Cannabis and Hemp Industry Investment News

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NA Proactive news snapshot: Namaste Technologies, XPhyto Therapeutics, BMEX Gold, Valeo Pharma, Snowline Gold …

A glance at some of the day's highlights from the Proactive Investors US and Canada newswires

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) (FRA:M5BQ) reported a year-over-year increase in its 1Q 2021 net revenue to C$5.5 million as cannabis sales climbed 113% from the same period last year. Namaste also said its net cash used in operating activities fell by $7.5 million to $2.5 million during the quarter, which the company attributed to improved management of its short-term assets. “We continue to transform CannMart.com, which saw sales increase in 1Q 2021 compared to the prior year as we see an increased number of vendors looking to sell their cannabis and accessories with us,” Namaste Technologies CEO Meni Morim said in a statement. 

XPhyto Therapeutics Corp (CSE:XPHY) (OTCQB:XPHYF) (FRA:4XT) revealed that it has delivered 2,000 of its 25-minute coronavirus (COVID-19) RT-PCR test kits called Covid-ID Lab to an established medical distributor in Israel to clinically evaluate the test and pursue commercial regulatory approval. Based on the European CE-IVD approval of Covid-ID Lab, announced by the company on March 18, 2021, Covid-ID Lab will be evaluated by the Medical Device Division of the Israeli Ministry of Health (AMAR) for the purpose of securing Israeli regulatory approval, said the company.

BMEX Gold Inc (CVE:BMEX) (OTCMKTS:MRIRF) (FRA:8M0) said that it has engaged Laurentia Exploration as geological consultants to provide “a full suite of services” embracing the planning and interpretation of exploration programs, with a particular focus on “orogenic gold and gold-rich VMS mineralization.” The junior Canadian mining exploration company noted that Laurentia has recently been involved in “several significant discoveries,” particularly in Quebec. “Laurentia will report to and work directly with Chris Wild, the company's newly appointed Chief Geologist,” said the company.

Valeo Pharma Inc. (CSE:VPH) (OTCQB:VPHIF) (FRA:VP2) said it has entered into a Product Listing Agreement (PLA) with the executive officer of the Ontario Public Drug Program for the listing of Redesca and Redesca HP, it's low molecular weight heparin (LMWH) biosimilar, on the Ontario Drug Benefit Formulary with effect from April 30, 2021. "With Ontario representing 37% of the Canadian market for LMWHs, the listing of Redesca on the Ontario public formulary is a key milestone for the Redesca commercialization program", said Frederic Fasano, president and COO of Valeo in a statement.

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Namaste Technologies 1Q revenue rises to C$5.5M as cannabis sales surge 113%

Namaste said its net cash used in operating activities fell by $7.5 million to $2.5 million, which it attributed to improved management of its short-term assets

Namaste recorded the second highest percentage for cannabis revenue out of total net revenue achieved in the last four quarters

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) (FRA:M5BQ) reported a year-over-year increase in its 1Q 2021 net revenue to C$5.5 million as cannabis sales climbed 113% from the same period last year. 

Namaste also said its net cash used in operating activities fell by $7.5 million to $2.5 million during the quarter, which the company attributed to improved management of its short-term assets. 

“We continue to transform CannMart.com, which saw sales increase in 1Q 2021 compared to the prior year as we see an increased number of vendors looking to sell their cannabis and accessories with us,” Namaste Technologies CEO Meni Morim said in a statement. 

READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

“We believe the marketplace and the company remain well-positioned to experience a robust increase in our top-line as the market improves,” Morim added.

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Namaste Technologies subsidiary CannMart inks supply deals with three craft cannabis companies

The supply agreements with CannTx Life Sciences Inc, Rilaxe Canna Inc, and Safari Flower Co will expand CannMart’s product offerings to its recreational consumers and medical cannabis customers across Canada

Namaste said its new products will be available by the end of May as it looks to grow future revenues

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) (FRA:M5BQ) announced that its wholly-owned CannMart Inc subsidiary has entered into supply agreements with craft cannabis companies CannTx Life Sciences Inc, Rilaxe Canna Inc, and Safari Flower Co to expand product offerings to CannMart’s recreational consumers and medical cannabis customers across Canada. 

“We are excited to have these products available by the end of May of this year, as we look to grow our future revenues,” Namaste Technologies CEO Meni Morim said in a statement. 

