Namaste Technologies Inc. (Namaste), a platform for cannabis products, accessories, and education, announced that its wholly owned subsidiary, CannMart Inc. (“CannMart”), has executed a licensing agreement (the “Agreement”) with IGNITE International Brands, Ltd. (“IGNITE”) (CSE: BILZ) (OTCQX: BILZF). The Agreement grants CannMart a licence to use certain IGNITE brand trademarks on legal cannabis-based products (the “IGNITE Products”) in consideration for certain royalty payments.
Pursuant to the Agreement, CannMart will work with IGNITE’s quality control and product development teams to source premium inputs, including flower and Cannabis 2.0 offerings, from Canadian craft cannabis producers for the IGNITE Products. Under the Agreement, CannMart assumes all functions associated with procurement, processing, and packaging of the IGNITE Products in its Health Canada-licenced processing facility. In addition, CannMart will oversee the sale and distribution of the IGNITE Products in Canada, leveraging its Canadian trade channels. Pursuant to the Agreement, IGNITE will, on behalf of CannMart, market the IGNITE Products in Canada.
“The IGNITE team remains committed to delivering cannabis products to every market we target. We firmly believe working with CannMart will provide quality product offerings and a quicker route to market given CannMart’s competencies,” said IGNITE CEO, Dan Bilzerian. “The IGNITE philosophy aligns with CannMart’s passion to deliver innovative products through its global distribution channels.”
“CannMart delivers a unique value-added proposition to brands,” said Curtis Heffernan, President of IGNITE. “The agreement with CannMart will allow IGNITE to remain laser-focused on expanding brand awareness to maximize its reach to Canadian consumers.”
“CannMart continues to demonstrate its ability to attract leading brands like IGNITE, to deliver recognizable quality products to consumers,” said Meni Morim, CEO of Namaste Technologies. “Namaste believes IGNITE is well known among our current customer base and CannMart intends to leverage IGNITE’s brand recognition to drive sales throughout its network of government partners and retailers.”
Namaste also reports that they have loaned Pineapple Express Delivery Inc. (“Pineapple”), of which they have a 49% equity interest, $125,000 in support of Pineapple’s efforts for cash flow purposes.
IGNITE is a CSE-listed and OTCQX traded company operating in permissible CBD and cannabis sectors. IGNITE intends to expand its business, which currently includes branding, marketing, licensing, sales and distribution, across the United States, Canada and United Kingdom into international jurisdictions by leveraging multiple product platforms.