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Namaste Technologies subsidiary CannMart applies for psychedelics dealer’s license in Canada

It said the Dealer’s Licence will allow labs to sell these controlled substances to approved individuals, researchers, and companies undertaking clinical trials

Namaste said it expects to receive Health Canada approvals by the beginning of fiscal third quarter of 2022

 () () (FRA:M5BQ) announced its wholly-owned subsidiary CannMart Labs Inc has submitted its application for a Health Canada Controlled Drugs and Substances Dealer’s Licence for future storage and distribution of controlled substances psilocybin, psilocin, ketamine (ketamine hydrochloride), LSD (lysergic acid diethylamide), DMT (N, N-dimethyltryptamine) and MDMA (3, 4-methylenedioxymethamphetamine). 

The company said the Dealer’s Licence will allow labs to sell these controlled substances to approved individuals, or their compounding pharmacies, researchers and companies undertaking clinical trials. 

“We are excited to have finalized and submitted this application. Societal acceptance and scientific discovery of new paths to wellness is rapidly increasing,” Namaste Technologies CEO Meni Morim said in a statement.

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

“Namaste is well versed in the distribution of controlled substances and looks forward to being a responsible leader in creating new paths to wellness,” Morim added.

Namaste noted it expects to receive Health Canada approvals by the beginning of fiscal third quarter of 2022.

Namaste Technologies is a cannabis-focused, e-commerce technology company with the goal of becoming the one-stop shop for everything a cannabis user needs.

The Toronto-based company, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands. 

In addition to its product offerings of vaporizers, glassware, accessories, and CBD products, the company's CannMart Inc, is a key part of its operations that sells online medical and recreational cannabis.

Contact Sean at [email protected]

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