Movers and SHAKERS
Namaste Technologies Provides Corporate Update
TORONTO, June 15, 2021 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, is pleased to provide the following corporate updates:
550+ New SKUs on CannMart.com
Namaste is very excited to announce that it is presently receiving a record amount of requests from vendors across North America to list their products onto the CannMart.com platform. This validation is a clear statement from an increasing amount of vendors that the CannMart.com marketplace platform can make a valuable differentiated distribution channel which has resulted in over 550 SKUs launched in the last three months including items from these popular brands:
In Canada we have launched SKUs from the following brands:
- Bello Vapor Tap - The world’s first vapor tap
- Emprise - A wide range of proprietary water-soluble nano-emulsion oils and sprays
- Heritage Cannabis - Industry leader in cannabinoid extractions and CPG innovations
- Kalaya - Medically directed, health and beauty care brand that uses problem-solution based formulations
- KUSHKRAFT - Embracing the rich history of cannabis by integrating its vast culture into the licensed market
- Lumiera Health - AwayeTM - A non-regulated cannabinoid derived topical cream for the potential treatment of joint and muscle pain
In the USA we have further expanded our platform with the addition of SKUs from the following brands:
- 7NRG - World’s first fully recyclable sports nutrition shake that combines energy and protein powders with hemp derived CBD
- CBD For The People - A hemp derived CBD flower producer
- Martha Stewart CBD - Combining gourmet flavors with state-of-the-art hemp derived CBD isolate
- Kine Industries - Sublingual products infused with the highest quality hemp derived CBD and CBG extracted from industrial hemp that contain no THC, and are vegan and gluten free
- FullBodyZen - a vertically integrated hemp derived CBD / CBG / Hemp / Melatonin Supplier
- Shine Brands - Parent company of Shine Papers is the inventor of the world's first 24K gold rolling paper
Namaste Corporate Makes Move to Virtual Office Permanent:
The Company has successfully subleased its Toronto office location until expiry of its lease on October 30, 2024 such that all corporate staff now work virtually from anywhere in the world.
"We are a global company that hires the best talent irrespective of their location,” said Meni Morim, CEO of Namaste. “Furthermore, we are committed to reducing our carbon footprint as part of developing Environmental, Social and Governance (ESG) plans, appreciating that ESG is increasing in importance to all stakeholders.”
This strategic and sustainable decision will also save the Company approximately $138,000 annually.
The Board of Directors and its compensation committee consulted with independent industry experts to best determine the overall remuneration package to stay competitive in the marketplace and to attract and retain top-tier talent. Long term incentive program benchmarks, including option and RSU grants, were established from peer companies with comparable market capitalization, operating not only within the cannabis sector, but in similar and adjacent sectors, and compared against historical grants and standards. Long term incentives that vest over multiple years tie individual success with the long-term success of the Company without impacting cash resources.
To that end, the Board of Directors yesterday approved, effective after market close, the grant of an aggregate of 311,250 stock options to officers and a consultant of the Company, which are exercisable into common shares of Namaste at a price of $0.25 per common share, having previously granted on May 6, 2021, 735,800 stock options to non-officer employees and a consultant of the Company, in accordance with the rules of the TSX Venture Exchange and the Company’s Stock Option Plan. The stock options granted to officers and employees have a term of four years in equal tranches every six months over three years from the applicable grant date and will expire on June 13, 2025 and May 5, 2025 respectively.
In addition, at the same time, the Board of Directors approved the grant of 311,250 restricted share unit awards (“RSUs”) in favour of officers and a consultant of the Company thereby reserving 311,250 commons shares for issuance in connection therewith, having previously granted on May 6, 2021, 535,800 RSUs in favour of non-officer employees in the Company, all in accordance with the rules of the TSX Venture Exchange and the Company’s Restricted Share Unit Plan adopted by the shareholders at the Company’s last AGM. The RSUs granted to officers and employees vest in equal tranches every six months over three years from the date of their respective grants.
For further information on Namaste’s public disclosure, consult the Company’s issuer profile on SEDAR at www.sedar.com.
About Namaste Technologies Inc.
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 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.
Information on the Company and its many products can be accessed through the links below:
For more information please contact:
Namaste Technologies Inc.
Meni Morim, CEO
Edward Miller, VP Investor Relations
Source: Namaste Technologies Inc
FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, are made as of the date of this press release and are based on assumptions management believed to be reasonable at the time such statements were made. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the Company’s ability to successfully operate everywhere in a virtual environment. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Source: Namaste Technologies Inc.