Namaste Technologies (TSXV:N) announced its subsidiary Cannmart obtained a medical cannabis sales-only license with Health Canada.
As quoted in the press release:
Cannmart will operate as an online marketplace for medical cannabis sourced from multiple Licensed Producers, which will offer patients a curated selection of medical cannabis strains in one location. Cannmart has secured over 13 domestic and international supply agreements and will also focus on developing arrangements with micro-cultivators who will provide high-end craft strains, subject to the upcoming regulations of the Cannabis Act. Cannmart’s goal is to offer the largest and most diverse selection of medical cannabis products available in the Canadian market.
Further to the Company’s September 18 news release, Cannmart will be allowed to buy pre-packaged, labelled and tested cannabis products. This development is very significant for Cannmart in that it will eliminate the need for buying in bulk, testing and packaging which will significantly reduce overhead costs for Cannmart and thus increase gross profit margins and profitability. By allowing Cannmart to purchase pre-packaged medical cannabis products it can remain focused on its areas of expertise in e-commerce and technology, and further expand on the products and services that can be provided through Cannmart.