Morim added: “These products will be available for our medical patients across Canada online at CannMart.com, and through our business-to-business distribution channels throughout our provincial customers.” 

READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

“The team continues to work very hard at successfully bringing in new partners as we look to be the world’s foremost marketplace in wellness.”

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Namaste Technologies releases financial numbers that saw some major steps forward in 2020

Namaste Technologies (CVE: N- OTC: NXTTF) CEO Meni Morim joined Steve Darling from Proactive to bring news the company has released their 2020 financial numbers.

Morim shared with Proactive the numbers from a very busy 2020 and he has talked about the future of Namaste and where he sees the biggest opportunities for growth.

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Namaste Technologies sees its 4Q revenue surge 85% to C$7.2M on cannabis product sales

The company also ended fiscal 2020 with $16.5 million in working capital as of November 30

Namaste said sales through its CannMart’s distribution channels made an important contribution to its record results

 () () (FRA:M5BQ) reported 4Q net revenue climbed 85% year-over-year to a record C$7.2 million, which the company attributed primarily to an increase in cannabis product sales. 

Namaste noted it ended fiscal 2020 with $16.5 million in working capital as of November 30, after closing a $23 million bought deal offering before the year’s end.   

“We are pleased with the progress made by the team to achieve the highest recorded quarterly revenue for the company to date,” Namaste Technologies CEO Meni Morim said in a statement.   

READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

“We achieved significant year-over-year growth of revenue as cannabis sales through CannMart’s distribution channels made an important contribution to the revenue stream,” Morim added.

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Namaste Technologies subsidiary CannMart receives its medical cannabis license renewal

CannMart has also signed a supply agreement with Sugarbud Craft Growers Corp, paving the way for Sugarbud’s craft cannabis collection to be available to Canadian medical consumers at cannmart.com

Namaste says it continues to expand its business and remains focused on becoming a global cannabis and wellness organization

 () () (FRA:M5BQ) said its wholly-owned CannMart Inc subsidiary has received a license renewal from Health Canada for the processing and sale of medical cannabis effective March 11. 

Namaste also noted that CannMart has signed a supply agreement with Sugarbud Craft Growers Corp, paving the way for Sugarbud’s craft cannabis collection to be available to Canadian medical consumers at cannmart.com.  

“We are pleased with the renewal from Health Canada of our licence for standard processing and sale for medical purposes in Canada,” Namaste Technologies CEO Meni Morim said in a statement. 

READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience

Morim added: “The CannMart team has done a tremendous job growing our business over the past year as they are focussed on bringing new partners to distribute an increased variety of products to our customers.”

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Namaste taking another step forward as CannMart goes live in the United States

Namaste Technologies (CVE: N- OTC: NXTTF) CEO Meni Morim joined Steve Darling from Proactive to share detail their CannMart.com platform is now live in the United States. 

Morim discusses that key move for the company and he also provides some insight into what is a changing legal landscape in the U.S.

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Namaste Technologies announces appointment of Slava Klems as chief financial officer, effective from March 3, 2021

The company noted that Klems, who has been the Interim CFO since October 31, 2020,  is an accomplished finance executive with over 10 years experience in senior finance management positions at AIMIA Inc. (Aeroplan) and Dominion Citrus Income Fund

Namaste also announced that it has engaged the services of Stonebridge Partners LLC (Technical420) to provide investor relations activities

. () (FRA:M5BQ) () has announced the appointment of Ms Slava Klems, CPA, CA as chief financial officer (CFO) effective March 3, 2021.

The company noted that Klems, who has been the Interim CFO since October 31, 2020,  is an accomplished finance executive with over 10 years experience in senior finance management positions at AIMIA Inc. (Aeroplan) and Dominion Citrus Income Fund, plus experience across diverse industries including retail, distribution, manufacturing, pharmaceutical and automotive sectors. She joined Namaste in July 2020 and has proven herself as a driven and hardworking professional with a proven record in change management, process optimization and improved operational efficiencies.

READ: Namaste Technologies subsidiary CannMart inks Canadian supply deal with HEXO

“I would like to congratulate Ms Klems on her well-deserved appointment,” said Meni Morim, CEO of Namaste in a statement. “Ms Klems has an impressive background in corporate finance with experience in technology and platform integration and has shown an incredible business acumen since joining the Company.

