TORONTO, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, today provided a corporate update including on its wholly owned subsidiary, CannMart Labs Inc. (“Labs”).
Labs Update:
The Company is pleased to confirm that Labs has successfully completed a number of test batches and is working diligently to finalize processes for the imminent launch of commercial products. Test batches have produced exceptionally clear gold extracts resulting from the use of high-quality input biomass and utilizing Labs’ state of the art BHO extraction system that isolates pure cannabinoid compounds and terpenes. The initial Certificates of Analysis have shown exceptionally high terpene content. Terpene content is the value add of "Live" products, which gives these products their enhanced taste and aroma valued by consumers.
Launch of Limited Edition Roilty SKUs:
Furthermore, through its in-house brand Roilty, Labs will be launching a limited edition run of two SKUs: Roil Lemon Haze live resin product and Priest Punch live resin product.
A Roil Lemon Haze live resin product will be marketed as a glistening golden colour, soft and bursting with terpene goodness expected around 10%. This SKU leading the terpene charge is Terpinolene - a lesser known and often rare terpene responsible for the herbaceous and citrus aromas followed by Beta-Caryophyllene, which gives a spicy, tangy flavour. The SKU hearkens back to its roots, as a citrusy, skunky behemoth with input biomass, a cross between strains Super Silver Haze and Lemon Skunk.
Roilty’s Priest Punch live resin product will be marketed as a gooey gold, smooth textured product, oozing with rich, juicy terpenes expected around 10%. For this SKU, beta-ocimene has a strong influence, with floral overtones and aromas of grape and diesel. The input material is a trichome dream, perfect for BHO extraction - bred from heavy-hitting Church and Grape strains.
Both SKUs shall be available to purchase at CannMart.com by medical customers, and available in recreational channels through expected sales to provincial buyers, in each case by the end of October 2021. As Labs produces these and further SKUs, the Company looks forward to generating higher margins in its drive for profitability.
Share Issuance Related to CannMart Labs:
The Company intends to issue, an aggregate of 1,712,198 common shares (issued at a deemed price of $0.1574, which is equal to the seven-day volume weighted average), without a hold period, as payment of the third tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of the remaining 49% interest in Labs first announced on November 18, 2020. The issuance is considered to be a shares for debt transaction under the policies of the TSX Venture Exchange (the "TSX-V") and remains subject to TSX-V approval.
RSU Grant:
The Compensation Committee of the Company has reviewed and discussed certain changes to its non-employee director compensation given (i) the approval of Shareholders to the adoption of a deferred share unit plan (the “DSU Plan”) and restricted share unit award plan (the “RSU Plan”) at the Corporation’s last Annual General Meeting held on Tuesday, September 29, 2020 and (ii) receipt of recommendations of independent industry experts to best determine the overall remuneration package for non-employee directors, in order to stay competitive in the marketplace and to attract and retain top-tier directors. To that end the Compensation Committee considered long term incentive program benchmarks, including option and RSU grants, as established from peer companies with comparable market capitalization, operating not only within the cannabis sector, but in similar and adjacent sectors, and compared those those against historical grants and standards.
On the basis of Compensation Committee recommendations, the Board of Directors of the Company (the “Board”) has thereby approved appropriate changes to the non-employee director compensation plan, including rebalancing non-employee director compensation such that approximately 43% of non-employee director baseline compensation (before chair and committee fees) is provided in the form of awards, instead of cash subject to the DSU Plan and/or RSU Plan, re-affirming the Board’s commitment to the future success of the Company.
Connected thereto the Board has approved the grant of 1,612,500 vested restricted share units in aggregate to the Company’s four non-employee directors and the Company is thereby reserving 1,612,500 common shares for issuance in connection therewith, all in accordance with the rules of the TSX Venture Exchange and the Company’s RSU Plan.
Corporate Re-Positioning:
In furtherance of the Company’s evolution to wellness announced in February 2021, the Company looks forward to launching soon the re-positioning of its corporate identity as first disclosed in September 2020. Stay tuned!
About Namaste Technologies Inc.
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. The Company also distributes licensed and in-house branded cannabis and cannabis derived products in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales online in Saskatchewan. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
For more information please contact:
Namaste Technologies Inc.
Meni Morim, CEO
Edward Miller, VP Investor Relations
Ph: 647-362-0390
Email: ir@namastetechnologies.com
Source: Namaste Technologies Inc
FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, including the sale of Labs produced products in medical and recreational channels in financial Q4, 2021, are made as of the date of this press release and are based on assumptions management believed to be reasonable at the time such statements were made. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the Company’s ability to successfully operate everywhere in a virtual environment. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
