The cannabis and wellness products platform said the US expansion underscores its intention to increase its total addressable market
() (FRA:M5BQ) () said the CannMart.com website is now live in the US, offering American consumers hemp-derived cannabidiol (CBD) and smoking accessories.
The cannabis and wellness products platform said it is leveraging its VendorLink technology in collaboration initially with smoking supply retailer DankStop and e-commerce technology group PeakBirch Logic Inc, adding that it “looks forward to adding more partners to the platform”.
READ: Namaste Technologies subsidiary CannMart inks Canadian supply deal with HEXO
Namaste also said the US expansion underscores its intention to increase its total addressable market and explore into other verticals and geographies as regulation evolves and “other adjacent complementary market opportunities present themselves”.
“With ever stronger signals that the regulatory landscape in the USA is evolving, our entry into the jurisdiction through the sale of hemp-derived CBD and accessories will position us strategically to begin capturing new market share and build a first-mover advantage if and when cannabis becomes legalized federally. This development also further validates our investment in technology, as the expansion will be facilitated via our marketplace technology. We look forward to building on this positive momentum as we continue to execute our strategy to position Namaste as a leading global cannabis and wellness company,” said Meni Morim, CEO of Namaste.
“Our goal will be to aggressively expand our footprint into the USA as we scale up our marketplace platform,” said Chad Agate, CTO and VP of Marketplace at Namaste. “We are not growing or exporting products from Canada into the USA, we are simply carving out our role as the facilitators using CannMart.com and our VendorLink platform. American and other companies that wish to sell legal products in the USA can now use our innovative platform to conduct business similarly to Amazon. We look forward to adding more partners selling their innovative products throughout the USA,” the CEO added.
Contact the author at calum@proactiveinvestors.com
Follow him on Twitter @Cal_Proac