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Namaste's new board nominees position company for growth in cannabis industry

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Namaste Technologies (CSE:N) (OTCQB:NXTTF) (FSE:M5BQ), the largest global online retailer for medical cannabis delivery systems, is taking steps which it describes as a major milestone in solidifying its Board of Directors for future growth within the cannabis industry.

Additional Information:

Company: Namaste Technologies
Website: http://www.NamasteTechnologies.com
Stock Symbol: CSE: N
Date Published: Mar 2, 2018
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

Namaste Technologies, the largest global online retailer for medical cannabis delivery systems, is taking steps which it describes as a major milestone in solidifying its Board of Directors for future growth within the cannabis industry.

The following have been nominated as proposed board members:

Laurens Feenstra is currently Product Manager at Waymo, formerly known as Google's self-driving car project.

Prior to Waymo, he worked on some of Google’s most well-known products such as Search, Chromebooks, and Android.

As a strategy consultant at McKinsey & Company, he has helped large media, banking and government clients become data analytics-driven companies.

Branden Spikes, considered as “Elon Musk’s most trusted lieutenant” by Venture Beat, worked side by side with Musk for over 15 years and helped pioneer ground breaking technologies at SpaceX, Tesla, and PayPal.

He was the CIO of SpaceX for ten years and was instrumental in setting up the information systems at Tesla Motors during its formative years after having served as Director of IT at PayPal.

Donald William Nickless worked for more than 30 years for the Seagram Company, beginning as a front-line supervisor in manufacturing, progressing through various Department Head positions, becoming manager of the Seagram’s largest Canadian plant.

Prior to his retirement, he held various positions culminating in his appointment to Executive Vice President of Manufacturing, SeagramAmericas with responsibility for Manufacturing Operations in the US, Canada, and South America.

Sean Dollinger, President and CEO, stated: “From the outset, Namaste has been focused on revolutionizing the cannabis industry through innovation. These Nominees represent an incredible opportunity for Namaste to not only strengthen the team but to significantly broaden the scope of our vision to revolutionize the industry. The combined experience and knowledge these individuals possess cannot be measured and we feel extremely privileged to have them willing to join our team and contribute significantly to the future direction of Namaste. Our entire team remains focused in our efforts and is committed in helping to redefine the industry. We strongly believe these Nominees will help drive future growth opportunities and help solidify Namaste as a global leader in the development of cannabis technology solutions.”

Namaste is well financed, having closed its previously announced “bought deal”, raising gross proceeds of $40.3 million, including the full exercise of the over-allotment option.

The company sold 15.8 million units at $2.55 per unit, with each unit consisting of 1 share and 1 warrant, with each warrant exercisable at $3.15 for 24 months, subject to an acceleration clause.

Proceeds of the offering will be used to fund inventory and supplies for its CannMart facility, to expand its customer and user base, for e-commerce upgrades and for general working capital.

Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and with distribution hubs located around the world.

It has majority market share in Europe and Australia, with operations in the UK, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile.

Through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license, the company is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market.

It intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in ecommerce to create an online marketplace for medical cannabis patients, offering a larger variety of products and a better user experience.

The shares are trading at $1.73.

For more information please visit the company’s website www.NamasteTechnologies.com , or contact Sean Dollinger, President and CEO, at 786-389-9771 or email info@NamasteTechnologies.com.

I’m Samantha Deutscher for Investmentpitch Media