Namaste Technologies (CSE:N; OTCMKTS:NXTTF) signed a non-binding letter of intent (LOI) with Inolife R&D for the proposal of a research study to evaluate applications for Inolife’s proprietary needle-free injectors in the medical cannabis industry.
As quoted in the press release:
Under the terms of the LOI and proposed Agreement, Namaste will hold exclusive rights to research and distribute Inolife’s needle-free injection technologies for applications in the cannabis industry. Namaste will also participate in Inolife’s anticipated private placement by acquiring up to 10% of the shares issued under the offering. Inolife will also provide Namaste with the right to acquire up to an additional 10% of the shares issued under the offering at the same price. Additionally, Namaste will purchase up to 10% of the shares issued in connection with Inolife’s go-public transaction for approximately $250,000. Namaste believes that Inolife’s needle-free technologies could revolutionize dosage and administration of cannabis for medical purposes.
The LOI and proposed Agreement represent a strategic initiative for Namaste’s continued effort to offer innovative products to the medical cannabis market. Namaste believes that Inolife’s technology provides the most accurate and efficient method for dosing with medical cannabis. Namaste expects to work within Health Canada’s current and future cannabis regulations, when proceeding towards commercialization of pre-filled needle-free syringes. Namaste expects to commercialize the pre-filled needle-free syringes through its wholly owned subsidiary and late-stage applicant under Access to Cannabis for Medical Purposes Regulations (“ACMPR”), Cannmart Inc. The Company also expects to engage with Canadian ACMPR medical cannabis producers to co-brand medical cannabis oil, to be sold and used for applications with Inolife’s technology.