Namaste Technologies Inc (TSX-V:N, OTCQB:NXTTF) reported that CannMart Labs Inc has successfully completed several test batches of its cannabis extracts ahead of an “imminent” commercial launch.
Test batches produced clear gold extracts from biomass using the lab’s extraction system that isolates pure cannabinoid compounds and terpenes, the Toronto-based company said in a statement.
CannMart is set to launch a limited edition run of two live resin products under its in-house brand, Roilty.
READ: Namaste Technologies sees its 2Q gross margins improve on increased higher margin product sales
Both products will be available to purchase at CannMart.com by medical customers, and available in recreational channels by the end of October 2021, Namaste said.
Separately, Namaste said it plans to issue just over 1.7 million shares priced at a seven-day volume weighted average of C$0.1574 as payment of the third tranche of the remaining base purchase price to vendors as part of the acquisition of the remaining 49% interest in CannMart, first announced in November 2020.
The firm has also amended its non-employee director compensation plan, including rebalancing non-employee director compensation so that nearly 43% of non-employee director baseline compensation is provided in the form of awards instead of cash.
Namaste told shareholders that the move re-affirms the board’s commitment to the future success of the company.
Namaste is a marketplace platform for cannabis and wellness products. CannMart.com, its wholly-owned subsidiary, provides Canadian medical customers with cannabis products from a multitude of federally licensed cultivators and US customers with access to hemp-derived CBD and smoking accessories.
The company also distributes licensed and in-house branded cannabis and cannabis derived products in Canada.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas