Namaste Technologies Inc.
(“
Namaste” or the “
Company”)
(TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a
marketplace platform for cannabis and wellness products, today
provided a corporate update including on its wholly owned
subsidiary, CannMart Labs Inc. (“
Labs”).
Labs Update: The Company is
pleased to confirm that Labs has successfully completed a number of
test batches and is working diligently to finalize processes for
the imminent launch of commercial products. Test batches have
produced exceptionally clear gold extracts resulting from the use
of high-quality input biomass and utilizing Labs’ state of the art
BHO extraction system that isolates pure cannabinoid compounds and
terpenes. The initial Certificates of Analysis have shown
exceptionally high terpene content. Terpene content is the value
add of "Live" products, which gives these products their enhanced
taste and aroma valued by consumers.
Launch of Limited Edition Roilty
SKUs:Furthermore, through its in-house brand Roilty, Labs
will be launching a limited edition run of two SKUs: Roil Lemon
Haze live resin product and Priest Punch live resin product.
A Roil Lemon Haze live resin product will be
marketed as a glistening golden colour, soft and bursting with
terpene goodness expected around 10%. This SKU leading the terpene
charge is Terpinolene - a lesser known and often rare terpene
responsible for the herbaceous and citrus aromas followed by
Beta-Caryophyllene, which gives a spicy, tangy flavour. The SKU
hearkens back to its roots, as a citrusy, skunky behemoth with
input biomass, a cross between strains Super Silver Haze and Lemon
Skunk.
Roilty’s Priest Punch live resin product will be
marketed as a gooey gold, smooth textured product, oozing with
rich, juicy terpenes expected around 10%. For this SKU,
beta-ocimene has a strong influence, with floral overtones and
aromas of grape and diesel. The input material is a trichome dream,
perfect for BHO extraction - bred from heavy-hitting Church and
Grape strains.
Both SKUs shall be available to purchase at
CannMart.com by medical customers, and available in recreational
channels through expected sales to provincial buyers, in each case
by the end of October 2021. As Labs produces these and further
SKUs, the Company looks forward to generating higher margins in its
drive for profitability.
Share Issuance Related to CannMart
Labs:The Company intends to issue, an aggregate of
1,712,198 common shares (issued at a deemed price of $0.1574, which
is equal to the seven-day volume weighted average), without a hold
period, as payment of the third tranche of the remaining base
purchase price to the vendors under the share purchase agreement
for the acquisition of the remaining 49% interest in Labs first
announced on November 18, 2020. The issuance is considered to be a
shares for debt transaction under the policies of the TSX Venture
Exchange (the "TSX-V") and remains subject to
TSX-V approval.
RSU Grant:The Compensation
Committee of the Company has reviewed and discussed certain changes
to its non-employee director compensation given (i) the approval of
Shareholders to the adoption of a deferred share unit plan (the
“DSU Plan”) and restricted share unit award plan
(the “RSU Plan”) at the Corporation’s last Annual
General Meeting held on Tuesday, September 29, 2020 and (ii)
receipt of recommendations of independent industry experts to best
determine the overall remuneration package for non-employee
directors, in order to stay competitive in the marketplace and to
attract and retain top-tier directors. To that end the Compensation
Committee considered long term incentive program benchmarks,
including option and RSU grants, as established from peer companies
with comparable market capitalization, operating not only within
the cannabis sector, but in similar and adjacent sectors, and
compared those those against historical grants and standards.
On the basis of Compensation Committee
recommendations, the Board of Directors of the Company (the
“Board”) has thereby approved appropriate changes
to the non-employee director compensation plan, including
rebalancing non-employee director compensation such that
approximately 43% of non-employee director baseline compensation
(before chair and committee fees) is provided in the form of
awards, instead of cash subject to the DSU Plan and/or RSU Plan,
re-affirming the Board’s commitment to the future success of the
Company.
Connected thereto the Board has approved the
grant of 1,612,500 vested restricted share units in aggregate to
the Company’s four non-employee directors and the Company is
thereby reserving 1,612,500 common shares for issuance in
connection therewith, all in accordance with the rules of the TSX
Venture Exchange and the Company’s RSU Plan.
Corporate Re-Positioning:In
furtherance of the Company’s evolution to wellness announced in
February 2021, the Company looks forward to launching soon the
re-positioning of its corporate identity as first disclosed in
September 2020. Stay tuned!
About Namaste Technologies
Inc.Namaste Technologies is a marketplace platform for
cannabis and wellness products. At CannMart.com, the Company
provides Canadian medical customers with a diverse selection of
hand-picked products from a multitude of federally licensed
cultivators and US customers with access to hemp-derived CBD and
smoking accessories. The Company also distributes licensed and
in-house branded cannabis and cannabis derived products in Canada
through a number of provincial government control boards and
retailing bodies and facilitates licensed cannabis retailer sales
online in Saskatchewan. Namaste’s global technology and continuous
innovation address local needs in a burgeoning cannabis industry
requiring smart solutions.
Information on the Company and its many products
can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
For more information please
contact:Namaste Technologies Inc.Meni Morim, CEOEdward
Miller, VP Investor RelationsPh: 647-362-0390Email:
ir@namastetechnologies.com
Source: Namaste Technologies Inc
FORWARD-LOOKING INFORMATION – This news release
contains “forward-looking information” within the meaning of
applicable securities laws. All statements contained herein that
are not historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as “may”, “expect”, “likely”, “should”, “would”, “plan”,
“anticipate”, “intend”, “potential”, “proposed”, “estimate”,
“believe” or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions “may” or “will” happen.
The forward-looking information contained
herein, including the sale of Labs produced products in medical and
recreational channels in financial Q4, 2021, are made as of the
date of this press release and are based on assumptions management
believed to be reasonable at the time such statements were made.
While we consider these assumptions to be reasonable based on
information currently available to management, there is no
assurance that such expectations will prove to be correct. By its
nature, forward-looking information is subject to inherent risks
and uncertainties that may be general or specific and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: the Company’s ability to successfully
operate everywhere in a virtual environment. Additional risk
factors can also be found in the Company’s current MD&A and
annual information form, both of which have been filed under the
Company’s SEDAR profile at www.sedar.com. Readers are cautioned not
to put undue reliance on forward-looking information. The Company
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable law. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release or has in any way approved
or disapproved of the contents of this press release.
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