VAUGHAN, Ontario, March 02, 2020 (GLOBE NEWSWIRE) — Ignite International Brands, Ltd. (CSE:BILZ, OTCQX:BILZF) (“IGNITE” or the “Company”), is pleased to announce that it has executed a licensing agreement (the “Agreement”) with CannMart Inc. (“CannMart”), a leading online provider of high quality cannabis products and accessories, operating as a wholly-owned subsidiary of Namaste Technologies Inc. (TSXV:N) (FRANKFURT: M5BQ) (OTCMKTS:NXTTF).
The Agreement grants CannMart a non-exclusive licence to utilize certain IGNITE brand trademarks on legal cannabis-based products (the “IGNITE Products”) in consideration for certain royalty payments.
Pursuant to the Agreement, CannMart will work with IGNITE’s quality control and product development teams to source premium inputs, including flower and Cannabis 2.0 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 IGNITE Products in its Health Canada-licenced processing facility. In addition, CannMart will oversee the sale and distribution of the IGNITE Products in Canada, leveraging its Canadian trade channels. Pursuant to the Agreement, IGNITE will, on behalf of CannMart, market the IGNITE 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. “The IGNITE philosophy aligns with CannMart’s passion to deliver innovative products through its global distribution channels.”
“CannMart delivers a unique value-added proposition to brands,” said Curtis Heffernan, President of IGNITE. “The agreement with CannMart will allow IGNITE to remain laser-focused on expanding brand awareness to maximize its reach to Canadian consumers.”
“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 Technologies. “Namaste believes IGNITE is well known among our current customer base and CannMart intends to leverage IGNITE’s brand recognition to drive sales throughout its network of government partners and retailers.”
ABOUT NAMASTE TECHNOLOGIES INC.
With headquarters in Toronto, ON, and offices in both B.C. and around the globe, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The company’s ‘everything cannabis store’, CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators, all on one convenient site. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
For Meni Morim, CEO
IGNITE is a CSE-listed and OTCQX traded company operating in permissible CBD and cannabis sectors in addition to other product categories such as beverages. IGNITE intends to expand its business, which currently includes branding, marketing, licensing, sales and distribution, across the United States, Canada and United Kingdom into international jurisdictions by leveraging multiple product platforms. The Company intends to affect this expansion through brand leverage, product development, targeted marketing and strategic supply chain partnerships in each of its active and target jurisdictions.
Further information on Ignite International Brands, Ltd. and its premium products can be accessed at ignite.co.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “will”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions, including, but are not limited to, statements with respect to IGNITE’s receipt of any royalty payments from CannMart under the Agreement, the successful implantation of the Agreement, CannMart’s ability to produce the IGNITE Products, the productive interaction under the Agreement between IGNITE and CannMart and IGNITE’s ability to market the IGNITE Products. Forward-looking statements are based upon opinions, estimates and assumptions by management, based on then-available information that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors beyond control of the Company, any one or more of which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the ability of IGNITE and/or CannMart to give effect to its business plan or the Agreement; reliance on the “IGNITE” brand which may not prove to be as successful as contemplated; the termination of the Agreement pursuant to its terms; the ability to enforce the Agreement; changes in laws and the uncertainties surrounding the CBD and cannabis industries in Canada and internationally. There can be no assurance that any of the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and no assurance can be given that the expectations reflected in any forward-looking statements will prove to be correct. IGNITE disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
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