Namaste Technologies Inc. (CSE:N) (OTCMKTS:NXTTF) recently announced that Cannmart Inc., a wholly owned subsidiary of the company, has signed a medical cannabis supply agreement with Marigold Projects Jamaica Ltd.
Namaste Technologies is one of the largest online retail stores in the world. The company plans to offer their customers a large variety of high quality cannabis from both domestic and international producers.
Namaste already has a market presence in Europe and Australia, the UK, Canada and Germany and has recently
opened supply channels into Brazil, Mexico and Chile.
Subject to approval by Health Canada and the Cannabis Licensing Authority, Marigold plans to import locally grown, high quality, medical grade cannabis to supply Cannmart. The cannabis produced in Jamaica by Marigold Projects Ltd. will be offered on Cannmart’s online marketplace.
Key Terms of the Supply Agreement:
- Cannmart will submit purchase orders to Marigold for medical cannabis.
- Cannmart will import medical cannabis from Marigold, subject to approval by Health Canada.
- Cannmart will be compliant with Marigold’s branding and pricing strategy.
- Cannmart will be responsible for shipping and importation costs of the product.
- Marigold will provide Cannmart with lab test reports for each purchase in advance and in accordance with Cannmart’s requirements under Canadian regulations.
- Packaging of products will bear the Marigold brand logo.