Namaste adds IGNITE products to cannabis web portal CannMart
CannMart will also oversee the sale and distribution of the IGNITE products in Canada
Toronto-based Namaste Technologies Inc., which creates online platforms for cannabis sales, announced that its wholly-owned subsidiary, online portal CannMart Inc. has executed a licensing agreement with IGNITE International Brands Ltd.
The agreement grants CannMart a license to use certain IGNITE brand trademarks on cannabis-based products in consideration for certain royalty payments.
According to Namaste, CannMart will work with IGNITE’s quality control and product development teams to source premium inputs, including flower and edible offerings, from Canadian craft cannabis producers for the IGNITE products.
Under the agreement, CannMart assumes all functions associated with procurement, processing and packaging of the products in its Health Canada-licenced processing facility.
CannMart will also oversee the sale and distribution of the products in Canada, leveraging its Canadian trade channels. Conversely, IGNITE will, on behalf of CannMart, market its products in Canada.
“The IGNITE team remains committed to delivering cannabis products to every market we target. We firmly believe working with CannMart will provide quality product offerings and a quicker route to market given CannMart’s competencies,” said IGNITE CEO, Dan Bilzerian, in a prepared statement.
“CannMart continues to demonstrate its ability to attract leading brands like IGNITE, to deliver recognizable quality products to consumers,” said Meni Morim, CEO of Namaste.