Namaste Technologies has announced that its that wholly-owned subsidiary, Cannmart has received confirmation from Health Canada to buy pre-packaged, labelled and tested cannabis products.
Image: Cannmart has secured confirmation from Health Canada to purchase pre-packaged, labeled and tested cannabis products. Photo: courtesy of Zuzuan / FreeDigitalPhotos.net.
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.
By allowing Cannmart to purchase pre-packaged medical cannabis products, the Company can remain focused on its areas of expertise in e-commerce and technology, and enable the Company to further expand on the products and services that can be provided through Cannmart.
The update from Health Canada is extremely positive for the Company and will further support its strategy in establishing Cannmart as Canada’s leading medical cannabis online marketplace.
The update from Health Canada is a major milestone for Cannmart and the Canadian cannabis industry as a whole. In light of the upcoming regulation changes with the Cannabis Act, this amendment supports Licensed Producers, like Cannmart whose sole focus is on the sale and distribution of cannabis and cannabis products in Canada.
Allowing Cannmart to purchase pre-packed products will not only eliminate the bottleneck at the Cannmart facility but more importantly, it will significantly reduce the costs associated with Cannmart and further support its business model.
Most importantly, this decision will enable Cannmart to bring more value to patients in offering pre-packed, labelled products sourced directly from its Licensed Producer partners in a diverse online marketplace.
Namaste president and CEO Sean Dollinger said: “This is amazing news for Cannmart which will completely eliminate the need to buy bulk cannabis, test, unpack, weight and repack before it hits the shelves. We believe that this will allow us to maximize our output and profitability through Cannmart.
“We are thrilled to have received this update from Health Canada which only supports our business model and strategy in developing Canada’s most innovative e-commerce platform to offer a curated selection medical cannabis products and the best user experience possible.”
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands.
Namaste’s product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Source: Company Press Release