Namaste Technologies inks agreement with e-commerce company Lifted Innovations
As part of the deal, the two companies will collaborate wherever practical for 24 months, with an eye on US business development
() (OTCMKTS:NXTFF) (FRA:M5BQ), which operates the largest global cannabis e-commerce platform, said on Thursday that it had struck an agreement with Lifted Innovations Inc, a private e-commerce company selling cannabis-related accessories in the US and Canada.
As part of the deal, the two companies will collaborate wherever practical for 24 months, with an eye on US business development. The partnership will also look at creating “efficiencies” relating to common ancillary businesses and potential opportunities relating to the licensing of technology.
In keeping with Namaste's strategic partner status, Lifted has issued the Toronto-headquartered cannabis e-commerce giant 3,065,000 shares, which amounts to a roughly 5% undiluted shareholding.
READ: Namaste Technologies adds leading Canadian brand Indiva to its product offering on CannMart.com
Separately, in July, Lifted said that Kootenay Zinc Corp (CSE:ZNK) had initiated an offer to acquire all of the issued and outstanding shares of Lifted, thereby entitling Lifted shareholders to receive one share of the issuer PeakBirch Logic Inc, for each Lifted share tendered. The offer was part of a larger reverse takeover and change of business transaction for Kootenay.
Namaste said the offer has now been completed, and as a result, Namaste has received 3,065,000 shares of PeakBirch in exchange for the Lifted shares, constituting an undiluted 3.3% shareholding in PeakBirch. The PeakBirch shares are subject to resale restrictions, including a four-month hold period and a monthly limit on sales subject to certain exceptions.
In addition to Namaste’s product offerings of vaporizers, glassware, accessories and CBD products, the company is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc. Namaste’s “everything cannabis store,” CannMart.com, provides customers with a diverse selection of hand-picked products.
Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive