Namaste's platform including NamasteMD and Cannmart apply only to the medical cannabis market under the ACMPR. Upon receipt of its sales license, Namaste will be authorized to sell medical (not recreational) cannabis to qualified patients in every province across Canada in accordance with Health Canada ACMPR regulations.
The Company would like to reiterate that its platform and services are fullly compliant with all applicable laws and regulations. In regard to claims relating to Namaste's relationship with Tilray, the Company hereby confirms that it has received notice today from Tilray that it has elected to terminate its supply agreement with Namaste upon 30 days prior notice as it was entitled to under the agreement. Namaste was not in breach of any of the terms of the agreement.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: "We were very disappointed to see this article published on Lapresse.ca which was not only misleading but completely inaccurate in relation to many of the claims related to the Company. Furthermore, it is with disappointment that Tilray chose to terminate the agreement, as Namaste was not in breach of any terms of the agreement. I would also like to make it clear that this does not in any way affect our business strategy, operations or anticipated revenues as we have already secured enough supply through other ACMPR licensed producers which will support our future demand. We'd like to reinforce to our shareholders that our management team works very hard to ensure that the Company is fully compliant in all aspects of our business."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.