The company expects to start selling smoking accessories and hemp-derived CBD to US customers on its website cannmart.com by the end of February
() () (FRA:M5BQ) announced that it has received approval from the TSX Venture Exchange to sell smoking accessories and hemp-derived CBD in the US.
The company noted that it expects the products to be available to US customers on its website www.cannmart.com by the end of February, in collaboration with DankStop and PeakBirch Logic, Inc, as Namaste looks forward to leveraging its VendorLink technology.
“The announcement of this expansion in the US underscores Namaste’s intention to increase its total addressable market and exploration into other verticals as regulation evolves and other adjacent complementary market opportunities present themselves,” Namaste Technologies CEO Meni Morim said in a statement.
READ: Namaste Technologies estimates a 100% surge in its 4Q revenue to $8 million
He added: “The expansion also fits squarely into our evolution into a wellness company, connecting consumers to their wellness needs of tomorrow.”
“The company is encouraged by the recent statements of US Senate Majority Leader Chuck Schumer and his colleagues on seeking an end to cannabis prohibition in the US as a legislative priority: We obviously welcome the news.”
Morim continued: “It’s no secret that we intend to use this expansion as a beachhead, applying our VendorLink platform with a view to new US wellness frontiers, including new nutraceutical products, by the end of fiscal 2021, and, if Senator Schumer and friends are successful and legislation permits, maybe one day, cannabis.”
Namaste Technologies is a cannabis-focused, e-commerce technology company with a goal of becoming the one-stop-shop for everything a cannabis user needs.
The Toronto-based company, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.
In addition to its product offerings of vaporizers, glassware, accessories, and CBD products, the company also owns subsidiary CannMart Inc, which is a key part of its operations that sells online medical and recreational cannabis.
Contact Sean at sean@proactiveinvestors.com