The supplier is meeting a request from the Investment Industry Regulatory Organization of Canada
Namaste Technologies Inc’s (CVE:N) (OTCMKTS:NXTTF) agreed-upon medical cannabis vendor Agraflora Organics International Inc (CSE AGRA) (OTCMKTS:PUFXF) said it provided additional information on its supply agreement at the request of the Investment Industry Regulatory Organization of Canada.
Under the deal announced Thursday, Toronto-based Namaste’s Cannmart unit has the right of first refusal to purchase up to 10% of the total annual production from Agraflora's Delta, British Columbia, greenhouse complex. That represents 25 million grams, at a price of C$4 per gram, or as much as C$100 million.
READ: Namaste unit may buy up to C$100M of medical cannabis from Agraflora Organics annually
The deal is subject to approval of Agraflora’s cultivation and sales licenses by Health Canada.
When the 2.2-million-square-foot Delta greenhouse complex is fully operational in 2021, it is projected to have an annual capacity of 250 million grams of high-quality cannabis.
Shares of Namaste traded at C$1.23 in Thursday’s Canadian trading. They slipped US$0.04 to US$0.93 on the OTC Markets. Agraflora traded at C$0.22 in Canada and gained US$0.03 to US$0.16 on the OTC Markets.
Contact Dennis Fitzgerald at [email protected]
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