Mr. Sean Dollinger reportrs
NAMASTE SIGNS EXCLUSIVE DROP-SHIPPING AGREEMENT WITH AMPLE ORGANICS ENABLING AMPLEA S LICENSED PRODUCER CUSTOMERS TO SELL VAPORIZERS AND ACCESSORIES
Namaste Technologies Inc. has signed an exclusive drop-shipping supply agreement with Ample Organics Inc. Ample Organics is Canada's leading seed-to-sale software platform, currently used by the majority of Canada's licensed producers of medical cannabis. Under the terms of the agreement, Namaste will connect its cannabis hardware and accessory platform via API integration with Ample Organics' system. This will allow each of Ample Organics' LP customers to have instant access to a large variety of devices and accessories available for purchase during checkout. The agreement will provide added value for Ample Organics' customers by offering its patients industry-leading products. Namaste is proud to have this unique opportunity in partnering with Canada's most innovative seed-to-sale software company and this agreement clearly demonstrates Namaste's continued focus on achieving technological development for the cannabis industry.
Key terms of the agreement
Namaste will supply Ample Organics customers with access to the company's full range of vaporizers and accessories through an API integration, as the exclusive drop-shipping supplier to Ample Organics.
Namaste will have first right of refusal to supply new products as requested by Ample Organics, or its customers, for drop-shipping through the API integration.
In the event that Namaste decides not to carry a new product or cannot source such product within 30 days, Ample Organics will be granted the right to offer the new product using drop-shipping through a third party supplier.
Each order will be submitted electronically via API integration that will also provide live access to tracking information, inventory and shipping data.
Namaste will be responsible at its cost for all product support, returns and warranty claims.
Unless Namaste advises otherwise, solely due to pricing restrictions from the product manufacturers, Ample Organics and its customers shall agree to set the prices for the products at a minimum advertised price (MAP), to be specified by Namaste for each product.
Namaste's partnership with Ample Organics represents a unique opportunity to provide virtually hundreds of thousands of medical cannabis patients with access to a variety of high-quality vaporizers, which research has shown is a far superior and healthier way to consume medical cannabis. This agreement further demonstrates Namaste's commitment to the medical cannabis patients of Canada, and in ensuring that they have easy and affordable access to the best cannabis hardware products on the market.
The agreement represents an important step for Namaste and is accretive in nature, as it will provide immediate, low overhead revenue for both Namaste and Ample Organics. The company will now focus its efforts on completing the integration with Ample Organics as soon as possible and will continue to explore further opportunities that have the potential to bring value to Namaste, its partners, and the entire cannabis market.
John X. Prentice, president and chief executive officer of Ample Organics, comments: "This partnership represents a substantial value add for Ample Organics' clients and their patient customers. It will simplify inventory management and fulfilment for LPs, while ensuring that medical cannabis patients across the country have access to a substantial catalogue of vaporizers and cannabis accessories at great prices. We are excited to continue the development of our relationship with Namaste and look forward to advancing the industry in new and innovative ways together."
Sean Dollinger, president and chief executive officer of Namaste, comments: "We are very proud to be partnered with Ample Organics on this project. It's been very rewarding to collaborate with the management team, on what we believe is an important initiative for all those involved, most importantly of which are the medical cannabis patients of Canada. We are incredibly excited to be associated with Ample Organics and to have the opportunity to provide healthier, more affordable options for medical patients to consume cannabis. Our commitment to developing a platform with easily accessible products and services for the cannabis industry is what inspired the opportunity to work with Ample Organics. We're looking forward to completing the integration and to further enhancing the patient experience."
About Namaste Technologies Inc.
Namaste is the largest on-line retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and with distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the United Kingdom, Canada and Germany, and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis sales licence (under the ACMPR program), is pursuing a new revenue vertical in on-line retail of medical cannabis in the Canadian market.
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