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Namaste Technologies Inc (OTCMKTS:NXTTF) Signs A Share Purchase Agreement With Cannbit Ltd

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Namaste Technologies Inc (OTCMKTS:NXTTF) announced recently that it signed a non-binding Letter of Intent (LOI) with Cannabit Limited where the two companies would enter into an equity purchase agreement. Under the terms of agreement, Namaste would obtain a 5% equity position in Cannbit through an investment that would be determined and agreed by both parties. At the same time, Cannbit would offer Namaste a first right to purchase an extra 5% equity in shares rated at the same valuation.

Last year, Namaste also signed a Supply Agreement with Cannbit with the intention to acquire high-quality medical grade cannabis from the firm via Cannmart Inc, a wholly owned subsidiary of Cannbit.

Namaste is delighted to have the opportunity to have a share position with Cannbit and expects the relationship to be long-term and mutually beneficial to both parties involved. Through Cannmart, Namaste also intends to offer the largest selection of medical cannabis products to its clients by sourcing directly from the domestic and internationally markets.

The company is also planning to upgrade its immense expertise with e-commerce, enterprise technology, and Conversion Rate Optimization so as to develop Canada’s leading online space for medical cannabis.

The terms of the LOI stipulates that the closing of the proposed agreement will be determined by the board of directors and shareholders from each party and to some extent, the Canadian Securities Exchange, if applicable.

The strategic investment with Cannbit and other medical cannabis producers will bring much value to Namaste to ensure that the company has an ample supply of the wide range of high-quality medical cannabis products within the Canadian market. The company is also seeking additional opportunities by implementing the Cannmart’s business model in various regions in which it possesses a large market share.

Sean Dollinger, president and CEO of Namaste stated that they are eager to work with Cannbit and hopes to import and distribute the best high-quality medical cannabis products into the Canadian market.

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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