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Namaste Technologies Inc
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Shares Issued 307,157,145
Close 2020-01-10 C$ 0.345
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Namaste's Choklat receives processing licence

2020-01-13 08:32 ET - News Release

Mr. Meni Morim reports

NAMASTE ANNOUNCES HEALTH CANADA PROCESSING LICENSE FOR CHOKLAT

Choklat Inc., an Alberta-based craft chocolate manufacturer and chocolatier in which Namaste Technologies Inc. holds a 49-per-cent equity position, has received a processing licence from Health Canada to produce a line of chocolate bars, drink mixes and infused sugar.

"Receiving the processing licence from Health Canada is a significant achievement and milestone," said Brad Churchill, chief executive officer of Choklat. "We look forward to introducing our cannabis-infused product line, products with a pure chocolatey taste with no aftertaste, across Canada leveraging the extensive B2B sales channels that CannMart Inc. has built. Our high-quality cannabis infused bars and beverages will be based on our own chocolate recipe made from a special cocoa bean sourced from the jungles of South America. This is an exciting time for Choklat, CannMart and Namaste as we enter the competitive cannabis 2.0 landscape."

"Brad Churchill is a true pioneer when it comes to the actual production of chocolate, and he is now applying his extensive experience and passion to produce high-quality cannabis-infused chocolates," said Meni Morim, chief executive officer at Namaste Technologies. "We believe there is pent up demand for cannabis-infused edible products on a national scale. Choklat is one of the first food processors in Canada to receive its processing license from Health Canada and we expect their products to be on shelves in March, allowing for the Health Canada notice period. We invested in Choklat not only to maximize the significant market opportunity for cannabis-infused edibles but also because we see Brad as a true craftsman in his trade and the quality of his products speak for themselves."

The cannabis regulations require licenced processors to submit a notification to Health Canada of their intent to sell each novel cannabis product in Canada at least 60 calendar days before making such cannabis products available for sale. CannMart will be submitting up to 11 unique product SKUs to Health Canada for the new derivative product formats that the company intends to offer for sale beginning in March. New products are expected to include dark, white and milk chocolate bars, chocolate-based beverages, and infused sugar that have been formulated, developed and packaged to meet the regulatory requirements set out by Health Canada. These new product formats will be added to Namaste's e-commerce website and offered through provincial cannabis stores in authorized markets.

What sets Choklat apart from other chocolatiers is that Choklat imports premium cocoa beans in the world, then roasts, grinds and refines them on site into chocolate that meets exacting taste specifications. Creating the chocolate allows for complete control over the quality and taste of the final products which Namaste and Choklat believe provides an advantage over competitors. Namaste, CannMart and Choklat are all about treating customers with respect and integrity and using only the highest quality products and natural ingredients.

Choklat has existing sales of non-infused products through both its on-line e-commerce site and a network of distributors across Canada. The chocolate manufacturer has experienced significant expansion while preparing for the legalization of edibles and has non-infused products available in over 150 retail outlets across Canada, including an increasing number of Safeway and Sobeys stores in Western Canada. Choklat has also applied for and received its Food and Drug Administration number for the sale of non-infused chocolate bars in the United States.

About Choklat

Choklat is a team focused on offering decadent confections with a quality of flavour that is beyond reproach. At the same time, Choklat strives to bring honesty and integrity to an industry that for so long has masked cheap chocolate with expensive ribbons, boxes, ows, and then a good solid kick to your wallet. Chokalt will kick your wallet a bit too, however, Choklat spends its money intelligently on ingredients rather than packaging.

About Namaste Technologies Inc.

With headquarters in Toronto, Ont., and offices in both British Columbia and around the globe, Namaste Technologies is a leading on-line platform for cannabis products, accessories and responsible education. The company's everything cannabis store, CannMart, 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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