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Namaste Enters the Edibles Market with 49% Acquisition of Choklat
Namaste Enters the Edibles Market with 49% Acquisition of Choklat Canada NewsWire ...
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[{"type":"text","content":"\n\n\n\nNamaste Enters the Edibles Market with 49% Acquisition of Choklat\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\nTORONTO, March 6, 2019\n\n\n\nTORONTO, March 6, 2019 /CNW/ - Namaste Technologies Inc. (\"Namaste\" or the \"Company\") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced that it has entered into a share purchase agreement (the \"Agreement\") to acquire 49% of the issued and outstanding shares of Calgary, AB based Choklat Inc. for $1.5 million in cash consideration. As part of the acquisition, Namaste will be appointing a member to the Board of Choklat. \n\n \n \n\n \nChoklat is a premium chocolate manufacturer with existing sales through its online eCommerce site and through a network of distributors across Canada. Choklat has recently entered into a supply relationship with Sobeys and already has product in 25 stores in Alberta with a goal to roll out in Western Canada and beyond in the coming months. \n\"Choklat is a great acquisition for us with a vast offering of existing products that can be easily infused with THC or CBD and sold as edibles,\" said Meni Morim, Interim CEO of Namaste Technologies Inc. \"Their small batch manufacturing model is a great fit within the new proposed regulations for edible cannabis products. This transaction provides the security of supply and manufacturing for our medicinal cannabis customers and provides capacity for the recreational market in the event proposed regulations are passed.\"\n\"This is a great combination where Namaste recognizes the value of e-commerce and direct to consumer sales, and has the vision to help us grow by white-labeling products for all LP's and distribution through CannMart,\" said Brad Churchill, Founder and CEO of Choklat Inc. \"Choklat will aim to make products for CannMart and expand its target market to include the overall cannabis space.\"\nChoklat has hired industry experts Cannabis Consulting Inc. (CCI) to assist with the procurement of a Health Canada Federal Processing License.\n\"Almost two years ago I used my own prescription to persona...