CannMart products will be available at government-run BC Cannabis Stores and licensed private retailers
() (OTCMKTS:NXTTF) subsidiary CannMart has received an order for pre-rolled cannabis from the British Columbia Liquor Distribution Branch (BCLDB).
The deal means CannMart products will be available at government-run BC Cannabis Stores and licensed private retailers, the company said in a statement Monday.
The BCLDB is the only organization allowed to purchase and import alcoholic beverages in British Columbia because of the province’s public-private partnership.
"This is a major milestone for Namaste as it is the first order that we have received from a government agency," Namaste CEO Meni Morim said in the statement.
READ: Namaste Technologies introduces Cultivated Beauty’s hemp-based skincare products through CannMart
“Our unique positioning with Cannmart — which enables us to offer a selection of products from multiple licensed producers, some of which may only have a cultivation license — allows provincial distributors the opportunity to purchase a diversified inventory all in one place,” Morim said.
Investors agreed, sending shares of Namaste 12% higher Monday to C$0.55 on the TSXV and more than 11% to US$0.41 on OTC Markets.
The Toronto-based company said it was in discussion with additional provincial agencies in order to expand its customer base.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...
In exchange for publishing services rendered by the Company on behalf of Namaste Technologies Inc named herein, including the promotion by the Company of Namaste Technologies Inc in any Content on the Site, the...
FOR OUR FULL DISCLAIMER CLICK HERE