Business
Namaste Announces Binding Agreement to Acquire an Additional 34% Equity in Pineapple Express Delivery for 49% Total Ownership
Namaste Announces Binding Agreement to Acquire an Additional 34% Equity in Pineapple Expre...
About this update from Lifeist Wellness Inc
[{"type":"text","content":"\n\n\n\nNamaste Announces Binding Agreement to Acquire an Additional 34% Equity in Pineapple Express Delivery for 49% Total Ownership\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 17, 2018\n\n\n\nVANCOUVER, Dec. 17, 2018 /CNW/ - Namaste Technologies Inc. (\"Namaste\" or the \"Company\") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has entered into a share purchase agreement (the \"Agreement\") to acquire common shares in Pineapple Express Delivery Inc. (\"Pineapple Express\") and an affiliated entity, representing an additional 34% equity in exchange for such number of common shares of Namaste having an aggregate value of approximately $3.06 Million (the \"Transaction\"). Upon completion of the Transaction, Namaste will own 49% of the outstanding common shares of Pineapple Express. \n\n \n \n\n \nNamaste's Agreement with Pineapple Express supports the Company's strategy to invest in innovative companies which bring value to the Company and to the broader market. Namaste believes that same-day delivery for medical and recreational cannabis through Pineapple Express' platform will provide patients and consumers with added-value and the Company looks forward to the expansion of the platform across Canada. \nAs reported in the Company's June 13, 2018 news release, Namaste entered into a subscription agreement to acquire 15% of the issued and outstanding shares of Pineapple Express (the \"Subscription Agreement\"). \nUnder the terms of the Subscription Agreement, Namaste has the right to acquire an additional 10% of the common shares of Pineapple Express for a period of 14 months (the \"Option\").\nPineapple Express offers a same-day delivery service platform for medical and recreational cannabis to licensed producers across Canada.\nHighlights of the Transaction:\nNamaste will issue shares in accordance with the Agreement, based on the closing price on the TSX Venture Exchange on Friday December 14th, 2018. Pineapple Express management team retain financial and operational control of the business. N...