Cannmart Signs Supply Agreement with Maple Leaf Green World Inc.

Published: October 31, 2018

Cannmart Signs Supply Agreement with Maple Leaf Green World Inc.

Namaste Technologies Inc. announce that the Company’s wholly-owned subsidiary, Cannmart Inc., has signed a medical cannabis supply agreement with Maple Leaf Green World, whereby Cannmart will purchase medical cannabis from Maple Leaf to offer in its online platform. Subject to the terms of the Agreement, Cannmart will have the right of first refusal on 100% of the total production of cannabis from Maple Leaf’s facility.

Pursuant to the Agreement, Maple Leaf grants Cannmart the exclusive option (but not the obligation) to purchase all of its products, upon the Maple Leaf’s receipt of a license to produce and sell cannabis pursuant to applicable legislation and regulations. For the avoidance of doubt, the Maple Leaf shall first offer products to Cannmart and should Cannmart decide not to purchase the offered products from the Maple Leaf, Maple Leaf shall have full liberty to sell products to third parties.

The Agreement with Maple Leaf, including the ROFR on production further solidifies Cannmart’s future supply chain of unique cannabis products to be sold through its online platform. Cannmart holds the first “sales-only” license to be issued to a non-cultivator. Cannmart’s goal is to offer a unique selection of high-quality cannabis products sourced from Licensed Producers across Canada.

While the Company is focused on growing cannabis sales in the Canadian market, Namaste maintains a large market share with over 500,000 customers in the UK through its vaporizers and accessories business. As the UK will be legalizing medical cannabis in due course, the Company will also focus on utilizing its domestic supply agreements in the Canadian market to facilitate importation to the UK for distribution under upcoming regulated channels.

With virtually hundreds of new cultivators in various stages of the application process, Cannmart will provide a platform whereby all licensed producers can offer their products in a competitive marketplace. As the industry evolves, Namaste’s management team is confident in its ability to set itself apart as a true innovator in cannabis e-commerce.