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Namaste Technologies gets first-of-its-kind medical cannabis license from Health Canada

The company said its Cannmart subsidiary received the Access to Cannabis for Medical Purposes Regulations license for 'sales only'

Marijuana leaves
Cannmart will operate as an online marketplace for medical cannabis

Namaste Technologies Inc (CVE:N, OTCMKTS:NXTTF) announced Friday that its wholly-owned subsidiary, Cannmart Inc, has received its Access to Cannabis for Medical Purposes Regulations medical cannabis “sales-only” license, which is the first of its kind to be issued by Health Canada.

The Vancouver-based company said the license represents the "most significant milestone in the history of the company" and is the "final component" of its strategy for Cannmart to become Canada’s leading online platform for medical cannabis.

"At 4:30 today when we made this announcement, it has become real. This is something our team has believed in and has worked so hard towards. We've been telling this message and we have such unbelievable investors and shareholders who believed in us for all this time," said Sean Dollinger, president and CEO of Namaste in an exclusive interview with Proactive Investors

"Receiving our 'sales only' license not only validates the vision which we set forth to achieve over two years ago, but it sets the stage for Namaste to become the first fully-integrated platform of its kind," said Dollinger in a statement.

READ: Namaste Technologies CEO Sean Dollinger fires back after Andrew Left calls the stock a 'joke'

Cannmart will operate as an online marketplace for medical cannabis sourced from multiple licensed producers, which will offer patients a curated selection of medical cannabis strains in one location. Cannmart has secured more than 13 domestic and international supply agreements and will also focus on developing arrangements with micro-cultivators who will provide high-end craft strains, subject to the upcoming regulations of the Cannabis Act.

Cannmart’s goal is to offer the largest and most diverse selection of medical cannabis products available in the Canadian market.

Namaste operates the largest global online marketplace for cannabis consumption devices, with more than 1.5 million customers globally.

Operating in more than 20 countries, Namaste Technologies is well-positioned to expand its cannabis platform, launching telemedicine and cannabis e-commerce platforms in global markets.

Every Wednesday at 4:20 ET, Namaste connects with its investor and shareholder audience via YouTube, hosing a Namaste 420 Live YouTube show. 

Shares of Namaste were up 3.3% at C$3.41 on Friday. 

-- Updated to include additional information and quotes -- 

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TSX-V:N
Market: TSX-V
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