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Namaste's CannMart Labs Enters Licensing Agreement With Phyto Extractions

December 3, 2019 12:58 pm
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Namaste's CannMart Labs Enters Licensing Agreement With Phyto Extractions

Namaste Technologies Inc. (OTC:NXTTF) said Monday that its subsidiary, CannMart Labs Inc., has signed a licensing agreement with Phyto Extractions. As per the agreement, CannMart Labs will attain a license to use Phyto trademark on specific cannabis products like vaporizing pen cartridges and batteries, among others.

In addition, the agreement allows for CannMart Labs to assign those rights to Namaste’s wholly-owned subsidiary CannMart Inc.

The company is working on adding Phyto’s products to its online marketplace, CannMart.

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"Phyto Extractions is an established brand name in the Canadian cannabis marketplace and we welcome their innovative products to the CannMart everything cannabis store and distribution channel," Meni Morim, CEO of Namaste Technologies Inc., said in a statement.

"Competition is heating up in Canada with the upcoming launch of cannabis derivative products following recent regulations referred to as Cannabis 2.0 and Namaste is committed to working with leading cannabis brands, such as Phyto, to get high quality products to customers. Phyto has a history in the Canadian marketplace and is well known with our current customer base."

Namaste’s stock closed Monday’s session at 26 cents per share.