VANCOUVER, Sept. 14, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) would like to provide an official response for shareholders in regard to a misleading article which was published on Lapresse.ca. The Company would like to take this opportunity to advise its shareholders that the article contains several false and misleading statements. The author of the article incorrectly claims that Namaste is in violation of the laws of the Province of Quebec, referencing the sale of unauthorized recreational cannabis.
Namaste's platform including NamasteMD and Cannmart apply only to the medical cannabis market under the ACMPR. Upon receipt of its sales license, Namaste will be authorized to sell medical (not recreational) cannabis to qualified patients in every province across Canada in accordance with Health Canada ACMPR regulations.
The Company would like to reiterate that its platform and services are fullly compliant with all applicable laws and regulations. In regard to claims relating to Namaste's relationship with Tilray, the Company hereby confirms that it has received notice today from Tilray that it has elected to terminate its supply agreement with Namaste upon 30 days prior notice as it was entitled to under the agreement. Namaste was not in breach of any of the terms of the agreement.
Sean Dollinger, President and CEO of Namaste comments: "We were very disappointed to see this article published on Lapresse.ca which was not only misleading but completely inaccurate in relation to many of the claims related to the Company. Furthermore, it is with disappointment that Tilray chose to terminate the agreement, as Namaste was not in breach of any terms of the agreement. I would also like to make it clear that this does not in any way affect our business strategy, operations or anticipated revenues as we have already secured enough supply through other ACMPR licensed producers which will support our future demand. We'd like to reinforce to our shareholders that our management team works very hard to ensure that the Company is fully compliant in all aspects of our business."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 604-355-6100
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Namaste Technologies Inc.