Namaste Technologies said it has signed an agreement to buy bulk medical cannabis products from Tilray Canada to resell through Namaste’s e-commerce platform subsidiary Cannmart.
Cannmart is seeking a license to distribute cannabis across Canada, which means Namaste needs product to sell.
Tilray, one of the largest producers and suppliers of cannabis, is one of the few publicly traded companies on American exchanges, trading on the NASDAQ. Despite the announcement of the supply agreement with Namaste, Tilray’s stock price was down on Friday after Northland Capital Markets downgraded its stock from outperform to market perform.
Tilray (TLRY) has seen its stock value shoot up recently – it’s up more than 260 percent over the past month.
Tilray is majority owned by the private equity firm Privateer Holdings, based in Seattle.
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“We’re very proud to have signed a Purchase Agreement with Tilray, who we believe are one of Canada’s leading Licensed Producers,” Sean Dollinger, President and CEO of Namaste, said in a press release. “We have already had customers from NamasteMD ordering products through Tilray and the response has been overwhelmingly positive….
“Namaste’s goal of becoming Canada’s leading medical cannabis e-commerce platform has once again been reinforced through the signing of this strategic supply agreement with an industry leader like Tilray,” Dollinger said.
Tilray was trading at $79.33 on the Nasdaq on Friday afternoon, down 77 cents from its opening.