Namaste Technologies Inc (OTCMKTS:NXTTF) has announced that it has signed a Medical Cannabis Supply Agreement with Marigold Projects Jamaica Ltd. Under the agreement, Marigold Projects will be represented by Cannmart Inc, its wholly-owned subsidiary. Namaste Technologies will supply Cannmart Inc with premium quality Jamaican produced medical cannabis. The cannabis will be imported from Jamaica by Cannmart and will be available for purchase on Namaste Technologies’ online market platform. This will be subject to approval from the Cannabis Licencing Authority and Health Canada.
The supply agreement is in line with Namaste’s vision of establishing a diverse platform which can make it easy for patients to access high quality medical canabbisand which is sourced from both international and local producers.
In the agreement, Cannmart will be submitting orders to Marigold for supply of medical cannabis. Cannmart will then import cannabis from Marigold after approval by Health Canada. Cannmart will have to comply with Marigold’s pricing and branding strategy. All the shipped products will bear Marigold brand logo. Cannmart will bear the importation and shipping costs.
The agreement with Marigold form a major component of Namaste’s strategy of making high-quality imported medical cannabis accessible Canadian patients. Marigold has a strong management team which has a lot of experience in the cultivation and hence will add a lot of value to Cannmart’s product offering. Namaste Technologies is optimistic that demand for imported cannabis products and is working on building a strong and lasting relationship with Marigold.
While commenting on the agreement, Clifford Starke, the Chairman of Marigold said Namaste had a well-developed online platform for accessing cannabis products. He added that with the newly launched NamasteMD app plus an ACMPR production license, Namaste is expected to further cause a lot of disruption in the industry using their innovative product marketing approach.
Namaste President and CEO Sean Dollinger on his part said his company has signed a supply agreement with Marigold as itseeks to expand its product catalogue through Cannmart. He noted that the importation of medical cannabis will open a strong market niche for Namaste in Canada. This strategy, according to Dollinger, will set Namaste apart and give it a wider competitive edge against its competitors.