High Tide Inc. (OTCMKTS:HITIF) and Namaste Technologies Inc. (OTCMKTS:NXTTF) recently announced that their wholly-owned subsidiaries had entered a CannMart Marketplace Agreement.
Canna Cabana to offer cannabis products on CannMart
According to the Agreement, High Tide through Canna Cabana Inc. will avail cannabis products to consumers online through CannMart.com. They will deliver the products as a licensee under the Namaste VendorLink platform for an initial one-year term, which is subject to renewals. After launch, around 40 recreational use products will be available on the marketplace to Saskatchewan-based consumers with inventory changes per week and more products to follow.
This Agreement marks Namaste’s entry into the direct to consumer recreational use cannabis market through CannMart.com by using the VendorLink solution for sales by licensed retailers. On the other hand, the Agreement will accelerate the growth of High Tide in Saskatchewan and expand its customer base on CannMart’s platform.
Meni Morim, Namaste’s CEO, said that the Agreement is a huge milestone for the company. He said that currently, there are a lot of cannabis marketplace choices, and the company has been working to integrate machine learning tech into the selection process for consumers. This allows retailers to focus on the provision of the best in-store experience and allows Namaste to do heavy lifting online.
Agreement to help High Tide grow in Saskatchewan
Raj Grover, High Tide’s CEO, said that the Agreement brings together complementary enterprises focused on Canadian cannabis consumers. He said that they are delighted to work with Namaste and VendorLink service to activate a substantial e-commerce sales channel under Canna Cabana. Raj said that Saskatchewan is one of Canada’s provinces with a business-friendly regulatory framework offering an opportunity for the company to leverage its strength as a cannabis retailer through strategic collaborations. Equally, the arrangement aligns nicely with High Tide’s mission of attaining sustainable growth through various revenue opportunities without putting pressure on the company with more capital costs.
The initiative is part of Namaste’s goal of increasing the total addressable market and offering consumers a seamless buying experience on CannMart.com.