Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Tuesday its wholly-owned subsidiary CannMart Inc has received approval from Health Canada to sell cannabis oil concentrates on its online marketplace, CannMart.
The agency approved an amendment to CannMart's cannabis sales license, a move that CEO Meni Morim called “pivotal” and sets the groundwork for “our presence in the edibles, extracts and topicals markets, pending their legalization and regulation anticipated to occur this week.”
In a statement, Morim added: "The amended sales license opens the door to a wide range of new cannabis products and related revenue streams and fulfills a key strategy milestone."
With its amended cannabis sales license, CannMart can now offer cannabis oils to its registered medical patients immediately and positions CannMart to leverage Canada's "Cannabis 2.0" market opportunity when cannabis edibles, extracts, and topicals become legal for recreational use.
In a recent report, the consulting firm Deloitte estimates that the Canadian market for edibles and alternative cannabis products to be worth up to C$2.7 billion annually.
Cannabis oil concentrates will be available on CannMart.com starting October 16th.
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.
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