cannmart subsidiary signed a medical cannabis supply agreement to purchase premium medical cannabis from Kief Cannabis for sale on its online platform. In the wake of Namaste’s new investment, Cannmart will now have the right of first refusal on 35% of the total production of cannabis from Kief.

 "We're very pleased to announce this investment into Kief Cannabis. We strongly believe that craft cannabis products will add significant value to our platform through Cannmart and that many of the strains which we plan to introduce have not yet been seen on the market,” said Namaste CEO Sean Dollinger in a statement. 

READ: Namaste Technologies Inc comes out of quiet period and looks to Cuba for opportunities

Namaste’s investment in Kief pushes it towards its goal of becoming a top online medical cannabis retailer in Canada. Last September, Namaste received a medical cannabis license from Health Canada, which allows Canadians to purchase medical cannabis from an array of licensed producers through its online platform.

Namaste’s financial backing is also part of a larger effort to foster the craft cannabis market by offering long-term supply agreements that benefit Cannmart’s customers.

Kief Cannabis is a craft cannabis producer that focuses on providing sought-after strains of premium-quality cannabis. It is currently a late-stage applicant to become a licensed producer subject to Canada’s Cannabis act.

Namaste Technologies, meanwhile, operates a global cannabis e-commerce platform with over 30 websites in over 20 countries under various brands. Its products currently include vaporizers, glassware, accessories, CBD products and medical cannabis in the Canadian market.

Namaste shares slipped 3.5% to hit C$1.40 in Monday’s afternoon trading session.

 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Mon, 26 Nov 2018 12:30:00 -0500 https://ca.proactiveinvestors.com/companies/news/209963/namaste-technologies-takes-250000-stake-in-kief-cannabis-209963.html
<![CDATA[News - Namaste Technologies launches Craft Cannabis Program to boost craft cultivators ]]> https://ca.proactiveinvestors.com/companies/news/209490/namaste-technologies-launches-craft-cannabis-program-to-boost-craft-cultivators-209490.html Namaste Technologies Inc (CVE:N, OTCQB:NXTTF) is launching a Craft Cannabis Program, which provides regulatory support and a direct sales channel, in an effort to bolster craft cultivators.

Namaste's subsidiary Cannmart Inc, aided by regulatory partner Cannabis Compliance Inc, will offer regulatory and financial support to micro- cultivators licensed under the Cannabis Act.

READ: Shorting Namaste Technologies' stock getting more difficult, says S3 Partners analyst

In exchange, the online cannabis store and micro cultivator will sign a supply agreement giving Cannmart the right of first refusal on 100% of its production.

Micro cultivators are eligible for reimbursement of up to $100,000 for regulatory compliance costs.

Micro-processors will be allowed to process up to 600kg of cannabis from the facility while micro-cultivators will be allowed to grow cannabis up to 200 square meters of total canopy space.

“Our platform provides great exposure for smaller growers which are not looking to have their products white labeled and sold through wholesale channels,” said Namaste CEO Sean Dollinger in the company’s press release.

A Craft Cannabis section will be featured on Cannmart’s site, showcasing cannabis products from small-batch cultivators.

Cannmart is hopeful that the micro-cultivators will be able to provide its medical cannabis patients with access to strains not yet available on the regulated market.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Mon, 19 Nov 2018 10:22:00 -0500 https://ca.proactiveinvestors.com/companies/news/209490/namaste-technologies-launches-craft-cannabis-program-to-boost-craft-cultivators-209490.html