Namaste Technologies Inc (OTCMKTS:NXTTF)’s subsidiary – CannMart Inc terminated purchase order with Choklat Inc. The company holds a stake of 49% in Choklat.
Meni Morim resigns from Choklat
According to a communiqué from Namaste, Mr. Meni Morim, relinquished his post as director at Choklat. It is on the backdrop of difference with the management of Choklat.
Namaste has right to appoint a director following its investment in Choklat in March last year. Though Namaste retains the right to place a new director to the board of Choklat, it is not exercising that option right now.
Namaste is currently evaluating its options in Choklat because of its diverse and broader cannabis 2.0 strategy. It is reviewing the performance of Choklat.
Health Canada awarded a processing license to Choklat for the manufacture of craft chocolates. The product line of Choklat comprises drink blends and sugar and chocolate bars infused with cannabis.
CannMart obtains an exclusive license from IGNITE
IGNITE International Brands, Ltd gave an exclusive license to CannMart. The license allows CannMart to use some of the trademarks for its products derived from cannabis. CannMart will sell these products in the legalized space of Canada. The company also obtained approval from OCS (Ontario Cannabis Store) and AGLC (Alberta Gaming, Liquor & Cannabis) to begin selling cannabis 2.0 products.
CEO of Namaste, Meni Morim, said CannMart entered an exclusive distributor pact with IGNITE. Therefore, CannMart is the sole distributor of IGNITE products nationwide, an important milestone for the company that improves its value proposition. CannMart is demonstrating its capability to improve its distribution channels across the nation. It is attracting attention of reputed brands such as IGNITE.
CannMart gives utmost importance to the relationship with brands, including IGNITE, because recognized brands drive growth. The company achieved a milestone by getting the nod to list its cannabis 2.0 products in Alberta and Ontario provinces. It offers additional revenue avenues for CannMart and promotes growth.
President of IGNITE, Lester Lee, said CannMart showed its capability to provide high-quality products. Canada is a large market for its global brands. He said the alliance will promote the awareness of its brand across the nation and improve its sales.
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