Breton will team up with Namaste to recruit patients within veteran groups across Canada
Shares in Namaste Technologies (TSX-V:N, OTCMKTS:NXTTF) ticked higher Wednesday after the Vancouver-based operator of the cannabis e-commerce platform reached a pair of partnership agreements with Breton CannaPharms Ltd.
Under the terms of the first Patient Services agreement, Breton will team up with NamasteMD, Namaste’s medical cannabis arm, to recruit patients within veteran groups across Canada.
The veterans market is considered robust for Canada's cannabis suppliers as Veteran Affairs Canada provides veterans with reimbursements on cannabis for medical purposes, for up to 3 grams of cannabis per day.
In stage two of its tie-up, Namaste has also entered into a supply agreement with Breton, which calls for the company to purchase bulk orders of cannabis products from Breton to sell via its online platform through its wholly owned-medical cannabis subsidiary CannMart. Namaste intends to build a section on CannMart to offer specialty products aimed specifically at veterans.
Read: Namaste Technologies inks deal with Kief Cannabis for artisan-crafted cannabis
Investors applauded the pair of deals, sending Namaste shares up 10.2% to US$2.81.
Breton focuses on using medical cannabis to treat veterans with chronic pain and post-traumatic stress disorder.
Namaste, meanwhile, runs a cannabis e-commerce platform with over thirty websites in more than twenty countries under various brands. Its products include vaporizers, glassware, cannabidiol and soon medical cannabis, pending approval by Health Canada.
Namaste gets over 600,000 monthly visits to their e-commerce sites with a database of about 1.5mln users.
Separately, the company said it saw a 300% month-on-month increase in traffic to its Canadian websites last month compared with the same period last year, with over 17,000 customers flocking to its online operations. It also generated US$1.65mln in revenue in August.
