The deal means CannMart products will be available at government-run BC Cannabis Stores and licensed private retailers, the company said in a statement Monday.
The BCLDB is the only organization allowed to purchase and import alcoholic beverages in British Columbia because of the province’s public-private partnership.
"This is a major milestone for Namaste as it is the first order that we have received from a government agency," Namaste CEO Meni Morim said in the statement.
READ: Namaste Technologies introduces Cultivated Beauty’s hemp-based skincare products through CannMart
“Our unique positioning with Cannmart — which enables us to offer a selection of products from multiple licensed producers, some of which may only have a cultivation license — allows provincial distributors the opportunity to purchase a diversified inventory all in one place,” Morim said.
Investors agreed, sending shares of Namaste 12% higher Monday to C$0.55 on the TSXV and more than 11% to US$0.41 on OTC Markets.
The Toronto-based company said it was in discussion with additional provincial agencies in order to expand its customer base.
—Updated to include stock movement—
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