TORONTO /CNW/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) announced on Mar. 13 that it has completed the previously announced acquisition of 49% of the frequent shares of Toronto-primarily based Pineapple Express Delivery Inc. (“Pineapple Express”).

In June 2018, the Business announced that it had entered into a subscription agreement to obtain 15% of the frequent shares of Pineapple for $1,000,000 which comprised of $850,000 in money and $150,000 in Namaste frequent shares (the “Subscription Agreement”). In December 2018, the Business announced that it had entered into a binding agreement (the “Purchase Agreement”) with shareholders of Pineapple Express to obtain an extra 34% of the outstanding frequent shares of Pineapple Express. Pursuant to the terms of the Obtain Agreement, the Business issued the promoting shareholders of Pineapple Express such quantity of Namaste frequent shares getting an aggregate worth of about $three.06 Million, primarily based on the closing cost of Namaste’s frequent shares on the TSX Venture Exchange on December 14, 2018 (the “Transaction”). Following closing of the Transaction, Namaste now owns 49% of the issued and outstanding frequent shares of Pineapple Express.

Below the terms of the Subscription Agreement dated June 2018, Namaste has the appropriate to obtain an extra 10% of the frequent shares of Pineapple Express for $1,200,000 inside 14 months from closing of the Subscription Agreement. In connection with the completion of the Transaction, Darren Gill, Chief Approach Officer of the Business, will be appointed to the as a director of Pineapple Express.

“Pineapple Express is a premier delivery firm when it comes to cannabis in Canada, and we appear forward to operating closely with Randy and his group to continue to develop the business enterprise,” mentioned Meni Morim, Interim CEO of Namaste Technologies Inc. “The acquisition of the shares of Pineapple Express is an essential element in Namaste’s development tactic and consumer service platform, and shows comply with-via, as we continue to operate business enterprise as usual and moving forward. Getting Pineapple Express as component of our family members is an effective way to get medicinal cannabis to buyers in the Higher Toronto Region and across Canada as swiftly and effectively as feasible. We stay focused on execution of our 2019 tactic and are pleased to have observed this project via.”

Namaste’s acquire of shares of Pineapple Express supports the Company’s tactic to invest in revolutionary firms which bring worth to the Business and to the broader marketplace as a value service for Cannmart.com, Licensed Producers and regulated dispensaries. Namaste believes that similar-day delivery for healthcare and recreational cannabis via Pineapple Express’ platform will give individuals and customers with added-worth now and expanded service prospective as the Pineapple Express platform expands.

“We’re quite content to turn out to be a companion with Namaste via their investment,” mentioned Randy Rolph, CEO of Pineapple Express Delivery Inc. “Pineapple Express has created terrific strides and functions with some of the leading cannabis firms in Canada, and we appear forward to continue to develop our network with the assistance of Namaste.”

About Pineapple Express Delivery Inc.

The Pineapple Express Delivery Inc. management group has more than 10 years of knowledge supplying similar-day, 60-minute delivery solutions in many industries across Canada. Pineapple Express provides a customized knowledge for its buyers and has established in-depth safety and delivery protocols to facilitate similar-day delivery of healthcare and recreational cannabis across the nation. Pineapple Express has been supplying a similar day delivery selection to the legal cannabis business from October 17th, 2018 and has provincial offices set up across Canada. For far more information and facts stop by:www.pineappleexpressdelivery.com

About Namaste Technologies Inc.

Namaste Technologies powers the ultimate on the web consumer knowledge for medicinal cannabis and associated solutions. Starting with NamasteMD.com, the Company’s integrated telemedicine application, we connect healthcare clientele with overall health care practitioners to far more readily concern and renew cannabis prescriptions on the web. Featuring the 1st Canadian Health-related Sales-Only Licence, the Company’s personal Cannmart.com is your ‘everything cannabis store’ supplying clientele a huge wide variety of strains to fill their prescription requires. Namaste’s distinctive artificial intelligence (AI) engine incorporated in its platforms and associated Uppy App, completes our ecosystem by identifying the appropriate item and pairing to address distinct healthcare cannabis needs. Namaste also gives vaporizers and accessories across quite a few platforms operating in far more than 20 nations. Namaste’s international technologies addresses neighborhood requires in a burgeoning cannabis business requiring sensible options. For far more information and facts about Namaste, please stop bywww.Namastetechnologies.com

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