Namaste Technologies (TSXV:N) announced a wholesale supply agreement with Bonify, a licensed producer in Manitoba, to purchase an undisclosed amount of bulk cannabis product.
As quoted in the press release:
Under the terms of the Supply Agreement, Namaste will purchase bulk cannabis products through the Company’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”). Bonify operates a large-scale cultivation facility and will expand capacity to over 350,000 square-foot that will accommodate Namaste’s growth trajectory. Namaste will work with Bonify to develop private-label strains of cannabis for the medical and recreational markets as well as in offering the full selection of Bonify products.
Further to the Company’s August 13 news release, Cannmart completed its Health Canada Pre-Sales inspection on July 31, 2018 and the receipt of its “sales-only” license will represent a major milestone for the Company. With Cannmart’s “sales-only” license imminent, and in order to accommodate the acceleration of NamasteMD’s database and with the launch of Canadian recreational cannabis sales pending, the Supply Agreement with Bonify will guarantee adequate supply to support Namaste’s demand.