Namaste Technologies Inc., a marketplace platform for cannabis and wellness products, is pleased to provide the following corporate updates:
Application Submitted to Health Canada for Dealer’s Licence
Namaste is pleased to advise that it’s wholly owned subsidiary CannMart Labs Inc. (“Labs”) has submitted its application for a Health Canada Controlled Drugs and Substances Dealer’s Licence (the “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). Projected timeline for receipt of approvals is by the beginning of fiscal third quarter of 2022. Subject to Health Canada acceptance, the Dealer’s Licence will allow Labs to sell these controlled substances to individuals (or their compounding pharmacies), 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.”
Share Issuance Related to CannMart Labs
The Company intends to issue an aggregate of 1,274,834 common shares (issued at a deemed price of $0.2114, which is equal to the seven-day volume weighted average), without a hold period, as payment of the second tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of Labs. The issuance is considered to be a shares for debt transaction under the policies of the TSX Venture Exchange and remains subject to TSX-V approval.
About Namaste Technologies Inc.
Headquartered in Toronto, Canada, 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. Information on the Company and its many products can be accessed through the links below: NamasteTechnologies.com