"Since Ms Klems tenure, much work has been done to automate many new areas in accounting including our accounts payable cycle, streamlining the payment processing system directly to our bank accounts and managing our monthly budgeting analysis by integrating the company’s budgets directly into the accounting system. I look forward to continue working with Ms Klems as we seek to drive Namaste forward.”

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NA Proactive news snapshot: PyroGenesis Canada, Energy Fuels, Biocept, EVmo, BetterLife Pharma UPDATE ...

A glance at some of the day's highlights from the Proactive Investors US and Canada newswires

PyroGenesis Canada Inc () (OTCQB: PYRNF) (FRA 8PY) has appointed Ben Naccarato -- the CFO of Inc () -- as an independent director. Naccarato, whose environmental services company is listed on the NASDAQ and provides unique radioactive mixed and industrial waste management services, brings to the board more than 30 years of experience in senior financial positions in the  industry.

Analysts with Noble Capital Markets reiterated their ‘Market Perform’ rating on shares of Energy Fuels Inc (NYSEAMERICAN:UUUU) (), a day after the uranium firm announced its outtake agreement with Neo Performance Materials. Noble noted that Neo will take 80% of the rare earth products processed from monazite sand by Energy Fuels’ White Mills plant and that the agreement includes a put option for Energy Fuels to sell the remaining 20% as well as a right of first refusal option for Neo for additional monazite purchases.“The agreement will only use only 2% of White Mill capacity, leaving room to expand either monazite/rare earth operations or start-up uranium operations,” the analysts wrote. “Other mills may follow Energy Fuel's lead, but UUUU will have a first mover advantage should the fledgling industry take off. Should the company move to start separating rare earth elements, it could be especially lucrative for the company.”

(), a leading provider of molecular diagnostic assays, products and services, has granted inducement stock options to purchase 38,250 shares to six new employees. These inducement stock options have a grant date of February 28, 2021 with an exercise price of $6.03 per share, the closing price of Biocept’s common stock on February 26, 2021. The non-qualified stock options have a 10-year term and vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the remaining 75% of the shares vesting in equal monthly installments over the following 36 months, subject to the new employee’s continued service with Biocept through the applicable vesting dates. The inducement stock options are subject to the terms and conditions of Biocept’s amended and restated 2013 Equity Incentive Plan.

EVmo Inc (), formerly YaYo Inc, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, said it has completed the previously-announced transaction to sell 6 million company shares to Acuitas Group Holdings LLC, making Acuitas the largest and controlling stockholder of EVmo with ownership of more than 10 million company shares. Acuitas Group’s sole owner Terren Peizer has become executive chairman of the company’s board of directors, which has been expanded from five to seven members, while former board chair Stephen Sanchez will serve as the company’s CEO. EVmo, formerly listed as Rideshare Rental Inc, also noted that Peizer has started the process of up listing the company’s common stock to the Nasdaq Capital Market.

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NA Proactive news snapshot: EVmo, BetterLife Pharma, District Metals, Cloud Nine Education UPDATE ...

A glance at some of the day's highlights from the Proactive Investors US and Canada newswires

EVmo, Inc (), formerly YaYo Inc, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, said it has completed the previously-announced transaction to sell 6 million company shares to Acuitas Group Holdings LLC, making Acuitas the largest and controlling stockholder of EVmo with ownership of more than 10 million company shares. Acuitas Group’s sole owner Terren Peizer has become executive chairman of the company’s board of directors, which has been expanded from five to seven members, while former board chair Stephen Sanchez will serve as the company’s CEO. EVmo, formerly listed as Rideshare Rental Inc, also noted that Peizer has started the process of up listing the company’s common stock to the Nasdaq Capital Market.

() () (FRA:NPAU) has entered an agreement with Eurofins CDMO (contract development and manufacturing organization) Alphora Inc for the manufacturing of its LSD derivative molecule, TD-0148A, the company announced Wednesday. TD-0148A is a second-generation lysergic acid diethylamide (LSD) derivative molecule, 2-bromo-LSD, that BetterLife believes will mimic the projected therapeutic potential of LSD, without causing its undesirable psychoactive dissociative side effects, such as hallucinations.

