VANCOUVER, British Columbia, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“ Namaste ” or the “ Company ”) (CSE:N) (FRANKFURT: M5BQ ) (OTCMKTS:NXTTF) and Aurora Cannabis (“ Aurora ”) (TSX: ACB ) (OTCQX:ACBFF) (Frankfurt: 21P ) (WKN:A1C4WM) today announced that the companies have signed an exclusive hardware supply agreement for the Canadian market. Pursuant to the agreement, Aurora, through its website and mobile app, will offer a specially curated selection of industry-leading vaporizers, which will be sourced from Namaste.
Under the terms of the agreement, Namaste will establish a direct inventory feed to both Aurora’s online shop and its mobile app, providing Aurora customers with access to a range of medical grade vaporizers and other innovative products that are supplied through Namaste’s platform.
Namaste will be providing these products to Aurora customers via next day delivery across Canada, and same day delivery to customers in the Greater Toronto Area, which has a population of nearly 6.5 million people. Namaste will also provide Aurora with back-office support, including the handling of returns and warranty claims.
“This partnership is great for our clients and for Aurora, as it significantly broadens our product offering to customers, while requiring no capital outlay on our part,” said Terry Booth, CEO of Aurora. “The global cannabis markets are showing increasing momentum towards smoke-free options, and we are excited to meet this growing demand by offering a preferred selection of Namaste-sourced vaporizers that meet the Aurora Standard. Furthermore, offering a broader selection of high-quality ancillary products is an important element in our strategy to position Aurora for the adult consumer market, strengthening our brand in preparation for legalization in 2018.”
Sean Dollinger, President and CEO of Namaste, said “We believe that this agreement, the first of its kind for us, will dramatically increase our market reach in Canada and be accretive in nature. The Aurora Standard continues to set the benchmark for product quality and customer service, and Aurora has created one of the strongest brands in the global cannabis sector. We anticipate generating further traction for our best-in-class product offering, and we intend to leverage this model through securing similar agreements in other countries around the world.”
The global legal marijuana industry is rapidly becoming a multi-billion-dollar market, and Namaste aims to capture significant market share in the ancillary hardware segment of the sector. Through strategic partnerships with leading companies such as Aurora, Namaste, which year to date has already shipped in excess of 100,000 units, expects to expand its reach and increase its market share.
About Aurora
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ ACMPR ”). The company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as “Aurora Mountain”, is currently constructing a second 800,000 square foot production facility, known as “Aurora Sky”, at the Edmonton International Airport, and has acquired, and is undertaking completion of a third 40,000 square foot production facility in Pointe-Claire, Quebec, on Montreal’s West Island.
In addition, the company holds approximately 9.6% of the issued shares (12.9% on a fully-diluted basis) in leading extraction technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1%. Furthermore, Aurora is the cornerstone investor with a 19.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany. Aurora’s common shares trade on TSX under the symbol “ACB”.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
“Sean Dollinger” Chief Executive Officer Direct: +1 (786) 389 9771 Email: info@namastevapes.com
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. The CSE has neither reviewed nor approved the contents of this press release.
