The LOI and proposed Agreement represent a strategic initiative for Namaste’s continued effort to offer innovative products to the medical cannabis market. Namaste believes that Inolife’s technology provides the most accurate and efficient method for dosing with medical cannabis. Namaste expects to work within Health Canada’s current and future cannabis regulations, when proceeding towards commercialization of pre-filled needle-free syringes. Namaste expects to commercialize the pre-filled needle-free syringes through its wholly owned subsidiary and late-stage applicant under Access to Cannabis for Medical Purposes Regulations (“ACMPR”), Cannmart Inc. The Company also expects to engage with Canadian ACMPR medical cannabis producers to co-brand medical cannabis oil, to be sold and used for applications with Inolife’s technology.
Key Terms of the LOI
- Namaste will initiate a research study to determine the viability to use Inolife’s needle-free injectors for medical cannabis.
- Namaste will bear all costs for research and development.
- Namaste will participate for up to 10% of Inolife’s anticipated private placement and go-public transaction.
- Namaste will have exclusive rights to distribute Inolife’s products for the purposes of use with medical cannabis.
- Both parties agree to a 30-day period from the execution date of the LOI to negotiate terms of a definitive agreement and establish a protocol to proceed with a research study.
Michael Wright, President and CEO of Inolife comments, “We’re very excited about the proposed partnership with Namaste. We feel that Namaste is best positioned to deliver on our strategic plan to become an innovator of delivery systems for the medical cannabis industry. We’re pleased to be the first company, in partnership with Namaste, to explore needle-free device technology in the context of medical cannabis delivery.”
Sean Dollinger, President and CEO of Namaste comments, “We are very pleased to announce this LOI and our expectation of providing research and development of this innovative technology for applications with medical cannabis. We believe that Inolife’s technology could provide the most efficient and accurate method for dosing with medical cannabis. We see a massive opportunity to revolutionize the industry by bringing this exciting technology to the medical cannabis market. We’re delighted to see that industry-leading companies like Inolife are recognizing Namaste for its value in its database, platform and brand.”
About Inolife R&D Inc.
Inolife R&D Inc. is an emerging specialty medical device company focused on developing and commercializing self-administered medical products using novel drug delivery technologies. The company was founded to take advantage of novel techniques of liquid jet and ballistics-based epidermal drug injection that we believe will improve a patient’s quality of life by making medicines easier to self-administer, work better, and remove the anxiety and inconvenience associated with hypodermic needle injections.
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and with distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.