District Metals Corp () (OTCMKTS:MKVNF) (FRA:DFPP) said it has identified another prospective target at its Tomtebo property in Sweden after it received historic drill data from the Lövås-Nyberget area in the northeast part of the asset. The 13 sets of historical data hail from shallow holes, to a maximum depth of around 141 metres (m), at the Dammsjön and Flyttjebasen zones and were obtained from the Geological Survey of Sweden (SGU). They come from drill campaigns carried out by Boliden Gruvförvaltningen in 1953 and 1972.

Ltd () announced Wednesday that the company is focusing its capital resources on the development and advancement of its education platform. Such focus includes the retention of IT firm Bluzelle Networks Pte Ltd for specialized Web3 development services to oversee the expanded Cloud Nine development team, the company said. The broad aim of this initiative is to establish Cloud Nine as a thought leader in the growing Ed-Tech space, the company added. 

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NA Proactive news snapshot: Helix Technologies, Benchmark Metals, Thunderbird Entertainment, Pure Gold Mining ...

A glance at some of the day's highlights from the Proactive Investors US and Canada newswires

Inc () has completed its combination with Medical Outcomes Research Analytics LLC (MOR Analytics), merging to become a new information and technology provider for the healthcare and cannabis sectors, Forian Inc (NASDAQ:FORA). The combined entity will be able to provide a unique suite of Software-as-a-Solution (SaaS), data management capabilities and proprietary analytics to optimize operational, clinical and financial performance for its customers in the life sciences, healthcare payor and provider segments, as well as cannabis manufacturers, dispensaries cultivators and regulators, the company said. Forian expects to begin trading on the Nasdaq under the symbol FORA on Wednesday. Each share of Helix was exchanged for 0.05 shares of Forian (20:1), the company said, leaving roughly 32 million shares of Forian outstanding.

Benchmark Metals Inc () () said it has identified six high-priority targets at its Lawyers gold-silver project in British Columbia, which will be drill tested this year. These are at the Marmot, Marmot East, MGrid, Gifford's Edge, Lala and Silver Pond zones at the huge property in the-called Golden Horseshoe area of Canada. The areas have already displayed significant gold-in-soil anomalies and high-grade samples over large areas, underlining the potential to discover more mineralization, the company noted.

() (OTCQX:THBRF) (FRA:32GA) has announced the addition of independent member Linda Michaelson to its board of directors. The company also announced the resignation of current board member, Frank Holmes. With these changes, the Thunderbird board consists of seven members, five of whom are independent. “On behalf of the Thunderbird Board, I want to thank Frank for his commitment and belief in this company, as well as his counsel and support in setting the company on its current trajectory. We wish him the very best in all current and future endeavors," said Brian Paes-Braga, board chairman, in a statement. 

Pure Gold Mining Inc () () () (FRA:L11A) said Wednesday that it anticipates declaring commercial production at the PureGold Mine in the second quarter of 2021. The gold company updated shareholders on a host of developments related to its production target, including mine design and processing initiatives. “Since pouring first gold in December 2020, commissioning activities at the PureGold Mine have transitioned to full-scale ramp-up of the mining and milling operations, with approximately 260 persons employed at the mine site,” the Vancouver-based company wrote.

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Helix Technologies merges with MOR Analytics to form cannabis commercial analytics firm, Forian Inc

Forian's proprietary data and integrated data management expertise and deep background in SaaS-based platforms complements Helix's seed-to-sale compliance tracking and point-of-sale technologies for the cannabis industry

Inc () has completed its combination with Medical Outcomes Research Analytics LLC (MOR Analytics), merging to become a new information and technology provider for the healthcare and cannabis sectors, Forian Inc (NASDAQ:FORA).

The combined entity will be able to provide a unique suite of Software-as-a-Solution (SaaS), data management capabilities and proprietary analytics to optimize operational, clinical and financial performance for its customers in the life sciences, healthcare payor and provider segments, as well as cannabis manufacturers, dispensaries cultivators and regulators, the company said.

Forian expects to begin trading on the Nasdaq under the symbol FORA on Wednesday. Each share of Helix was exchanged for 0.05 shares of Forian (20:1), the company said, leaving roughly 32 million shares of Forian outstanding.

READ: Helix Technologies grows software revenue and client base, while gross margin expands for third quarter in a row

Forian's proprietary data and integrated data management expertise and deep background in SaaS-based platforms complements Helix's seed-to-sale compliance tracking and point-of-sale technologies for the cannabis industry, the company said. 

