Namaste Announces Joint Venture Agreement With Leading Israeli Vaporizer Retailer
VANCOUVER, British Columbia, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRANKFURT:M5BQ) (OCTMKTS:NXTTF) is pleased to announce signing of a Joint Venture Agreement (the “Agreement”) with one of Israel’s premier online vaporizer retailers, Vaporiza.co.il (“Vaporiza”). The Agreement will bring Vaporiza.co.il and NamasteVapesIsrael.com together under Namaste management to increase revenue and gain greater exposure in the Israeli market. Through the Agreement, Namaste benefits from new customer acquisitions and plans to explore new opportunities for export of medical cannabis products from Israel to Namaste’s wholly owned subsidiary Cannmart Inc. (“CannMart”).
This Agreement represents a strategic decision for Namaste to expand its consumer base in Israel while growing the Company’s database of users. Vaporiza is one of Israel’s leading vaporizer e-commerce sites with a strong management team focused on marketing and business development. Vaporiza will provide value to Namaste through expansion of local channels and will provide services as per the Agreement. General terms of the Agreement are as follows:
- Namaste will take ownership and management of the Vaporiza.co.il domain
- Namaste will provide inventory for Vaporiza.co.il and NamasteVapesIsrael.com
- Namaste will collect revenue from both sites and net profits to be disbursed equally
- Namaste will provide an integration for Vaporiza.co.il to access Namaste’s inventory management system that will provide Vaporiza with access to a larger offering of products
- Vaporiza will provide order fulfilment, marketing and warranty processing locally
- Vaporiza will provide all sales and customer service support locally for both sites
The Israeli market is at the forefront of innovation in the cannabis industry. Namaste expects to see rapid growth in the market and this Agreement being accretive in nature, will bring value to Namaste with new revenue and customer acquisitions, along with a broader exposure to the Israeli market. Namaste will continue to explore opportunities in the Israeli market including supply agreements for medical cannabis, in relation to its wholly owned subsidiary CannMart, and in implementing NamasteMD.com in the Israeli market to focus on acquiring medical patients in Israel.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to be partnering with Vaporiza as it has an established business with a strong reputation locally. We feel that we can bring value to Vaporiza through inventory and logistics support while at the same time gaining in Israeli market share. Israel is a high priority for us. We see a lot of potential in growth through retail sales channels in working with Vaporiza. Its management team is dedicated to our joint growth in revenues and exposure in the Israeli market. We also plan on pursuing further partnerships with Israeli medical cannabis producers that could provide supply for CannMart in Canada.”