Namaste Technologies, Inc. (OTCQB: NXTTF) is engaged as a Canadian online medical cannabis retailer. Shares of medical cannabis company are jumping 46.70%, through early trading on Monday, November 27, 2017. Over the past month, Namaste Technologies, Inc. has seen average daily volume of 488,784 shares. However, volume of 3.26 million shares or dollar volume of $2.58 million, has already exchanged hands on the day.
Shares of Namaste Technologies, Inc. are climbing today, after the company announced it has signed a Hardware Supply Agreement with Aurora Cannabis, Inc.’s BC Northern Lights subsidiary. Under the terms of the agreement, Namaste Technologies, Inc. will be a third party seller of BCNLs premium home cultivation systems through its online platform. Here is the full press release detailing of the supply agreement:
Namaste Technologies, Inc. Press Release:
Vancouver, BC November 27, 2017 – Aurora Cannabis Inc. (the Company or Aurora) (TSX: ACB) (OTCQX: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) and Namaste Technologies, Inc. (Namaste) (CSE: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) are pleased to announce that Auroras wholly owned subsidiary BC Northern Lights (BCNL) and Namaste Technologies have signed a Hardware Supply Agreement (the Agreement) whereby Namaste will be the first third-party distributor to sell BCNLs premium home cultivation systems and accessories through its online technology platform.
Namaste will roll out same-day delivery service of select BCNL products to the Greater Toronto Area (GTA), as well as next day delivery in most other parts of Canada, to help meet the growth in demand for home gardening systems anticipated with the passing of the federal Cannabis Act (the Act) to legalize adult consumer use, as well as continued rapid growth of the medical cannabis market.
Legislation announced by the Ontario Government foresees a provincial monopoly on cannabis sales upon introduction of adult consumer use, with only a limited number of stores servicing Canadas most populous province. As the Act does allow for up to four cannabis plants per household, it is anticipated that home gardening will become an increasing segment of the market. This creates an opportunity that BCNL, with its gold standard products and strong brand recognition, is exceptionally well positioned to capitalize on.
The Agreement is expected to accelerate BCNL product sales and create a new revenue channel for Namaste by leveraging its existing traffic, distribution network, and e-commerce platform, and is aligned with Namastes intention to offer the most extensive range of high-quality ancillary products in the cannabis industry. The distributorship of BCNL products follows on an earlier agreement between the two companies, as announced on September 28, 2017, through which Aurora, through its website, is offering a specially curated selection of industry-leading, Namaste-sourced vaporizers to its registered patient base, utilizing Namastes technology platform and delivery infrastructure.
Aurora and our growing constellation of top-notch subsidiaries have become partners of choice in this sector, at home and around the world, and thats extremely gratifying, said Terry Booth, Auroras CEO. It speaks to the power of the Aurora Standard in terms of product quality and customer care, to the trust we inspire in our partners, and to our ability to execute fast and well. We love bringing great companies together, and were delighted that Namaste is now helping us bring BCNLs excellent, efficient and elegant cultivation products to an even broader audience of customers.
Sean Dollinger, President and CEO of Namaste said, We are very proud to have signed this Agreement with BCNL and to bring value to our relationship with Canadas most dynamic licensed producer. We greatly value our relationship with Aurora. Namaste sees large growth potential in home-based indoor cultivation industry and has high expectations for sales through this new channel. This Agreement further exemplifies Namastes role as the industrys leading e-commerce retailer in offering the most innovative products along with partners like Aurora. The ancillary market, in our experience, is ideal for e-commerce penetration and offers very substantial expansion opportunities, and we would like to thank both the Aurora and BCNL management teams for this amazing opportunity.
About BC Northern Lights
Founded in 2001 and with over 10,000 units sold, BCNL is a leader in developing, manufacturing and marketing self-contained indoor hydroponic grow systems. BCNL’s offerings include grow boxes and cultivation consumables such as lights, carbon filters, grow medium and specialized nutrients, as well as seven days per week support for its customers. The nature of BCNL’s systems enables year-long, consistently high yields of cannabis within a safe, efficient, and discrete environment. BCNL’s multi-award winning systems provide for discreet and odorless operations. Professionally engineered, BCNL’s products provide the highest level of safety, addressing one of the key concerns neighbours living in the vicinity of home growers may have, particularly in multi-dwelling settings. www.bcnorthernlights.com
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as “Aurora Mountain”, a second 40,000 square foot high-technology production facility known as Aurora Vie in Pointe-Claire, Quebec on Montreals West Island, and is currently constructing an 800,000 square foot production facility, known as “Aurora Sky”, at the Edmonton International Airport, as well as is completing a fourth facility in Lachute, Quebec through its wholly owned subsidiary Aurora Larssen Projects Ltd.
In addition, the Company holds approximately 9.6% of the issued shares (12.9% on a fully-diluted basis) in leading extraction technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1%. Furthermore, Aurora is the cornerstone investor with a 19.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany. The Company offers further differentiation through its acquisition of BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home and professional kitchens. Aurora’s common shares trade on the TSX under the symbol “ACB”.
About Namaste Technologies, Inc.
Namaste Technologies, Inc. is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (forward-looking statements). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions.