Dec 2, 2019 Ankit Singhania

Namaste Stock Jumps After Licensing Agreement With Phyto Extractions

Namaste stock

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.

Another Milestone

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.

>> Aleafia Stock Gains After Getting a New Order Worth $7 Million

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.

>> Read More Namaste News

Featured image: Canva

Please See Disclaimer

STOCKS YOU MAY LIKE


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on my research and understanding of the sector.

2) The Article was issued on behalf of a third party, Namaste Technologies Inc. Market Jar Media Inc. has or expects to receive one hundred and twenty-eight thousand, six hundred Canadian dollars from Namaste Technologies Inc.’s agency of record Native Ads Inc. for 17 days (13 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.’s terms of use and full legal disclaimer as set forth here.. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PotStockNews.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PotStockNews.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.