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Namaste Technologies says subsidiary CannMart cancels licensing agreement with Ignite International Brands

CannMart will continue selling the remaining Ignite inventory through provincial control boards and through its website until December 29 and will no longer act as distributor for Ignite in Canada

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Ignite products, to the extent made available by licensed retailers in Saskatchewan, will also continue to be available on the CannMart website via its VendorLink platform

Namaste Technologies Inc (CVE:N) has announced that subsidiary CannMart Inc and Ignite International Brands Ltd have mutually terminated an agreement to utilize certain Ignite trademarks on cannabis-based products. 

In a statement Friday, Namaste said CannMart will continue selling the remaining Ignite inventory through provincial control boards and through its medical channel at the CannMart website to December 29 and will no longer act as distributor for Ignite in Canada. 

Ignite products, to the extent made available by licensed retailers in Saskatchewan, will also continue to be available on the CannMart website via its VendorLink platform, Namaste added.

READ: Namaste Technologies taps finance veteran Slava Klems as interim CFO, settles trademark dispute  

"Our customers and partners are critical to the long-term success of our company, and we are on a mission to connect consumers with the solutions that fit into their lives," said Namaste CEO Meni Morim.

"It is also our belief that brand recognition will be a major driver of growth as the legal industry matures and transitions to consumer packaged goods (CPG). The cannabis landscape is continuously changing, and I'm excited about our future, innovative product portfolio that will continue to delight our consumers. We wish Ignite all the best in its future endeavours."

Headquartered in Toronto, Namaste is a leading on-line platform for cannabis products, accessories, and responsible education.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

 

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Price: 0.225 CAD

TSX-V:N
Market: TSX-V
Market Cap: $72.89 m
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