Namaste Technologies Inc. has signed a letter of intent (LOI) with Supreme Pharmaceuticals Inc. The LOI, signed by Supreme’s wholly owned subsidiary, 7Acres, and Namaste’s wholly owned subsidiary, Cannmart Inc., provides that Supreme will supply Cannmart with a premium range of high-quality dried cannabis flower which will be offered in the company’s medical marketplace. Supreme is focused on producing high-quality cannabis through a commitment to carefully curated genetics, quality-focused cultivation practices and a postharvest process that includes a 14-day whole-plant-drying process and hand finishing of each flower. Under the terms of the LOI, Namaste has committed to work with Supreme as a preferred vendor as related to possible branded partnerships, in addition to supply for Namaste’s in-house branded medical cannabis. All Supreme cannabis will bear the 7Acres producer’s mark. Namaste believes that Supreme’s business-to-business (B2B) distribution model fits well with Namaste’s focus on becoming Canada’s leading on-line retailer for medical cannabis.
Other terms of the LOI include:
- Purchase orders to be submitted accompanied by terms and conditions governing the purchase and sale of medical cannabis in accordance with Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR);
- All products sold by 7Acres to Cannmart to be in accordance with ACMPR, 7Acres standard operating procedures (SOP) and GMP practices;
- 7Acres to provide all product descriptions and photography to be used with respect to the sale of 7Acres products through Cannmart;
- Cannmart to display the 7Acres trademark on all packaging in connection with the sale of any 7Acres products through Cannmart’s website;
- 7Acres shall be Cannmart’s preferred supplier of premium dried cannabis flowers as it relates to celebrity endorsements in partnership with Cannmart and Namaste;
- All shipping costs shall be borne by Cannmart.
The LOI represents further progress for Namaste in securing this supply agreement with one of Canada’s leading producers of premium-quality cannabis. Namaste will focus on offering the largest variety of medical cannabis products, sourced from both domestic and international licensed producers. Management feels strongly that the company’s relationship with Supreme will offer great value with Supreme’s focus on cultivation while Namaste intends to become Canada’s largest on-line retailer for medical cannabis through the implementation of its telemedicine application, NamasteMD, built as a patient acquisition tool for Namaste to leverage its growing database of Canadian site visitors and offering an extensive variety of medical cannabis products to Cannmart’s patients.
Sean Dollinger, president and chief executive officer of Namaste, commented: “We are very pleased to be working with Supreme, who we believe to be one of the top Canadian producers of premium-quality cannabis. Our goal is to create an on-line marketplace for our patients that will offer a variety of products sourced from various licensed producers in Canada and overseas. We believe that our relationship with Supreme will be of significant value as their business model fits well with ours. Thanks to Supreme’s management team for their support and we look forward to launching medical cannabis sales through Cannmart in the early new year.”
About Namaste Technologies Inc.
Namaste is the largest on-line retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with five distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the United Kingdom, United States, Canada and Germany, and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution licence (under the ACMPR (Access to Cannabis for Medical Purposes Regulations) program) is pursuing a new revenue vertical in on-line retail of medical cannabis in the Canadian market.