- Namaste’s wholly-owned subsidiary CannMart Labs Inc. has received a standard processing licence from Health Canada
- Namaste will leverage its existing sales licence through CannMart Inc. to bring their recreational products to provinces in Canada
- CannMart Labs manufactured products are expected to be in the market by the end of Q2 2021
- Namaste Technologies is a marketplace platform for cannabis and wellness products
- Namaste Technologies (N) is up 18.84 per cent, trading at C$0.41 per share at 3:15 pm EST
Namaste’s wholly-owned subsidiary CannMart Labs Inc. has received a standard processing licence from Health Canada.
Cannmart will leverage its existing sales licence through CannMart Inc. to bring our recreational products to provinces in Canada where Namaste already has a distribution network in place.
CannMart Labs manufactured products are expected to be in the market by the end of Q2 2021.
Highlights of CannMart Labs:
- CannMart Labs facility in Ontario is established for BHO extraction using leading extraction technology, making it one of only a few facilities in Canada with such capabilities.
- Set to produce in-house branded Cannabis 2.0 products for medical channel customers at CannMart.com and recreational customers across Canada through sister company CannMart’s network of provincial sales partners.
- Cannabis 2.0 products initially planned to include shatter, live resin, badder, wax and others with capabilities to expand future distillate product offerings to vape cartridges, gel capsules, tinctures and edibles.
Namaste owns 100% of the CannMart Labs facility, a purpose-built oil extraction facility that incorporates a leading extraction technology facility designed to meet EU Good Manufacturing Practice (EU-GMP) certification requirements.
Namaste will look at selling their manufactured products to other licensed producers and other sales channels as they become available.
“This is a major catalyst for Namaste to generate material revenue through the sale of new and exciting cannabis products and by offering contract manufacturing services to our partners,” said Meni Morim, CEO of Namaste.
“The team has selected and installed state-of-the-art extraction equipment and technology in its facility, which will be able to produce an array of cannabis products including shatter and live resin, as well as future distillate products such as vape cartridges, gel capsules, tinctures and edibles. We look forward to producing our in house branded Cannabis 2.0 products, including “ROILTY” for our medical channel customers.
Headquartered in Toronto, Namaste Technologies is a marketplace platform for cannabis and wellness products. At CannMart.com, the Company provides Canadian medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators and will provide US customers with access to smoking accessories and hemp-derived CBD.
The company also distributes licensed and in-house branded cannabis and cannabis-derived products through a number of provincial government control boards and retailing bodies. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Namaste Technologies (N) is up 18.84 per cent, trading at C$0.41 per share at 3:15 pm EST.