Further, Forian says it can improve current cannabis industry standards in data, analytics and reporting, while data from Helix's technology offerings is expected to power new analytics for Forian healthcare clients interested in real-world evidence pertaining to the safety, efficacy, quality and health outcomes associated with cannabinoid-based products.

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Namaste Technologies says CannMart.com website is now live in the US

The cannabis and wellness products platform said the US expansion underscores its intention to increase its total addressable market

The website will offer American consumers hemp-derived CBD and smoking accessories

() (FRA:M5BQ) () said the CannMart.com website is now live in the US, offering American consumers hemp-derived cannabidiol (CBD) and smoking accessories. 

The cannabis and wellness products platform said it is leveraging its VendorLink technology in collaboration initially with smoking supply retailer DankStop and e-commerce technology group PeakBirch Logic Inc, adding that it “looks forward to adding more partners to the platform”. 

READ: Namaste Technologies subsidiary CannMart inks Canadian supply deal with HEXO

Namaste also said the US expansion underscores its intention to increase its total addressable market and explore into other verticals and geographies as regulation evolves and “other adjacent complementary market opportunities present themselves”.

“With ever stronger signals that the regulatory landscape in the USA is evolving, our entry into the jurisdiction through the sale of hemp-derived CBD and accessories will position us strategically to begin capturing new market share and build a first-mover advantage if and when cannabis becomes legalized federally. This development also further validates our investment in technology, as the expansion will be facilitated via our marketplace technology. We look forward to building on this positive momentum as we continue to execute our strategy to position Namaste as a leading global cannabis and wellness company,” said Meni Morim, CEO of Namaste.

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Namaste Technologies subsidiary CannMart inks Canadian supply deal with HEXO

Namaste said the new agreement with HEXO points to the continued validation of CannMart.com as a platform for Canadian medical cannabis

Namaste says working with established players such as HEXO expands the company’s product range within the medical cannabis market, while allowing its partners to focus on producing and marketing their cannabis products

 () () (FRA:M5BQ) announced that cannabis products from well-known licensed producer HEXO Corp (TSE:HEXO) will be available to Canadian medical customers on Namaste subsidiary CannMart.com beginning in March on an ongoing basis, or until such time as the agreement is terminated by either party.  

Namaste said the new agreement with HEXO points to the continued validation of CannMart.com as a platform for Canadian medical cannabis. 

“Working with established players such as HEXO expands our product range within the medical cannabis market, while allowing our partners to focus on their business of producing and marketing their cannabis products,” Namaste Technologies CEO Meni Morim said in a statement.  

READ: Namaste Technologies receives TSX approval for its US expansion plans

He added: “It is important that we continue to offer our medical customers increased access to a wider range of medical cannabis products for home delivery across Canada.”

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Namaste Technologies shares advance as its CannMart Labs subsidiary receives Health Canada processing licence

It means the cannabis-focused group can leverage its existing sales licence through CannMart Inc to bring its manufactured products to Canada

"This is a major catalyst for Namaste to generate material revenue through the sale of new and exciting cannabis products and by offering contract manufacturing services to our partners,” Meni Morim, the CEO of Namaste, said

() () (FRA:M5BQ) shares were boosted on Friday as the group announced its CannMart Labs Inc subsidiary had received a processing licence from Health Canada.

It means the cannabis-focused group can leverage its existing sales licence through CannMart Inc to bring its manufactured products to Canada and expects to do so by the end of the second quarter this year.

READ: Namaste Technologies adds Auxly Cannabis and TGOD products to its CannMart.com platform

"This is a major catalyst for Namaste to generate material revenue through the sale of new and exciting cannabis products and by offering contract manufacturing services to our partners,” Meni Morim,  the CEO of Namaste, said in a statement.

"The team has selected and installed state-of-the-art extraction equipment and technology in its facility, which 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.

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Namaste Technologies adds Auxly Cannabis and TGOD products to its CannMart.com platform

The company said the new products, which will available in March, provide continued validation of CannMart.com as a platform for Canadian cannabis

Namaste said that featuring cannabis products on CannMart.com will give growers a first mover advantage for which they can build their audience at an accelerated rate

 () () (FRA:M5BQ) announced that it has expanded its offerings available on the company website’s CannMart.com to include products from leading licensed producers, such as and The Green Organic Dutchman Holdings Ltd (TGOD), in addition to craft cannabis grower Wabi Sabi Brands.    

