Under the terms of the Subscription Agreement dated June 2018, Namaste has the right to acquire an additional 10% of the common shares of Pineapple Express for $1,200,000 within 14 months from closing of the Subscription Agreement. In connection with the completion of the Transaction, Darren Gill, Chief Strategy Officer of the Company, will be appointed to the as a director of Pineapple Express.
“Pineapple Express is a premier delivery company when it comes to cannabis in Canada, and we look forward to working closely with Randy and his team to continue to grow the business,” said Meni Morim, Interim CEO of Namaste Technologies Inc. “The acquisition of the shares of Pineapple Express is an important component in Namaste’s growth strategy and customer service platform, and shows follow-through, as we continue to operate business as usual and moving forward. Having Pineapple Express as part of our family is an efficient way to get medicinal cannabis to customers in the Greater Toronto Area and across Canada as quickly and efficiently as possible. We remain focused on execution of our 2019 strategy and are pleased to have seen this project through.”
Namaste’s purchase of shares of Pineapple Express supports the Company’s strategy to invest in innovative companies which bring value to the Company and to the broader market as a value service for Cannmart.com, Licensed Producers and regulated dispensaries. Namaste believes that same-day delivery for medical and recreational cannabis through Pineapple Express’ platform will provide patients and consumers with added-value now and expanded service potential as the Pineapple Express platform expands.
“We’re very happy to become a partner with Namaste through their investment,” said Randy Rolph, CEO of Pineapple Express Delivery Inc. “Pineapple Express has made great strides and works with some of the top cannabis companies in Canada, and we look forward to continue to grow our network with the support of Namaste.”
About Pineapple Express Delivery Inc.
The Pineapple Express Delivery Inc. management team has over 10 years of experience offering same-day, 60-minute delivery services in multiple industries across Canada. Pineapple Express offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate same-day delivery of medical and recreational cannabis across the country. Pineapple Express has been providing a same day delivery option to the legal cannabis industry from October 17th, 2018and has provincial offices set up across Canada. For more information visit: www.pineappleexpressdelivery.com
About Namaste Technologies Inc.
Namaste Technologies powers the ultimate online customer experience for medicinal cannabis and related products. Beginning with NamasteMD.com, the Company’s integrated telemedicine application, we connect medical clients with health care practitioners to more readily issue and renew cannabis prescriptions online. Featuring the first Canadian Medical Sales-Only Licence, the Company’s own Cannmart.com is your ‘everything cannabis store’ offering clients a large variety of strains to fill their prescription needs. Namaste’s unique artificial intelligence (AI) engine incorporated in its platforms and related Uppy App, completes our ecosystem by identifying the right product and pairing to address specific medical cannabis requirements. Namaste also provides vaporizers and accessories across several platforms operating in more than 20 countries. Namaste’s global technology addresses local needs in a burgeoning cannabis industry requiring smart solutions. For more information about Namaste, please visit www.Namastetechnologies.com
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FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking information contained in this press release, includes, but is not limited to, statements with respect to the Company’s strategy of leveraging its technologies and acquiring new innovative technologies and the expected benefits thereof.
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