Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTFF), which operates the largest global cannabis e-commerce platform, revealed on Tuesday that it was expanding its Cannabis 2.0 offerings with a new butane hash oil (BHO) live resin product line to be sold under the Phyto Extractions brand.
In addition, Namaste said its wholly-owned subsidiary CannMart Inc, has struck an exclusive agreement with licensed producer and processor Stigma Grow, to distribute shatter, crumble, and live resins through its B2B channel and its business-to-consumer online medical channel.
"This agreement with CannMart is in perfect alignment with our promise to Canadians and builds on the momentum that we have already seen in the provinces where our products are currently sold. We're excited to bring our unique live resin, full-spectrum BHO products to as many stores across Canada as possible," Stigma Grow CEO Travis McIntyre said in a statement.
Stigma Grow uses an advanced butane hydrocarbon extraction system at its Red Deer facility, in Alberta to process some of the only full-spectrum concentrate products available on the legal market.
Namaste CEO Meni Morim said that with its new Phyto-branded BHO live resin and Stigma Grow's shatter, crumble and live resins, the company is “leading" the market with Cannabis 2.0 products.
"Stigma Grow's shatter, crumble and live resins are known for their quality and are an excellent addition to CannMart's line of cannabis products and accessories. Phyto is a leading legacy brand in Canada and their hydrocarbon extracts are a hit with cannabis enthusiasts,” added Morim.
The Namaste boss said Stigma and Phyto products will be available across Canada online at CannMart.com medically, and through its business-to-business distribution channels starting in British Columbia and Saskatchewan.
“We believe there is pent-up demand for these high-quality, higher-margin products and we will look to leverage the past success of the Phyto brand to continue to grow our sales," added Morim.
In December last year, Namaste's subsidiary CannMart Labs stuck an exclusive licensing deal with Phyto Extractions to use Phyto trademarks on some of its cannabis vaporizing pen cartridges and batteries, cannabis capsules, and cannabis tinctures. Phyto vaporizing pen cartridges are now one of CannMart's bestsellers, according to the company.
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