TORONTO, Oct. 15, 2019 /CNW/ - PRESS RELEASE - Namaste Technologies Inc., an online platform for cannabis products, accessories and responsible education, has announced that CannMart Inc., a wholly owned subsidiary of Namaste, has received approval from Health Canada for an amendment to its license allowing it to offer cannabis oil concentrates on its online marketplace, CannMart.com.
"The long-awaited Health Canada approval we just received, is pivotal as it allows us to participate in the cannabis oils market today, and sets the stage for our presence in the edibles, extracts and topicals markets, pending their legalization and regulation anticipated to occur this week," said Meni Morim, CEO of Namaste Technologies Inc. "The amended sales license opens the door to a wide range of new cannabis products and related revenue streams and fulfills a key strategy milestone."
The amendment to CannMart's cannabis sales license allows CannMart to offer cannabis oils to its registered medical patients immediately and positions CannMart to leverage Canada's "Cannabis 2.0" market opportunity when cannabis edibles, extracts and topicals become legal for recreational use. In a recent report, the consulting firm Deloitte estimates that the Canadian market for edibles and alternative cannabis products to be worth up to C$2.7 billion annually.
Cannabis oil concentrates will be available on CannMart.com starting Wednesday, Oct. 16.
