Namaste Technologies (TSXV:N) announced its subsidiary signed a distribution agreement with BlueSky Biologicals agreeing to distribute the full-spectrum, hemp-derived cannabidiol (CBD) products in its UK and European marketplace.
As quoted in the press release:
The UK has classified CBD as a food supplement, as such, Namaste has been focused on building a carefully curated CBD supply chain for its UK platform. Namaste’s launch of CBD sales in the UK and EU are the first steps of the Company’s initiative to leverage its platform, technology and consumer databases to enter into cannabis consumable sales in the UK and EU.
In Canada, CBD is regulated under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) program, which restricts non-ACMPR vendors from selling it. CBD is a type of cannabinoid which is present in both cannabis and industrial hemp. Most CBD products outside of Canada are produced using industrial hemp, which is naturally high in CBD and low in delta-9 tetrahydrocannabinol (THC).
The UK’s recent classification of CBD opens the market to Namaste to leverage its site traffic and database to create a new high-growth revenue stream in its UK marketplace. BlueSky’s full spectrum products have been created to fill the unmet global demand for cannabinoids. Their products have unique formulations and are based on their proprietary Golden Harvest cannabinoid blend-. Additionally, BlueSky’s hemp is organically grown using sustainable farming practices, which is the foundation for their cannabinoid products containing no additives, chemicals, or preservatives.