Recently, Namaste Technologies Inc. (TSXV:N) (OTC:NXTTF) (FRA:M5BQ) announced that it had entered into a share purchase agreement to acquire a 49% stake Calgary-based Choklat Inc. for $1.5 million CAD in cash consideration.
According to the release, “Choklat is a premium chocolate manufacturer with existing sales through its online eCommerce site and through a network of distributors across Canada.”
After a little searching, we came across a video from May 16th, 2016 that was posted on YouTube by Brad Churchill, the Founder, and CEO of Choklat Inc. With a Willy Wonka soundbite playing in the background, it shows Choklat’s transformation from a small-time operation to something far larger.
Although Choklat is not currently allowed to offer cannabis-infused edibles, Namaste is hoping that this investment will be a home run once they become legal in Canada this fall. While the expected legalization date for edibles is set for October 17th, which will be one full year after Canada legalized recreational cannabis, these things are always subject to change.
Cabinet Minister Bill Blair hinted in January hinted in January “that the federal regulations are not the final step, and actual sales might come later.”
Be sure to subscribe to updates here so you never miss an important update.
Get Real-Time Updates from MJobserver.com