Namaste signs Master Services Agreement with Australian-based YPB to Provide consumer confidence solutions to its customers
VANCOUVER, June 27, 2018 /CNW/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N)(FRA: M5BQ)(OTCMKTS: NXTTF) is pleased to announce signing of a Master Services Agreement (the “Agreement”) with YPB Group Ltd. (“YPB”)(ASX: YPB), an Australian based product verification and customer engagement company. Namaste has identified the need for its global customers to have confidence in the products they are purchasing, and for vendors to have access to granular data on their end-users. As such, Namaste plans to introduce YPB’s solutions across its network of manufacturers and to Canadian Licensed Producers to bring certainty of authenticity and supply chain transparency to the entire legal cannabis industry globally. This coalition furthers Namaste’s agenda in providing leading technology platforms for its global marketplace and in enhancing the user’s experience for its customers.
Namaste is the world’s largest and most comprehensive cannabis-focused e-commerce platform with 32 sites in 20 countries and over 600,000 monthly visits to their e-commerce sites with a database of approximately 1.5 million users. Their fully integrated e-commerce network spans across the globe offering everything from rolling papers to vaporizers. In Canada, Namaste has developed the country’s first telemedicine app, available on iPhone and Android devices which allows patients to connect to doctors or nurse practitioners and have access to a wide range of high-quality cannabis products and services. The shared strategy of this Agreement is to leverage Namaste’s market position with the objective that all vendors on its platform across the entire cannabis supply chain will adopt this technology and mark every product with YPB ProtectCodes to help protect consumers by ensuring the products and services they are purchasing are safe and reliable.
Sean Dollinger, President, and CEO of Namaste comments: “Our extensive tender process identified Australian-based company YPB as being able to deliver the most sophisticated forensic level anti-counterfeit security for brand protection. We are confident YPB’s Secure Supply Chain tracking will enhance trust in the legitimacy and integrity of the vast range of products and services being sold throughout the industry. Namaste has spent years building strong, trusted relationships with vendors in the industry many of whom suffer from having their products counterfeited and sold through unlicensed distributors. Through this partnership, Namaste offers an effective solution to further support our vaporizer and hardware vendors. Additionally, we believe this technology has the ability to revolutionize the sale of cannabis throughout the Canadian market, with the potential for global market penetration. We fully intend on leveraging our relationships with licensed producers with the hope of providing additional value to LP’s and their customers. As the market expands and becomes more competitive we expect to see an increased demand for the adoption and implementation of anti-counterfeit security to ensure all parties involved are adequately protected. We believe YPB is a leader in the space and we are excited to work alongside them to come up with unique solutions for the cannabis industry.
In the last five years, Founder and CEO of YPB, John Houston has seen a notable increase in the number of global eCommerce brands who are looking at how to protect consumers and brand value with YPB’s technology. It is predicted that by 2022, the value of the global counterfeit market will reach $US4.2 Trillion and 5.4 million jobs will be at risk. According to World Health Organization estimates, one million people die each year from counterfeit medicines. Counterfeit is a global issue and brands are increasingly needing to become smarter and look at ways to protect their customers from fakes to mitigate risk to their brand reputation.
The ability to engage directly with customers who have scanned a YPB protected product to confirm authenticity but have not purchased through a Namaste platform will also provide them with valuable market intelligence to know, understand and connect with a greater proportion of the cannabis community more effectively.
John Houston, YPB Executive Chairman comments: “Namaste is a smart, rapidly growing company with powerful competitive advantages and a unique central hub position in the legal cannabis industry. YPB could not find a better partner with whom to participate in the expected rapid growth of cannabis consumption. Namaste’s footprint offers YPB exceptional global access with ease of execution at low cost and its adoption of our technology is recognition of the power of product authenticity to build customer trust, relationships and numbers. This is YPB’s single biggest opportunity yet and we will work closely with Namaste to ensure conversion to real shareholder wealth. I’m also delighted to welcome Namaste onto our share register and the magnification of our mutual interests that it brings.”
ABOUT NAMSTE TECHNOLOGIES
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com, Canada’s first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada’slargest database of medical cannabis patients. The company’s subsidiary, CannMart Inc. is an ACMPR Licensed Producer pending receipt of a “sales-only” license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
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