Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Monday that its subsidiary, CannMart Inc, has signed a licensing agreement to bring IGNITE International Brands Ltd products to its e-commerce site.
The deal allows CannMart to use certain IGNITE brand trademarks on legal cannabis-based products in exchange for certain royalty payments. The company will collaborate with IGNITE's quality control and product development teams to source dried flower and other products from craft Canadian cannabis producers.
"CannMart delivers a unique value-added proposition to brands," IGNITE President Curtis Heffernan said in a statement. "The agreement with CannMart will allow IGNITE to remain laser-focused on expanding brand awareness to maximize its reach to Canadian consumers."
READ: Namaste subsidiary CannMart adds premium cannabis brand; signs supply deal with Alberta Gaming, Liquor & Cannabis
Broadly speaking, CannMart will handle the sales and distribution of IGNITE Products in Canada, and IGNITE will tackle the marketing.
"CannMart continues to demonstrate its ability to attract leading brands like IGNITE, to deliver recognizable quality products to consumers," Namaste CEO Meni Morim said. "Namaste believes IGNITE is well known among our current customer base and CannMart intends to leverage IGNITE's brand recognition to drive sales throughout its network of government partners and retailers."
In addition to wholly-owning CannMart, Namaste holds minority stakes in companies including Choklat, an Alberta-based craft chocolate manufacture, and Pineapple Express Delivery Inc, a cannabis delivery service in Canada.
Namaste also announced on Monday that it loaned $125,000 to Pineapple Express Delivery, to help with cash flow needs.
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