Namaste Technologies Inc (OTCMKTS:NXTTF) has announced signing a definitive accord to acquire an additional 34% stake in Pineapple Express Delivery. The total ownership of Namaste in Pineapple Express Delivery will become 49%. The deal is valued at common shares of Namaste worth $3.06 million.
Following the takeover of 49% stake in Pineapple Express Delivery, the company is in a position to pump in funds in companies that add more value and helps to contribute to the broader market. Acquisition of additional stake in Pineapple Express Delivery allows the company to ensure same delivery of recreational and medical cannabis to the consumers and patients alike.
Pineapple Express is engaged in ensuring same day delivery of recreational and medical cannabis to all the licensed Canadian producers. As mentioned in the June 13, 2018 release of the company, Namaste signed a subscription accord to take over 15% of the outstanding and issued shares of the Pineapple Express Delivery.
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Details of the Transaction
The closing price of the shares of Namaste on TSX Venture Exchange on December 14, 2018, will be considered for the issue of shares. Following the deal, Sean Dollinger, Chief Executive Officer of Namaste will be inducted into the board of directors of Pineapple Express. The operational and financial control of the business will be retained with Pineapple Express. The deal is subject to the approval of stock exchange.
Pineapple Express Launches Delivery Service in Ontario and Manitoba
Pineapple Express has introduced same day delivery of medical cannabis in Ontario and Manitoba. The company is also planning to expand the services into other provinces. Cannmart Inc., a wholly owned subsidiary of Namaste, has also launched same day delivery services with the help of Pineapple Express.
Agraflora Organics International Inc (OTCMKTS:PUFXF) Issues an Update to the Supply Accord with Namaste Technologies
Further to the supply accord Agraflora Organics International Inc (OTCMKTS:PUFXF) has entered into with Namaste Technologies today, Agraflora is issuing an update. The propagation Services Canada, a unit of Agraflora, will supply medical cannabis products to Cannmart Inc. The deal is subject to the approval of sales and cultivation licenses by Health Canada.
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