Namaste Technologies Inc. (NXTTF) Sees Import Benefits from Cannbit Ltd as Israeli Parliament Approves Export of Medical Cannabis

Namaste expects to add Israeli Licensed Producer’s Cannabis to Cannmart.com

 Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV:N.V) (M5BQ.F) (NXTTF) is pleased to report a critical step in the export of medicinal cannabis from Israel and its significance to the Company and its Israeli partner, Cannbit Ltd., (“Cannbit”)(TASE:CPHO.M). The Israeli government has approved the export of medical cannabis, a significant milestone for the Company and its Israeli partner, Cannbit, as a late-stage applicant, GMP-certified producer of medical cannabis which is publicly listed on the Tel Aviv Stock Exchange. The Company owns 10% of Cannbit, has a collaboration and supply agreement to purchase medical cannabis, and a Collaboration Agreement whereby Cannbit consults with the Company in relation to Namaste’s Israeli operations. For Namaste, the Company intends on facilitating the import of medical cannabis from the Israeli market to Canada and other jurisdictions, subject to regulatory approvals as required, and adding Cannbit’s cannabis to Cannmart’s product line later this year.

“This is an important milestone for our Israeli partners, Cannbit, and our Cannmart customers,” said Sean Dollinger , Co-Founder, President and CEO of Namaste Technologies. “Our goal is to import medical cannabis from the Israeli market and offer it to Canadian patients. Furthermore, this approval opens the door for Namaste to potentially import product into other key markets.”

“The government approval for the export of medicinal cannabis should have a material impact on our business and help us with global expansion,” added Yaron Razon , President and CEO of Cannbit. “We will be producing flower and cannabis oil in-house and anticipate that the first exports will be seen towards the end of the year, and look forward to supplying Cannmart and its global partners with high-quality medical-grade cannabis.”

Cannbit recently announced that it will produce NIS 4.8 million worth of cannabis for Tikun Olam, one of Israel’s leading licensed producers of medical cannabis. Under the agreement, Cannbit will grow Tikun Olam’s two unique cannabis strains on the basis of the growing protocol developed by Tikun Olam. Growth will be up until the wet plant is harvested, while Tikun Olam will be responsible for drying and processing it.

About Cannbit Ltd.

Cannbit is focused on growing high-quality medical-grade cannabis with advanced technology and agriculture platform while utilizing the best human resources to produce the highest level of quality available that will effectively treat a wide range of illnesses. The Israeli government is expected to approve the export of medical cannabis and Cannbit intends to become Israel’s leading exporter for medical cannabis to legal jurisdictions around the globe. Cannbit’s facility is 4,000 square meters with an additional 10,000 square meters available for expansion and is located in Neot Hakikar, an area well known in the Israeli agricultural community with clear advantages in the cold seasons. Our cultivation is carried out in a sophisticated greenhouse that provides ideal conditions for a variety of cannabis strains. Cannbit’s management is comprised of a group of industry professionals in relevant disciplines.