Namaste Technologies Inc., an online platform for cannabis products, accessories, and responsible education, announced an agreement with Lifted Innovations Inc., a private B2C e-commerce company selling cannabis-related accessories and ancillary products in the United States and Canada. In connection with the Agreement and Namaste’s strategic partner status, Lifted issued 3,065,000 common shares to Namaste, constituting, at the time of issuance, an undiluted 5% shareholding.
As further described in a press release dated July 27, 2020, Lifted had announced that Kootenay Zinc Corp. had formally commenced an offer, supported by the Board of Directors of Lifted, to acquire all of the issued and outstanding shares of Lifted thereby entitling Lifted shareholders to receive one common share of the resulting issuer, PeakBirch Logic Inc. (“PeakBirch”), for each Lifted common share tendered. The Offer was part of a larger reverse takeover and change of business transaction of Kootenay.
The Transaction, including the Offer, has now been completed and Namaste has received 3,065,000 common shares of PeakBirch in exchange for the Lifted Shares, constituting approximately an undiluted 3.3% shareholding of PeakBirch. The PeakBirch shares are subject to certain resale restrictions, including a 4 month hold period and a monthly limit on sales subject to certain exceptions.
The Agreement provides that Namaste and Lifted shall, for 24 months, collaborate wherever practicable in respect of matters of potential mutual benefit, including in respect of, the development of business in the United States, efficiencies relating to common ancillary businesses; and potential opportunities relating to the licensing of technology. The Agreement also provides a release in favour of Lifted and certain releasees from claims relating to the current or former assets or business of Lifted.
With headquarters in Toronto, Canada, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The Company’s ‘everything cannabis store’, CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.