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Namaste Announces Strategic Investment in Kief Cannabis and 35% ROFR on Supply
Namaste Announces Strategic Investment in Kief Cannabis and 35% ROFR on Supply Can...
About this update from Lifeist Wellness Inc
[{"type":"text","content":"\n\n\n\nNamaste Announces Strategic Investment in Kief Cannabis and 35% ROFR on Supply\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, Nov. 26, 2018\n\n\n\nVANCOUVER, Nov. 26, 2018 /CNW/ - Namaste Technologies Inc. (\"Namaste\" or the \"Company\") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has signed a Subscription Agreement (the \"Agreement\"), whereby the Company has completed an investment of $250,000 to acquire 46,729 Class B common shares of Kief Cannabis Company Ltd. (\"Kief Cannabis\") at a cost of $5.35 per share. Namaste's investment represents approximately 3% of the issued and outstanding shares of Kief Cannabis, based on an $8.1 million valuation. \n\n \n \n\n \nFurther to the Company's August 29, 2018 news release where Namaste's wholly-owned subsidiary, Cannmart Inc. (\"Cannmart') signed a medical cannabis Supply Agreement (the \"Supply Agreement\") to purchase premium medical cannabis products from Kief Cannabis for sale on its online platform, Cannmart will now also have the right of first refusal (\"ROFR\") on 35% of the total production of cannabis from Kief Cannabis. \nThis investment and additional security of supply bolsters Namaste's objective to become Canada's premier online medical cannabis retailer. In September, the Company received its Access to Cannabis for Medical Purposes Regulations (\"ACMPR\") Sale for Medical Purposes licence, the first of its kind to be issued by Health Canada, allowing Canadian customers the ability to purchase medical cannabis from wide assortment of licensed producers through Namaste's platform, giving consumers the power of choice rather than having to register with just one LP. \nSupply agreements and Investments like this in high-quality craft producers such as Kief Cannabis address the issues around selection and product shortage across Canada. Namaste is committed to supporting the craft grower through strategic investments and services like its Craft Program to ensure the widest possible assortment and ongoing supply of new products for its...