- CannMart Labs Inc. has submitted its application for a Health Canada Controlled Drugs and Substances Dealer’s Licence
- The projected timeline for receipt of approvals is by the beginning of the fiscal Q3 of 2022
- NaMaste intends to issue an aggregate of 1,274,834 common shares as payment of the remaining base purchase price for the acquisition of CannMart Labs
- Namaste Technologies Inc is an online platform for cannabis products and accessories
- CannMart is a wholly-owned subsidiary of Namaste Technologies Inc.
- Namaste Technologies Inc. (N) opened trading at C$0.205 per share
Namaste Technologies (N) is pleased to provide the following corporate updates.
Application for Dealer’s License submitted to Health Canada:
Namaste wholly-owned subsidiary CannMart Labs Inc. has submitted its application for a Health Canada Controlled Drugs and Substances Dealer’s Licence for future storage and distribution of the following controlled substances: psilocybin, psilocin, ketamine (ketamine hydrochloride), LSD (lysergic acid diethylamide), DMT (N, N-dimethyltryptamine) and MDMA (3, 4-methylenedioxymethamphetamine).
The projected timeline for receipt of approvals is by the beginning of the fiscal third quarter of 2022. Subject to Health Canada acceptance, the Dealer’s Licence will allow CannMart to sell these controlled substances to individuals, researchers and companies undertaking clinical trials, each retaining appropriate approvals for such possession and use.
“We are excited to have finalized and submitted this application,” said Meni Morim, CEO of Namaste.
“Societal acceptance and scientific discovery of new paths to wellness is rapidly increasing. Namaste is well versed in the distribution of controlled substances and looks forward to being a responsible leader in creating new paths to wellness.”
CannMart Labs related share issuance:
NaMaste intends to issue an aggregate of 1,274,834 common shares as payment of the second tranche of the remaining base purchase price for the acquisition of CannMart Labs.
Namaste Technologies Inc is an online platform for cannabis products, accessories, and responsible education. Namaste provides Canadian medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators and US customers with access to hemp-derived CBD and smoking accessories.
The company also distributes licensed and in-house branded cannabis and cannabis-derived products in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales online in Saskatchewan.
Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Namaste Technologies Inc. (N) opened trading at C$0.205 per share.
