viewNamaste Technologies Inc

Namaste and CannMart team up with Adastra Labs to serve patient needs during coronavirus pandemic

CannMart plays a key role in Canada’s cannabis supply chain and is committed to staying open to serve its online patients and B2B customers

Namaste Technologies Inc - Namaste subsidiary CannMart working at full tilt, inks deal with Adastra Labs despite coronavirus pandemic
Under the terms of the deal, Adastra will supply standard processing services to CannMart Labs for cannabis extract and concentrate products over a period of 12 months

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Wednesday that along with its subsidiary CannMart Inc it has teamed up with Adastra Labs Holdings Ltd (CSE:XTRX) to serve the needs of medical marijuana patients during the coronavirus (COVID-19) pandemic.    

In a company update, Namaste revealed its subsidiary, CannMart Labs has signed an agreement with Adastra Labs to bring cannabis extract and concentrate products to its e-commerce site.

Adastra Labs is a provider of same-site Health Canada licensed cannabis extraction and analytical testing services. The deal will supply cannabis extract and concentrates for “Namaste's family of products” available through CannMart.com and Namaste's network of government cannabis stores, said the Toronto-based cannabis e-commerce group

READ: Namaste inks deal to bring IGNITE cannabis products to subsidiary CannMart's online marketplace

Under the terms of the deal, Adastra will supply standard processing services to CannMart Labs for cannabis extract and concentrate products over a period of 12 months expected to begin on May 1.

On March 23, the Ontario government deemed certain sectors of the economy including liquor and cannabis retail and wholesale operations as essential services and permitted them to operate during the pandemic.

Namaste said wholly-owned subsidiary CannMart plays “an important role” within the Canadian cannabis supply chain and is committed to remaining open to “serve its online patients and Business-to-Business (B2B) customers” including provincial government stores.

To date, there have been no known cases of COVID-19 at any of Namaste offices or facilities and there have been “no operational disruptions,” the company noted.

"The health and safety of our people, patients and customers, business partners, investors and their communities are our top priority. We will continue to monitor the progress of COVID-19 developments and will act accordingly for the health and safety of all stakeholders," said Namaste Technologies CEO Meni Morim.

According to reports, cannabis stores in Ontario and Alberta have reported unprecedented demand due in part to the coronavirus outbreak.

“Namaste is committed to managing the recent surge in demand by keeping the supply lines open to its patients and customers while continuing to focus on employee and customer health,” noted the company, while adding that it had been successful in adding additional cannabis brands and products to CannMart's product line.

Meanwhile, Namaste said it currently expects to file its annual report by April 30.

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.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Quick facts: Namaste Technologies Inc

Price: 0.43 CAD

Market: TSX-V
Market Cap: $139.3 m

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