Mr. Meni Morim of Namaste reports
NAMASTE TECHNOLOGIES IN COLLABORATION WITH HIGH TIDE ANNOUNCES ENTRANCE INTO THE DIRECT-TO-CONSUMER RECREATIONAL CANNABIS MARKET AT CANNMART.COM USING ITS PROPRIETARY VENDORLINK MARKETPLACE
Namaste Technologies Inc. and High Tide Inc.'s wholly owned subsidiaries recently entered into a CannMart marketplace agreement pursuant to which High Tide, via Canna Cabana (SK) Inc. as a licensed retailer by the Saskatchewan Liquor and Gaming Authority, will make recreational cannabis products available on-line exclusively on the CannMart website as a licensee under Namaste's VendorLink platform for an initial term of one year, subject to renewals. Upon launch, approximately 40 products designated for recreational use will be available to Saskatchewan-based customers, with weekly inventory changes and product additions to follow.
The agreement marks Namaste's entrance into the direct-to-consumer recreational cannabis market via the CannMart website by using its new marketplace solution, VendorLink, to facilitate the sale of cannabis products by licensed retailers. For High Tide, the agreement accelerates its growth plans in the province and expands its customer reach based on CannMart's established e-commerce business. Customers within the designated region will be able to shop a diverse catalogue of recreational cannabis products without the need for a prescription. Conversely, CannMart's medical customers in Saskatchewan will have the ability to select and purchase both medical and recreational products.
"This is a landmark moment for Namaste. I've been grateful for the opportunity to put all the pieces together to deliver on the mission that Namaste committed to shareholders over the past years. We've finally reached the point where they can start to see the fruition of that mission: to provide the technology and infrastructure for Canadians to order cannabis safely and reliably no matter where they are," said Meni Morim, chief executive officer of Namaste Technologies. "There are so many choices in the cannabis marketplace and we have worked tirelessly to integrate our machine-learning technology into the selection process for consumers and let retailers focus on what they do best -- provide the best in-store experience and let us do the heavy lifting on-line. Canada is the first step and I am excited about what's coming next," added Mr. Morim.
"This agreement brings together two complementary enterprises that are focused on the Canadian cannabis consumer and providing safe and convenient access to residents across Saskatchewan. We are excited to work with Namaste and their new VendorLink service to activate a substantial e-commerce sales channel under Canna Cabana," said Raj Grover, president and chief executive officer of High Tide. "As the province with the most business-friendly regulatory framework, Saskatchewan offers us the opportunity to leverage our strength as a large cannabis retailer through strategic partnerships like this one. Further, this arrangement is nicely aligned with High Tide's goal of achieving sustainable growth via significant revenue opportunities, without burdening the company with additional infrastructure or capital costs," added Mr. Grover.
"Everyone talks about AI, e-commerce, UI/UX and other technology when it comes to on-line shopping. We live and breathe e-commerce technology and know what matters: the customer, the vendors and how they find each other. Our marketplace, VendorLink, is a matchmaker, much like Uber, Airbnb and Amazon are," said Chad Agate, chief technology officer of Namaste Technologies. "We've taken our proprietary technology developed over the years and delivered an experience where basket size averages reach $135, which is more than the current industry average for both in-store and on-line purchases. This is the mark of successfully pairing consumers with products," added Mr. Agate.
This initiative is part of Namaste's overarching goal to increase its total addressable market, as well as offer customers a frictionless buying experience on CannMart. Licensed cannabis retailers across Canada interested in joining VendorLink and expanding their customer base by establishing themselves on CannMart can join the experience by registering their interest at
the CannMart website.
About High Tide Inc.
High Tide is a retail-focused cannabis corporation enhanced by the manufacturing and distribution of cannabis lifestyle accessories. Its premier Canadian retail brand Canna Cabana spans 34 locations in Ontario, Alberta and Saskatchewan, with additional locations under development across Canada. High Tide has been serving cannabis consumers for over a decade through its numerous lifestyle accessory enterprises including e-commerce platforms Grasscity and CBDcity, lifestyle and licensed entertainment brand manufacturer Famous Brandz, and its wholesale distribution divisions RGR Canada Inc. and Valiant Distribution.
About Namaste Technologies Inc.
With headquarters in Toronto, Canada, Namaste Technologies is a leading on-line platform for cannabis products, accessories and responsible education. The company's everything cannabis store, the CannMart website, provides customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators, all on one convenient site. Namaste's global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
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