Namaste Technologies (OTCMKTS:NXTTF) has announced that CannMart Labs Inc., its wholly-owned subsidiary has signed a licensing agreement with cannabis brand Phyto Extraction. This comes days after CannMart also announced a licensing and manufacturing agreement with TREC Brands.
Cannmart Labs signs licensing agreement with Phyto Extractions
The exclusive licensing agreement with Phyto Extractions grants CannMart Labs a license to use trademarks of Phyto on particular cannabis products such as cannabis capsules, tincture bottles and jars, and vaporizing pen cartridges. According to the agreement, CannMart Labs may obtain a production license and may assign the rights under the agreement to Namaste’s subsidiary CannMart Inc.
Namaste’s CEO Meni Morim praised the move saying that Phyto Extractions is an established brand name in the cannabis space. He also welcomed the company’s innovative products to CannMart’s cannabis store and distribution platform. Meni indicated that there is growing competition in the industry as cannabis companies anticipate cannabis derivatives hitting the market following the legalization of Cannabis 2.0. As a result, Namaste is working with leading brands in the industry like Phyto so that it can source high-quality products for customers.
The company has added Phyto’s product line to its website as it continues to enhance its product offering aggressively. CannMart is the online ‘everything cannabis store in Canada that offers a wide range of legal cannabis products in the country.
Namaste enters an agreement with TREC through CannMart
Namaste is committed to offering its customers quality products, and as a result, CannMart has joined forces with TREC to offer high-quality products to the brand conscious customer base of TREC. They will bring the products under the WINK brand and thus enhance revenue growth for both companies.
Meni indicated that through CannMart, they have developed a robust distribution channel for cannabis products that they will combine with TREC’s brand. This will enhance the distribution of quality products to physical locations in Ontario and Saskatchewan. Meni further indicated that TREC has superior brand products and that the company has done a lot to support various initiatives in Canada as well as globally.
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