Namaste stock is moving higher in the early session after Namaste Technologies’ (TSXV:N) (OTCQB:NXTTF) majority-owned subsidiary, CannMart Labs, announced an exclusive licensing agreement with Phyto Extractions.
Cannabis marketplace and e-commerce leader Namaste Technologies Inc made a major announcement today with regards to its subsidiary CannMart Labs Inc. Namaste owns the majority of CannMart. It was announced today that CannMart has entered into an exclusive agreement with award-winning cannabis brand Phyto Extractions. According to the terms of the agreement, CannMart will be able to use the Phyto brand name for a range of products.
The products include cannabis capsules, cannabis tincture bottles, vaporizing pen cartridges, and batteries, among others. Moreover, Phyto products, which are well-known in the industry, will also be made available on the CannMart marketplace.
The Chief Executive Officer of Namaste, Meni Morim, said, “Phyto Extractions is an established brand name in the Canadian cannabis marketplace and we welcome their innovative products to the CannMart everything cannabis store and distribution channel.”
At the time of writing, Namaste stock is trading higher by 2% at $0.26 USD.
Key Recent Developments
November was an eventful month for Namaste Technologies, as it signed important deals that would help the company in expanding its business significantly.
Late last month, the company announced that it is going to collaborate with TREC Brands Inc in order to bring the WINK range of products to Canada. Some of the products that will be made available on the online market place will be cannabis oils, vapes, dried flower, and pre-rolls.
At this point, the WINK products are only available in Saskatchewan, but the company is expected to expand into other territories soon. It is also expected that more products are going to be added in the future.
However, earlier on in November, there was an even more important announcement from the company.
CannMart announced that it had reached a supply agreement with the Canadian provinces of Ontario and Saskatchewan.
The two provinces will take the company’s products in order to make it a part of the cannabis value chain. Additionally, CannMart, the online store, also reached an agreement with Ontario Cannabis Store (OCS), the sole online retailer in the state. The company has also been registered with the Saskatchewan Liquor & Gaming Authority (SLGA) so that it can sell its products to wholesalers in the region.
Namaste stock has fallen about 67% so far this year.
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