Namaste Technologies (N.V) subsidiary CannMart received an exclusive license from Ignite International Brands to use Ignite’s brand trademarks on their cannabis offerings today, according to a press release.
CannMart also received approval from Alberta Gaming, Liquor and Cannabis (AGLC) and the Ontario Cannabis Retail (OCS) corporation to start offering cannabis 2.0 products.
“Our agreement to become the exclusive distributor of Ignite products in Canada is an important milestone for the company and positively reflects on our value proposition. CannMart continues to demonstrate its ability to grow its sales distribution channels in the Canadian market and this is attracting the attention of well-established brands like Ignite. We place a high value on our relationships with these brands as it is our belief that brand recognition will be a major driver of growth as the legal industry matures and transitions to consumer-packaged goods. The opportunity for CannMart to be the exclusive distributor for Ignite in Canada reinforces our position in the competitive cannabis market as consumers gravitate towards brands that are well known and trusted for their quality,” said Meni Morim, chief executive officer of Namaste.
CannMart will be offering a vape cartridges as their first product.
“Canada is an important market for IGNITE International Brands and CannMart has shown its ability to deliver high quality products to our target market. The awareness of the IGNITE brand continues to build throughout Canada and our product sales continue to grow. The team at CannMart has been instrumental and has proven their competency to navigate the regulations within the legal market. We trust that our brand can be nurtured in accordance with our high standards and together we can continue to build on our early success as we look to grow market share,” said Lester Lee, president of IGNITE.
A revision to the agreement licenses CannMart to use Ignite’s brand trademarks on their legal cannabis offerings in exchange for royalty payments.
Ignite product categories include CBD oil tinctures, CBD topicals, CBD pet products and CBD vape devices. Ignite also launched THC product line along with their CBD product line, using locally sourced cannabis.