Namaste Technologies Joint Venture Receives Processing License

Namaste Technologies (TSXV: N) is nearly ready for the second generation of cannabis products. The company announced this morning that its 49% owned joint venture known as Choklat, Inc has received its processing license from Health Canada. The license enables the firm to begin creating legal cannabis edibles, which is to primarily consist of chocolate bars, drink mixes, and infused sugar.

The license, issued Friday, enables the joint venture partner to be able to process, but not sell, cannabis products. Regulations also require that new generation products get submitted to Health Canada for a sixty day review prior to entering consumer markets. However, licensed producers and processors are allowed to sell their product on a business to business basis to other licensed cannabis handlers.

While Namaste’s joint venture won’t be able to skirt regulations related to the sixty day review period, they are able to fast track the sale of products due to owning CannMart, a licensed cannabis dealer. The subsidiary will be acquiring Choklat’s cannabis infused product and selling it on their online platform as well as to provincial distributors upon the completion of the mandatory review period, which is expected to end in March.

The company expects to initially bring 11 different SKU’s to market.

Namaste Technologies last traded at $0.34 on the TSX Venture.

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Information for this analysis was found via Sedar and Namaste Technologies. 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.