Seeking to expand the company’s portfolio of marijuana products acquired from a variety of Canadian licensed producers, Namaste Technologies (TSXV: N) (OTCMKTS: NXTTF) just signed a new supply agreement through a subsidiary.
Cannmart Inc., a subsidiary of Namaste Technologies, officially inked the deal with Rocky Mountain Marijuana Inc., a subsidiary of the Calgary-based RMMI Corp (CSE: RMMI).
The terms of the deal will see Cannmart buying medical marijuana from Rocky Mountain to provide to patients via online sales.
According to a press release from Namaste Technologies, Cannmart will retain a 20% right of first refusal on Rocky Mountain’s overall production.
The move is intended as a means of improving the company’s supply chain, which has been a constant issue across the cannabis industry in the wake of Canadian legalization. Medical and recreational outlets alike have been plagued by low supply meeting unexpectedly high demand since the Oct.17 legalization date.
This new supply deal comes on the heels of a patient acquisition agreement to acquire a database of 50,000+ users from Buds2go.ca, which will be used for Namaste subsidiary NamasteMD Inc’s patient consultation website.
Namaste Technologies CEO Sean Dollinger commented on the Rocky Mountain supply deal:
“We’re pleased to announce this Agreement with RMMI and have a lot of confidence in their management team. Having now received Cannmart’s sales license and with the closing of our bought-deal financing, we believe that we are in a strong position to execute our strategy of creating Canada’s leading cannabis e-commerce platform.”
Dollinger went on to add, “By leveraging our technology platforms, expertise in e-commerce and incredible customer service, our focus is on providing a unique and personalized user experience.”
Namaste made headlines earlier in the year by offering to invite shareholders to a special behind-closed-doors party if they pledged not to sell shares for 90 days.
The reportedly racy and raucous nature of that party held on Sept. 12 in Montreal led to cannabis company Tilray officially cutting ties with Namaste last month.