GTEC Holdings Ltd. (“GTEC” or the “Company”) (GTEC.V) (GGTTF) is pleased to announce that it has signed a cannabis supply agreement (the “Supply Agreement”) with Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV:N.V) (M5BQ.F) (NXTTF) whereby Namaste’s wholly owned subsidiary, Cannmart Inc. (“Cannmart”) will purchase cannabis flower and oil from GTEC for resale on Cannmart’s on-line platform.
The Supply Agreement is consistent with GTEC’s strategy of diversifying its sales mix by pursuing supply agreements with a select group of partners. In addition to mitigating risk, this approach will support GTEC bringing additional production capacity on-line in 2018 and 2019. Furthermore, the Supply Agreement will facilitate the launch of products bearing trademarks from GTEC’s portfolio of premium quality craft cannabis brands.
The Supply Agreement supports Namaste’s strategy in aggregating high-quality cannabis products from leading Canadian LP’s. Furthermore, while many LP’s struggle to secure supply with the upcoming roll-out of recreational cannabis and with an anticipated short-term national supply shortage, Namaste has achieved a strong supply chain through supply agreements with multiple LP’s. Namaste’s e-commerce platform and technology will continue to drive innovation that will have a major impact on the way in which patients can access medical cannabis online.
Norton Singhavon, Chairman and CEO of GTEC comments: “GTEC is actively pursuing long-term supply agreements with Licensed Producers whose core competencies are complementary to our own. Accordingly, we are very excited about our partnership with CannMart and Namaste. We believe that GreenTec’s ability to cultivate and market high quality craft cannabis provides an excellent fit with CannMart’s packaging and distribution capabilities, and Namaste’s ability to develop a robust network of medical cannabis patients”.
Sean Dollinger , President, and CEO of Namaste comments: “We have been working on securing this Supply Agreement with GTEC for several months and are thrilled to see this come together nicely. GTEC operates multiple facilities and will be launching a new production facility in Kelowna shortly. We’re pleased to have secured another strong supplier for Cannmart. We’re expecting to receive our sales license very soon and are highly focused on expansion of our patient network and in curating a high-quality offering of cannabis products for our customers. Thanks to GTEC’s management team for supporting Namaste in its efforts to become Canada’s leading online cannabis retailer and we’re looking forward to a strong partnership together”
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.