fbpx
QQQ
+ 2.73
293.55
+ 0.92%
DIA
+ 0.63
297.96
+ 0.21%
SPY
+ 1.22
361.27
+ 0.34%
TLT
+ 1.54
157.14
+ 0.97%
GLD
-1.73
171.23
-1.02%

Namaste To Fully Own CannMart Labs, Awaits Processing License

November 18, 2020 12:43 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Namaste Technologies Inc. (TSXV:N) (OTCQB:NXTTF) wants to buy the rest of CannMart Labs Inc. that it doesn't currently own. 

The cannabis-focused platform said Thursday it has signed a share purchase agreement to acquire the remaining interest, 49%, in CannMart Labs.

In spring 2018, Namase first obtained a 51% interest in CannMart Labs, an applicant for a processing license under the Cannabis Act for cannabis extraction operations. It's set to financially support the building of its facility in Ontario.

Namaste noted that CannMart Ontario facility is built and ready for BHO extraction and that its application is in the last phase for a processing license.

Under the agreement, Toronto-headquartered company will obtain 49% interest of CannMart Labs from MKD Holdings Inc. and JLLS Holdings Inc. for a purchase price of $4.03 million, with the first part of it or $1.61 million to be paid in Namaste’s shares. The rest should be paid in equal parts in the following nine fiscal quarters, starting on the fiscal quarter that ends February 28, 2021.

Namaste added it is ready to manufacture Cannabis 2.0 products for medical channel customers at CannMart.com and recreational customers via a sister company.

"Acquiring the remaining interest in CannMart Labs is another important milestone achieved in establishing Namaste as a leading company within the Canadian cannabis sector," stated Meni Morim, Chief Executive Officer of Namaste. "CannMart Labs is in the final stage of its application for an important processing licence from Health Canada. It has installed state-of-the-art extraction technology in its facility, which when granted a licence, will be able to produce an array of cannabis products including shatter and live resin, as well as future distillate products such as vape cartridges, gel capsules, tinctures and edibles."

Courtesy image

Posted-In:

Cannabis M&A News Markets

Related Articles

Pure Sunfarms Inks Supply Deal With Shoppers Drug Mart

Pure Sunfarms opted to supply Shoppers Drug Mart Inc's customers with its cannabis products. The Village Farms International Inc. (NASDAQ: VFF) (TSX: VFF) subsidiary teamed up with the Canadian retail pharmacy chain to provide consumers with Pure Sunfarms' dried flower products. read more

Cannabis Movers & Shakers: Cannabis Growth Opportunity, Bhang, CanaFarma Hemp, Amfil Technologies

Here is a summary of the latest company shakeups within the cannabis industry. 3 Execs Exit Cannabis Growth Opportunity Investment company Cannabis Growth Opportunity Corporation (CSE: CGOC) has parted ways with several executives. read more

Earnings Update: Vireo, Rubicon, Flower, Planet 13, Driven Deliveries, Decibel, Pure Harvest

Vireo Health Revenue Spikes, New Stores To Open By Q1 2021 read more

A Weed-Infused Cooking Class For Thanksgiving? One Cannabis ETF's Unique Marketing Strategy

ETFMG has come up with a very interesting marketing idea. read more

Jay-Z Inks Largest Cannabis SPAC Deal Ever With Subversive Capital, Roc Nation, Caliva, Left Coast Ventures

Music industry mogul Jay-Z is set to join a newly formed cannabis company that's expected to become the largest in California. read more