On Nov. 26, 2018, Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) announced that it had signed a Subscription Agreement, whereby it had completed an investment of $250,000 to acquire 46,729 Class B common shares of Kief Cannabis Company Ltd. representing approximately 3% of the issued and outstanding shares of Kief Cannabis, based on an $8.1 million valuation.
In August, Namaste's wholly-owned subsidiary, Cannmart Inc. signed a medical cannabis Supply Agreement to purchase premium medical cannabis products from Kief Cannabis for sale on its online platform. Cannmart will now also have the right of first refusal ("ROFR") on 35% of the total production of cannabis from Kief Cannabis.
Namaste's financial investment in Kief Cannabis is part of a larger program to foster the growth of the craft cannabis market by offering long-term supply agreements that in turn benefit Cannmart's growing number of registered customers.
Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market.
Peter Simeon of Gowling WLG advised Namaste with respect to this investment and supply agreement.