Namaste Technologies Inc. (TSXV: N) has announced that CannMart Inc, its subsidiary, has increased its product line by adding Kief Cannabis Co. to the marketplace, and has also entered into an agreement to supply cannabis products to Alberta Gaming, Liquor & Cannabis (AGLC). In addition, Namaste has also granted stock options to its CFO.
Kief has successfully received a Health Canada license for its craft flower and concentrates, and now its medical cannabis products will be available via CannMart’s B2B sales and websites. Currently, CannMart owns a minority portion of Kief, as well as holds certain purchasing rights.
In addition to adding Kief products to its marketplace, CannMart has also entered into a supply agreement with Alberta Gaming, Liquor & Cannabis (AGLC), which is Alberta’s governing agency overlooking all cannabis distribution in the province. AGLC is also the only legal online seller for adult-use cannabis. The company has various other supply agreements with provincial regulators, including Manitoba, British Columbia, Saskatchewan, and Ontario.
Namaste has also announced that as of December 7, 2019, the company has granted its chief financial officer 200,000 stock options, with each stock option exercisable into one common share. The stock options have an exercise price of $0.325, and a duration of 5 years. After three years, those options will be eligible for full ownership by the employee, via equally divided tranches every six months.
Other news released by the company today includes that it has been integrating Artificial Intelligence (AI) into its online marketplace. NamasteMD is the company’s online consultation tool, which gives patients direct access with healthcare professionals. Now, the company has added an AI feature which will give the user a customized product recommendation based on their assessed needs, and then direct them to CannMart to purchase the product.
Furthermore, due to lack of effective revenues with some of Namaste’s online retail outlets, the company has decided to consolidate some of those websites in order to better compete in the cannabis market. Going forward, Namaste will consolidate a total of 14 websites, and will only have 6 international sites remaining, which are Namaste Vapes Canada, Namaste Vapes Germany, Namaste Vapes UK, Namaste Vapes France, Australian Vaporizers, and Everyonedoesit UK.
However, due to increasing international government regulations regarding insurance and medical cannabis, Namaste has decided to stop expanding its marketplace in the United Kingdom for the time being.
Namaste is a company focusing on online sales of cannabis accessories and products from licensed cultivators.
Namaste Technologies Inc is currently trading at $0.55 on the TSX Venture.
Information for this analysis was found via Sedar and Namaste Technologies Inc. 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.