VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2016) - Namaste Technologies Inc. ("Namaste" or the "Company") (CSE:N)(FRANKFURT:M5BQ) is pleased to announce that the Company has secured new agreements with manufacturers of indoor growing equipment. These product lines will be added to Namaste's e-commerce portals and complement the Company's existing portfolio of vaporizers, pipes, papers and other accessories. This new product portfolio also represents a further monetization of Namaste's customer list of approximately 250 thousand names.
Currently, cannabis is legal for medical use in 25 states and recreational use in four states. Next week, the US will have three states voting on the legalization of medical use (Florida, Arkansas, and North Dakota) and five states voting on the legalization of recreational use of cannabis (California, Massachusetts, Arizona, Nevada, and Maine). Should all five states vote in favor of recreational marijuana, the US could have upwards of 75 million people living in states where the recreational consumption of cannabis will be legal. This represents approximately 23% of the total US population and is anticipated to advance the potential for legalization in additional states. In the US, support for the legalization of cannabis reached an all-time high of 57% in favor. Namaste's product portfolio is ideally positioned to capitalize on these potential developments in the US.
Namaste has entered into agreements with Gorilla Grow Tent Inc., SuperCloset Inc. and Kind LED Grow Lights, all leading manufacturers of the most advanced growing equipment available on the market. Namaste will initially market each of the manufacturers' products in the US and Canada, and will receive wholesale rates on product sales. It is anticipated after the initial launch, Namaste will launch each of these brands into the twenty international markets Nasmaste currently serves.
Sean Dollinger, President and CEO of Namaste, comments: "The markets for our current and new products are expanding considerably. With the acquisition of VaporSeller and URT1, we have given ourselves a substantial position in the US market which now represents 74% of our customer base. We view the upcoming election in the US as a key catalyst for our company and will continue to focus our efforts on expanding our brands in the US, which is the largest market for our products globally."
About Gorilla Grow Tent Inc.
Gorilla Grow Tents are professionally designed grow tents that are ideal for experts and perfect for beginners and set the standard for quality and durability. Each grow tent is built with stable reinforced materials and are the strongest and safest materials available. Gorilla Grow tents have no plastic and feature a proprietary diamond reflection technology for best yield. Gorilla Grow Tents also feature a patent pending adjustable height extension kit that gives you the ability to increase your growing height from 7′ to 8′ or even 9′ tall.
About SuperCloset Inc.
Founded by Kip Anderson in 2002, SuperCloset, also known as SuperPonics, is accredited by the Better Business Bureau and maintains a perfect A+ rating, surpassing any other company in the hydroponics industry. SuperCloset is known as the leading manufacturer of Automated Superponics Systems and Grow Boxes in the world. Based in beautiful San Francisco, California, the company is in the perfect environment for combining innovative and imaginative ideologies with progressive methods of harvesting local, sustainable and organic products.
About Kind LED Grow Lights
Kind LED Grow Lights are the industry leader in indoor LED grow lights. Kind LED consulted with hundreds of professional hydroponic and soil growers to rigorously research and develop their cutting edge LED indoor grow light technology that has since revolutionized the indoor growing industry. Kind LED is widely considered the best indoor LED grow light on the market today. Kind LED Grow Lights are comprised of high powered 5 and/or 3 Watt Light Emitting Diodes featuring a proprietary intensified 12 band spectrum, including infrared and UV diodes designed for both vegetative and flowering stages of growth.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors 5 discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.