A bulk cannabis-supply agreement between Namaste and Kelowna-based GreenTec Bio-Pharmaceuticals is giving Namaste subsidiary Cannmart a big leg up in the budding online-sales space as the company will be the first Health-Canada approved License Producer with a “sales only” license.
Cannmart will buy bulk cannabis flower and oil from GreenTec for resale in Cannmart’s online platform.
Namaste President and CEO Sean Dollinger said the company is expecting to receive its sales license very soon and is “highly focused on expansion of (its) patient network and in curating a high-quality offering of cannabis products.”
With the upcoming roll-out of recreational cannabis and with an anticipated short-term national supply shortage, cannabis supply agreements are now more important than ever to Namaste’s long-term strategy,” said Mr. Dollinger.
GTEC chair and CEO Norton Singhavon said his company is “actively pursuing long-term supply agreements with Licensed Producers whose core competencies are complementary to our own.”
He said that GreenTec’s ability to cultivate and market high-quality craft cannabis is a natural fit with Cannmart’s packaging and distribution capabilities and Namaste’s ability to develop a robust network of medical-cannabis patients.
GTEC operates multiple facilities and will be launching a new production facility in Kelowna shortly.
It holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc.
Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Its product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada’s first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB.
With the recent launch of Google Android App NamasteMD.com, the company expects to see exponential growth, having recently reached over 14,000 registered users.