The company said the new products, which will be available in March, provide continued validation of CannMart.com as a platform for Canadian cannabis.

“We are seeing more and more licensed producers and accessories suppliers contacting us to have their products featured on CannMart.com as they realize that this will give them a first-mover advantage on the platform for which they can build their audience at an accelerated rate,” Namaste Technologies CEO Meni Morim said in a statement.

READ: Namaste Technologies advances US expansion plans by selling hemp CBD through CannMart.com by collaborating with PeakBirch Logic

He added: “This growing validation of our platform is certainly rewarding for our organization. As we witness shifting sands in the cannabis industry dynamics, licensed producers are searching for opportunities to streamline their distribution channels.

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Namaste Technologies receives TSX approval for its US expansion plans

The company expects to start selling smoking accessories and hemp-derived CBD to US customers on its website cannmart.com by the end of February

Namaste Technologies says its US expansion fits squarely into its evolution into a wellness company

 () () (FRA:M5BQ) announced that it has received approval from the TSX Venture Exchange to sell smoking accessories and hemp-derived CBD in the US. 

The company noted that it expects the products to be available to US customers on its website www.cannmart.com by the end of February, in collaboration with DankStop and PeakBirch Logic, Inc, as Namaste looks forward to leveraging its VendorLink technology. 

“The announcement of this expansion in the US underscores Namaste’s intention to increase its total addressable market and exploration into other verticals as regulation evolves and other adjacent complementary market opportunities present themselves,” Namaste Technologies CEO Meni Morim said in a statement. 

READ: Namaste Technologies estimates a 100% surge in its 4Q revenue to $8 million 

He added: “The expansion also fits squarely into our evolution into a wellness company, connecting consumers to their wellness needs of tomorrow.”

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Namaste’s Business Evolution Expanding into Wellness and Nutraceuticals

Namaste (CVE: N- OTCMKTS: NXTTF) CEO Meni Morim joined Steve Darling from Proactive with news the company is making a move into wellness with the launch of a Nutraceuticals Division. Morim talks about the strategy behind this move, how the company plans to lead in Cannabis 3.0 and also about their recent 23-million-dollar financing.

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Namaste Technologies says board approves launch of new nutraceutical division and expansion into psychedelics

The nutraceutical division is slated to start in fiscal year 2021 headed by COO Faraaz Jamal as Namaste seeks to become a pre-eminent wellness company

Subsidiary CannMart Labs plans to hire a regulatory consulting firm to advise on its upcoming application to Health Canada for a Controlled Drugs and Substances Dealer’s Licence

 () () (FRA:M5BQ) has announced board approval for its expansion to broaden its total addressable market and to evolve into a pre-eminent wellness company to connect consumers to their wellness needs via additional pathways beyond cannabis. 

“Our mission is to leverage technology to build the world’s first personalized wellness marketplace; a platform where consumers can learn about wellness products, interact with a variety of brands, and make easy, informed purchases,” the company said in a statement late Tuesday.  

Launch of nutraceutical division

As part of the total addressable market expansion, Namaste said its board approved the launch of a nutraceutical division in fiscal year 2021 headed by Faraaz Jamal, the company's chief operating officer. 

Jamal was previously responsible for the strategic reorientation of Bulletproof 360 Inc, a health and wellness trailblazer, where he was able to guide development and rapidly scale multiple channels and product categories to successful revenues.

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Namaste Technologies closes previously announced "bought deal" public offering for total gross proceeds of $23,023,000

The company expects to use the net proceeds from the offering for the further development and expansion of its business and for working capital and general corporate purposes

The group said it sold 65,780,000 units of the company at a price of C$0.35 per unit under the offering, including 8,580,000 units sold under the exercise in full of the underwriters' over-allotment option

Namaste Technologies Inc. (CVE:N), a leading platform for cannabis products, accessories, and education announced that it has closed its previously announced "bought deal" public offering for total gross proceeds of $23,023,000. 

The group said it sold 65,780,000 units of the company at a price of C$0.35 per unit under the offering, including 8,580,000 units sold under the exercise in full of the underwriters' over-allotment option.

The company expects to use the net proceeds from the offering for the further development and expansion of its business and for working capital and general corporate purposes.

READ: Namaste Technologies bolsters working capital with amended C$20M bought deal financing

Each unit in the offering consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of C$0.47 each until January 19, 2024. 

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