The nutraceutical division is slated to start in fiscal year 2021 headed by COO Faraaz Jamal as Namaste seeks to become a pre-eminent wellness company
() () (FRA:M5BQ) has announced board approval for its expansion to broaden its total addressable market and to evolve into a pre-eminent wellness company to connect consumers to their wellness needs via additional pathways beyond cannabis.
“Our mission is to leverage technology to build the world’s first personalized wellness marketplace; a platform where consumers can learn about wellness products, interact with a variety of brands, and make easy, informed purchases,” the company said in a statement late Tuesday.
Launch of nutraceutical division
As part of the total addressable market expansion, Namaste said its board approved the launch of a nutraceutical division in fiscal year 2021 headed by Faraaz Jamal, the company's chief operating officer.
Jamal was previously responsible for the strategic reorientation of Bulletproof 360 Inc, a health and wellness trailblazer, where he was able to guide development and rapidly scale multiple channels and product categories to successful revenues.
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“There are a few common problems impacting the nutraceutical industry right now and they usually fall into at least one of the following categories: (1) products are poorly formulated and contain a lot of filler ingredients; (2) the ingredients are great but poorly absorbed by the body; or (3) the ingredients and the delivery mechanism are sound, but the cost makes them unreachable for most,” Jamal said.
"We look forward to launching a new differentiated offering that brings an exciting formulation, combined with an effective, affordable delivery system that substantially increases the bioavailability of our product.”
CEO Meni Morim added: “I find immense possibilities to combine our new nutraceuticals offering with our cannabis portfolio as the cannabis regulations mature. Having the potential opportunity to expand our nutraceutical business with microdoses of THC and CBD will open up new pathways and innovative products that haven't been seen before.”
Psychedelics
With the recent resurgence of psychedelics, Namaste also announced that its wholly-owned subsidiary CannMart Labs Inc plans to engage a regulatory consulting firm to advise on the company’s upcoming application to Health Canada for a Controlled Drugs and Substances Dealer’s Licence. Subject to Health Canada acceptance, a Dealer’s Licence could allow the company to engage in a number of activities relating to controlled substances, including the research and manufacturing of controlled substances such as psilocybin and psilocin, and the sale of controlled substances to researchers and companies undertaking clinical trials.
“This is not a case of jumping on a 'mushroom bandwagon',” Morim explained. “This is a case of the company planting its flag in the space based on a track record of being a trusted and effective connector of regulated products to patients and now consumers. As we look to broaden our horizons within the wellness space, retention and development of a Dealer’s Licence is a natural accretive step.”
Cannabis remains a cornerstone
Furthermore, Morim noted that cannabis will continue to be a strong and important part of Namaste’s portfolio.
“We will continue to connect cannabis products to consumers in Canada. In 2021, we look forward to expanding our distribution of premium cannabis products, via our marketplace platform, by leveraging our relations with cultivators and via our own licence pending BHO extraction facility to bring innovative products to market.”
Morim added: “We are now looking to expand our product offering, increase our total addressable market by adding more wellness products to the platform. These include nutraceuticals and potentially, psychedelics. The management team and every member of the Namaste family look forward to the continued execution of our strategy to become a global marketplace leader in all things cannabis and wellness.”
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