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.
Namaste's shares were up 3.3% on Monday morning at C$0.62 and True Leaf was trading 2.4% higher at C$0.42. On the OTC markets, investors sent Namaste's shares 5% higher at US$0.47 and True Leaf 2% higher at US$0.31.
READ: Namaste Technologies adds senior executive talent, provides update on Health Canada Regulations
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."
READ: True Leaf Brands to launch hemp-based pet products in Korea
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.
--Updates with share price--
Contact Angela at angela@proactiveinvestors.com
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