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.

"We look forward to producing our in house branded Cannabis 2.0 products, including “ROILTY” for our medical channel customers at CannMart.com and recreational consumers across Canada through our network of provincial sales partners."

The Cannabis 2.0 products the company initially has planned include shatter, live resin, badder, and it can expand future distillate product offerings to include vape cartridges, gel capsules, tinctures and edibles.

Namaste owns 100% of the CannMart Labs extraction facility in Etobicoke, Ontario, which is designed to meet EU Good Manufacturing Practice (EU-GMP) certification requirements. The next step will be to commission the equipment, which will begin immediately, the company told investors.

Shares in Namaste advanced nearly 6% higher on the day in Toronto to C$0.36 each.

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