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Aurora Cannabis Inc (OTCMKTS:ACBFF) And Namaste Technologies Inc. To Close Strategic Private-Label Software Agreement

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Aurora Cannabis Inc (OTCMKTS:ACBFF) and Namaste Technologies Inc. reported the finalization of a binding term sheet for a “Private Label Agreement”, whereby Namaste will offer Aurora Cannabis’ wholly-owned subsidiary named CanvasRx Inc. with a customized form of Namaste Technologies’ patient acquisition tool named NamasteMD.com, as well as mobile and desktop applications for Apple iOS and Google Android platforms. The firms have 30 days to close a final agreement.

The details                                                                                     

NamasteMD is a web telemedicine offering for patient consultation and registration, getting together Namaste`s checked technology platform, counting certain proprietary authentication know-hows, as well as education, medical and consultation document issuance procedures. As per the reported Private Label Agreement, Namaste will offer CanvasRx with a tailored, CanvasRx-branded type of NamasteMD; Namaste will offer CanvasRx with a 2-year exclusivity timeline for the private label type of NamsteMD.com in Canada; Namaste will primarily offer the application for the Apple iOS as well as Google Android platforms; and CanvasRx will need their own nurse and/or doctors’ practitioners to run the platform.

As of now, the commercial terms of the deal are not disclosed. In consideration of Aurora Cannabis’ help for the future enhancement of NamasteMD, Namaste Technologies has issued Aurora Cannabis 500,000 stock options, which can be exercised at $3.35 a common share for 48 months, assigning quarterly over twelve months.

In addition, the firms have also signed a Letter of Intent to complete a Consultation and Support Services Agreement, whereby Namaste intends to provide patient referral services to none other than Aurora Cannabis. The deal is non-exclusive for a one-year term. Namaste shall offer certain patient-focused strain selection and education services, as well as help in preparing the necessary paperwork for registering patients with Aurora Cannabis. Also, Namaste Technologies shall offer the services under the deal on preferential terms to Aurora Cannabis.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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