Trademark Dispute Settlement
Namaste today announced that it has reached a settlement in connection with a trademark dispute involving the use of the trademarks and corresponding registrations of trademarks for “Namaste”, “NamasteVapes”, “Namaste Technologies”, “NamasteMD” and “NamasteCafe” (collectively, the “Trademarks”). Under the terms of the settlement, Namaste will receive a settlement payment in three tranches over the next 12 months from one of the defendants for an aggregate amount of $250,000 (the “Settlement Fee”). In addition, Namaste has agreed to assign the Trademarks to the same defendant, in exchange for a limited licence for the continued use by Namaste of the Trademarks over the next 12 months in Canada, and the transfer of the domain namastevapes.ca following payment of the final tranche of the Settlement Fee.
The litigation initiated by Namaste in connection with the trademark dispute is expected to be dismissed with the consent of all parties in the coming days. Meni Morim, CEO of the Company, commented, “We are pleased to put this matter behind us and continue writing our own history with a clean slate. Our focus continues to be on the development of our own in-house brands in the various lines of business we operate in such as CannMart and VendorLink. We are also very excited about the re-imagining of our corporate identity, creating a holistic brand positioning across all our assets. We look forward to sharing this with our shareholders, customers and partners in due course.”