TORONTO, May 25, 2021 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (TSXV:N)(OTC:NXTTF)(FRANKFURT: M5BQ)(“Namaste” or the “Company”) a marketplace platform for cannabis and wellness products, is excited to announce that the Company’s subsidiary, CannMart Inc., holder of exclusive distribution rights to all Phyto Extractions™ products, is now distributing Phyto Extractions’ well-known shatter products nationally for its medical consumers at CannMart.com, and distribution to recreational consumers via anticipated future sales to provincial monopoly wholesalers. This new launch will provide patients through CannMart.com the opportunity to purchase Phyto Extractions’ latest shatter product line in three strain varieties: Pink Kush, Blue Gorilla OG and D. Bubba, offering Canadians the opportunity of a renewed experience in the limited shatter offerings currently available in Canada. CannMart medical patients are easily able to purchase Phyto Extractions products from the comfort of their home and have them delivered directly to their door once they have received their medical documents.
“We are pleased to offer cannabis consumers high-quality shatter products from Phyto,” said Meni Morim, CEO of Namaste. “Shatter is a specialized subcategory of concentrate products, which is currently underserved and has higher margins. The Phyto brand carries significant legacy cache when it comes to this subcategory, all combined, making this product expansion a compelling growth opportunity. While these products are available now for medical customers, we expect them to be available on the recreational market shortly. We have already received confirmations and approvals for SKUs in hand and purchase orders in process of finalization with certain provinces – all wanting this new product line available for their consumers.”
Phyto Extractions’ shatter is a well-known cannabis extract in its purest form, with over 70% THC, negligible CBD content, and a distinguishing effect that is said to outperform other extracts. Extracted with butane to preserve cannabis terpenes, both shatter’s fast-acting onset and naturally derived terpenes that maintain and enhance the natural flavour of the extracted plant are unique selling points that are highly regarded by medical and recreational consumers. These products are anticipated to be available shortly via CannMart’s wholesale distribution channels in Alberta, Saskatchewan, Manitoba, British Columbia, and Ontario to recreational customers, looking for a desirable experience with cannabis concentrates.
Producing pure extracts such as shatter must be conducted in a controlled laboratory environment with strict safety measures. Phyto Extractions has recently upgraded its facility with the new ExtractionTek Solutions MeP XT70 hydrocarbon extraction system to ensure all shatter products are pure, safe, and consistent with unmatched quality to maximize the consumer experience. For more information on how shatter is made, watch Phyto Extractions facility tour and shatter production process: https://youtu.be/bMz4V_WVoLI
About Phyto Extractions™
Phyto Extractions™ is an agricultural-scale cannabis extraction, distillation, and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction and products, no cultivation), Sales (extracts, topicals, and edibles), and R&D through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc.
About Namaste Technologies Inc.
Namaste Technologies Inc. (TSXV:N)(OTC:NXTTF)(FRANKFURT: M5BQ)(“Namaste” or the “Company”). Headquartered in Toronto, Canada, Namaste Technologies is a marketplace platform for cannabis and wellness products. At CannMart.com, the Company provides Canadian medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators and US customers with access to hemp-derived CBD and smoking accessories. The Company also distributes licensed and in-house branded cannabis and cannabis-derived products in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales 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:
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.
The forward-looking information contained herein, including, without limitation, statements related to distribution of products on cannmart.com and through CannMart provincial buyers are 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, without limitation, CannMart Inc.’s ability to finalize and fulfill purchase orders for shatter products, as well as other considerations that are believed to be appropriate in the circumstances. 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 its 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: regulatory risk, risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom and risks specifically related to the Company’s operations. Additional risk factors can also be 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.
SOURCE Namaste Technologies Inc.
