Namaste Technologies Inc. (NXTTF) signed a wholesale supply agreement with Manitoba-based licensed producer, Bonify Inc. Namaste will buy bulk cannabis products through the wholly-owned subsidiary, Cannmart Inc.
Bonify is a leading provider of medical marijuana and it operates a large-scale cultivation facility. The company said it will expand capacity to over 350,000 square-foot to accommodate Namaste’s growth trajectory. The site in Winnipeg, Manitoba has over one million square feet of potential production capacity and could be capable of growing over 100,000kg. Namaste said it will work with Bonify to develop private-label strains of cannabis for the medical and recreational markets as well as in offering the full selection of Bonify products.
Namaste also noted that Cannmart completed its Health Canada Pre-Sales inspection on July 31st, 2018 and the receipt of its “sales-only” license. With Cannmart’s “sales-only” license imminent the company will have the ability to integrate cannabis sales within its platform.
The company has also registered over 14,000 users in its online patient portal and mobile app, NamasteMD representing a 130% increase in registered users in approximately 2 months. The company statement said that with the latest launch of the NamasetMD app, it has streamlined the on-boarding process, improved conversion rates and has opened the app’s scheduling to accommodate appointments within 15 minutes from sign-up.
Revenue Sharing With Cannvas MedTech
Namaste also signed a revenue sharing agreement with cannabis business tech company Cannvas MedTech Inc. with the two companies sharing revenue generated through co-branding and marketing efforts between NamasteMD and the Cannvas.me cannabis education platform. The Cannvas.me educational platform will offer users convenient access to book medical cannabis consultations through NamasteMD, providing added value for and a new revenue stream for Cannvas.me. Namaste hopes to give its patients more information through Cannvas.
“As we close in on the launch of Cannvas.me, we are very excited to team up with Namaste Technologies,” said Steve Loutskou, COO of Cannvas MedTech. “They have done an incredible job creating the world’s largest and most comprehensive cannabis-focused e-commerce platform and make an ideal partner for Cannvas MedTech. We share a similar outlook of aspiring to partner with leading companies making a difference educating consumers about the benefits of medical cannabis.”
Kory Zelickson, Co-Founder and VP of Business Development for Namaste said, “I am very impressed with the vision of Cannvas to become the unbiased source of education for medicinal and recreational cannabis users worldwide. With the legalization of cannabis in Canada only a few short months away, forming a long-term partnership with an educational platform furthers Namaste’s commitment to its patients around the safe and responsible use of cannabis.”