It’s a victory won for Namaste Technologies Inc (OTCMKTS:NXTTF) as the Israeli parliament has approved the export of medical cannabis from an Israeli partner Cannbit Ltd. The company is pleased to report a forward move in the export of medical cannabis from Israel as well the significance it will have to the company and their partner, Cannbit Ltd.
Namaste Hoping to Rely on Cannbit to Import Medical Cannabis from Israel
Namaste at the moment owns 10% of Cannbit Ltd and also has collaboration as well as a supply agreement for purchasing medical cannabis from the Israeli company. Besides, it maintains a collaboration agreement whereby Cannbit Ltd consults on Namaste operations in Israel.
Looking ahead, after the Israel government approved the exportation of medical cannabis, Namaste has everything to smile about as they will now look to rely on their Israel partner, Cannbit Ltd for the importation of medical cannabis from Israel direct to Canada plus other jurisdictions, subject to the regulatory approval.
Later this year, Namaste also intends to add Cannbit’s cannabis to its medical cannabis subsidiary Cannmart’s product line. According to Sean Dollinger, CEO of Namaste Technologies, the approval for exportation of medical cannabis from Israel is a significant milestone for both their Cannmart customers as well as their Israel partners, Cannbit.
The primary objective for Namaste is importing medical cannabis from the market in Israel and offering it to Canadian patients. Moreover, the approval in Israel opens another door for Namaste to import products to other various vital markets potentially.
The approval will also have a great significance to the Israel partners. Yaron Razon, CEO, and President of Cannbit is confident that the approval will as well have some material impact on their business and also help them with global expansion.
Apart from the medical cannabis that is sold through Cannmart, Namaste’s product offerings via its subsidiaries also include CBD products, vaporizers, glassware as well as other cannabis-related accessories. It has also developed Canada’s first cannabis telemedicine app meant for smartphones that allow doctors or nurse practitioners connect with patients for consultations on cannabis.