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Namaste Technologies Inc
Symbol N
Shares Issued 275,241,850
Close 2018-09-14 C$ 2.84
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Namaste rails against "misleading" La Presse article

2018-09-14 18:10 ET - News Release

Mr. Sean Dollinger reports


Namaste Technologies Inc. has provided an official response for shareholders in regard to a misleading article which was published on La Presse. The company would like to take this opportunity to advise its shareholders that the article contains several false and misleading statements. The author of the article incorrectly claims that Namaste is in violation of the laws of the Province of Quebec, referencing the sale of unauthorized recreational cannabis.

Namaste's platform, including NamasteMD and Cannmart, applies only to the medical cannabis market under the ACMPR (Access to Cannabis for Medical Purposes Regulations). Upon receipt of its sales licence, Namaste will be authorized to sell medical (not recreational) cannabis to qualified patients in every province across Canada in accordance with Health Canada ACMPR regulations.

The company would like to reiterate that its platform and services are fully compliant with all applicable laws and regulations. In regard to claims relating to Namaste's relationship with Tilray, the company hereby confirms that it has received notice today from Tilray that it has elected to terminate its supply agreement with Namaste upon 30 days prior notice as it was entitled to under the agreement. Namaste was not in breach of any of the terms of the agreement.

Management commentary

Sean Dollinger, president and chief executive officer of Namaste, commented: "We were very disappointed to see this article published on La Presse, which was not only misleading but completely inaccurate in relation to many of the claims related to the company. Furthermore, it is with disappointment that Tilray chose to terminate the agreement, as Namaste was not in breach of any terms of the agreement. I would also like to make it clear that this does not in any way affect our business strategy, operations or anticipated revenues as we have already secured enough supply through other ACMPR-licensed producers, which will support our future demand. We'd like to reinforce to our shareholders that our management team works very hard to ensure that the company is fully compliant in all aspects of our business."

About Namaste Technologies Inc.

Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20-plus countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories and CBD (cannabidiol) products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.

Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies, which will provide value to the company and to its shareholders, as well as to the broader cannabis market.

We seek Safe Harbor.

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