Namaste Technologies Announces Termination of Agreement with Ignite
Namaste Technologies Inc. (OTCMKTS: NXTTF) announced the mutual termination of its agreement with Ignite International Brands, Ltd., ending CannMart's distribution of Ignite cannabis products in Canada. Effective December 29, 2020, CannMart will sell remaining Ignite inventory via provincial control boards and its medical channel. CEO Meni Morim emphasized the importance of brand recognition in the evolving cannabis industry and expressed optimism for future product innovations. Ignite will continue to be available through licensed retailers and CannMart's VendorLink platform.
- CannMart will sell remaining Ignite inventory until December 29, 2020, maintaining revenue stream.
- CEO emphasizes future innovative product portfolio, indicating potential for growth.
- Termination of distribution agreement may lead to reduced market presence for Ignite products through CannMart.
- Loss of partnership might negatively affect brand synergy and consumer access.
TORONTO, Oct. 2, 2020 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading online platform for cannabis products, accessories, and responsible education, today announces the mutual termination of an agreement between CannMart Inc., a wholly owned subsidiary of the Company, and IGNITE International Brands, Ltd. ("Ignite") to utilize certain Ignite trademarks on cannabis based products. CannMart will continue selling remaining Ignite inventory through provincial control boards and through its medical channel at Cannmart.com through to December 29, 2020 and will no longer act as distributor for Ignite in Canada. Ignite products, to the extent made available by licensed retailers in Saskatchewan, will also continue to be available on Cannmart.com via it's VendorLink platform.
"Our customers and partners are critical to the long-term success of our company, and we are on a mission to connect consumers with the solutions that fit into their lives," said Meni Morim, CEO of the Company. "It is also our belief that brand recognition will be a major driver of growth as the legal industry matures and transitions to consumer packaged goods (CPG). The cannabis landscape is continuously changing, and I'm excited about our future, innovative product portfolio that will continue to delight our consumers. We wish Ignite all the best in its future endeavours."
About Ignite
IGNITE is a global consumer brand, operating in the premium product segment of the market. Founded by Dan Bilzerian, the Company's 'quality-first' approach is fundamental to the brand and its products. Originally operating in the cannabis and hemp-derived cannabidiol (CBD) wellness space, IGNITE was able to establish its brand awareness. IGNITE product categories now include a full line of CBD oil tinctures, CBD topicals, CBD pet products and CBD vape devices, produced by various partners and sold through select distributors, brick and mortar retailers, and online through the Company's website, ignite.co. The IGNITE THC product line, which was launched subsequent to the CBD product line, incorporates quality, locally sourced, cannabis products.
Since the launching of its THC and CBD products, the Company has expanded into the beverage space, launching a full line of functional performance enhancing drinks. The IGNITE beverage line currently consists of PH-alkaline balanced water, a line of premium performance drinks, named Z-RO as well as a gluten-free, seven-time distilled vodka. IGNITE beverages will be distributed nationally within the United States and available to purchase on the IGNITE beverages website, IgniteBeverages.co.
IGNITE is a socially responsible company and is committed to using its marketing and brand power as a positive catalyst for a healthy lifestyle. The IGNITE management team believes that socially responsible oriented actions have a positive impact on the Company, its employees and its shareholders.
Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol "BILZ" and quoted in the United States on the OTCQX under the symbol "BILZF".
Further information on IGNITE can be found on the Company's website at ignite.co
About Namaste Technologies Inc.
Headquartered in Toronto, ON, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The Company's 'everything cannabis store', CannMart.com, provides medical customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. The Company also distributes licensed and in-house branded cannabis and cannabis derived products to recreational consumers in Canada through a number of provincial government control boards and retailing bodies and 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
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, and are not limited to, statements regarding Namaste's expectations regarding its ability to connect consumers to cannabis related solution and its product portfolio delighting consumers. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including the Company's expectations herein. 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 their 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 those risk factors 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.
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SOURCE Namaste Technologies Inc.
FAQ
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