VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 9, 2016) - Namaste Technologies Inc. ("Namaste" or the "Company") (CSE:N)(FRANKFURT:M5BQ) is pleased to report on the Company's market position in the context of the recent voting results on the legalization of cannabis for recreational and medical purposes in US states. Specifically, of note, US states including California, Nevada, Massachusetts, and Maine voted to support the legalization of cannabis for recreational purposes. Post voting, a total of eight states have now legalized cannabis for recreational purposes, which represents upwards of 68 million people living in states where the recreational consumption of cannabis is legal. This represents approximately 21% of the total US population. Based on these voting results, it is anticipated additional US states will pursue legalization in future.
As a result of the acquisition of VaporSeller and URT1, Namaste is ideally positioned to capitalize on these developments in the US, where 74% of the Company's customer base is located. This includes traffic originating from the state of California, the most populated state in the US and now one of the largest legalized cannabis markets in the world, where Namaste's portals generated total site sessions of 76,829 for the months of September and October. It is anticipated that site traffic and sales from California and other states where voters supported legalization will increase in the foreseeable future.
Sean Dollinger, President and CEO of Namaste, comments: "The voting results that we have received this morning represent a historic event. At the beginning of 2016, we set forth with the objective of increasing our US presence and post completion of our first two acquisitions, we have ideally positioned ourselves to capitalize on deregulation events such as those that have just taken place. We will now focus our efforts on expanding our presence and offering in these key states."
Namaste further announces that pursuant to the Company's shareholder approved Stock Option Plan, the Company's Board of Directors granted a total of 5,530,000 Incentive Stock Options ("Options") to directors, officers, employees and consultants of the Company. 4,930,000 Options shall vest over a period of 2 years and 600,000 Options shall vest over a period of 1 year. All Options vest on a quarterly basis and have an exercise price of $0.35.
Select compensation includes:
- Sean Dollinger, President and CEO - 1,500,000 Options and US$125,000 annual cash compensation; and
- Philip van den Burg, CFO - 1,200,000 Options and US$100,000 annual cash compensation.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 e-commerce 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:
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 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.