Namaste Technologies Inc.(CSE:N) (OTCMKTS:NXTTF) is pleased to announce a Letter of Intent (the “LOI”) with Supreme Pharmaceuticals Inc. (“Supreme”) (TSXV:FIRE) (OTCMKTS:SPRWF). The LOI, signed by Supreme’s wholly owned subsidiary, 7ACRES, and Namaste’s wholly owned subsidiary, Cannmart Inc., provides that Supreme will supply CannMart with a premium range of high quality dried cannabis flower which will be offered in the Company’s medical marketplace.
upreme is focused on producing high quality cannabis through a commitment to carefully curated genetics, quality focused cultivation practices and a post-harvest process that includes a 14-day whole plant drying process and hand finishing of each flower. Under the terms of the LOI, Namaste has committed to work with Supreme as a preferred vendor as related to possible branded partnerships, in addition to supply for Namaste’s in-house branded medical cannabis.
All Supreme cannabis will bear the 7ACRES producer’s mark. Namaste believes that Supreme’s Business to Business (B2B) distribution model fits well with Namaste’s focus on becoming Canada’s leading online retailer for medical cannabis.Other terms of the LOI include:
- Purchase orders to be submitted accompanied by terms and conditions governing the purchase and sale of medical cannabis in accordance with Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”)
- All products sold by 7ACRES to CannMart will be in accordance with ACMPR, 7ACRES Standard Operating Procedures (SOP) and GMP Practices
- 7ACRES will provide all product descriptions and photography to be used with respect to the sale of 7ACRES products through CannMart
- CannMart will display 7ACRES trade-mark on all packaging in connection with the sale of any 7ACRES products through CannMart’s website
- 7ACRES shall be CannMart’s preferred supplier of premium dried cannabis flowers as it relates to celebrity endorsements in partnership with CannMart and Namaste
- All shipping costs shall be borne by CannMart
The LOI represents further progress for Namaste in securing this supply agreement with one of Canada’s leading producers of premium quality cannabis. Namaste will focus on offering the largest variety of medical cannabis products, sourced from both domestic and international licensed producers.
