It appears that Ignite International Brands (CSE: BILZ) can’t keep a Canadian partner no matter what it does. After the short time it spent with WeedMD (TSXV: WMD) last year, the company signed with Namaste Technologies (TSXV: N) in March, with subsidiary CannMart to act as the exclusive distributor for Ignite products in Canada. That too, has now fallen apart just months after the announcement of the arrangement.
It’s unclear what specifically it is that continues to drive Canadian partners away from the firm. Whether its management expectations of how agreements should operate, or whether its the social pushback given Ignite’s brand ambassador is any outsiders guess on the issues that prevail. However, Friday night Namaste issued a short press release indicating that the arrangement had been terminated.
The termination was said to be “mutual” in nature. CannMart is expected to continue selling remaining inventory of Ignite product through to December 29, 2020, after which the product will presumably be destroyed. It was also clarified that CannMart will no longer act as a distributor in Canada, after having the exclusive right to do so as announced in June.
Commenting on the announcement, CEO Meni Morin stated, “our customers and partners are critical to the long-term success of our company, and we are on a mission to connect consumers with the solutions that fit into their lives.”
Ignite International last traded at $0.40 on the CSE.
Information for this briefing was found via Sedar, Namaste Technologies and Ignite International Brands. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
