SYDNEY--(BUSINESS WIRE)--Namaste Technologies Inc. wholly owned subsidiary, Cannmart Inc. has received its Access to Cannabis for Medical Purposes Regulations medical cannabis “sales-only” license. This is the first of its kind to be issued by Health Canada.
The Sales License represents the most significant milestone in the history of the Company and is the final component of its platform and goal of becoming Canada’s leading online platform for medical cannabis.
Cannmart will operate as an online marketplace for medical cannabis sourced from multiple ACMPR Licensed Producers which will offer patients a carefully curated offering of medical cannabis strains in one location. Cannmart has secured over 13 domestic and international supply agreements and will also focus on developing arrangements with micro-cultivators who will provide high-end craft strains, subject to the upcoming regulations of the Cannabis Act. Cannmart’s goal is to offer the largest and most diverse offering of medical cannabis products available in the Canadian market.
Cannmart will be allowed to buy pre-packaged, labelled and tested cannabis products which will eliminate the need for buying in bulk, testing and packaging which will significantly reduce overhead costs for Cannmart and increase gross profit margins. By allowing Cannmart to purchase pre-packaged medical cannabis products it can remain focused on its areas of expertise in e-commerce and technology, and further expand on the products and services that can be provided through Cannmart.
Namaste operates the largest global online marketplace for cannabis consumption devices, with over 1.5 million customers globally. The Company has acquired and developed industry leading technology including e-commerce AI platform, Findify.io and NamasteMD, which is Canada’s first medical cannabis consultation app, approved in the Apple and Google Play Store to digitize patient acquisition. The Company plans to leverage its e-commerce technology and expertise to provide a unique user experience for each customer.
With Namaste’s operations in over 20 countries and consumer databases established in strategic regions, the Company is well-positioned to expand on its cannabis platform in launching telemedicine and cannabis e-commerce platforms in global markets where the company maintains strong market share.
Sean Dollinger, CEO & Co-Founder of Namaste Technologies has an entrepreneurial footprint that has seen him running or building businesses around the globe since 1998. He has been innovating for years, challenging the business landscape with disruptive models across a range of different sectors.