BlissCo Signs Artificial Intelligence E-Commerce and Technology Agreement with Namaste to Serve Billion Dollar Cannabis E-Commerce Market
VANCOUVER, British Columbia, July 18, 2018 (GLOBE NEWSWIRE) -- BlissCo Cannabis Corp. (CSE: BLIS) (FRA: GQ4B), ("BlissCo") or the ("Company") is pleased to announce that the Company has signed an e-commerce and technology services agreement (the "Agreement") with Namaste Technologies Inc. ("Namaste") (TSXV:N) (FRANKFURT:M5BQ) (OTCMKTS:NXTTF).
The Agreement provides BlissCo with services including access to Namaste's technology platforms, software integrations and e-commerce services including those powered by Namaste's e-commerce artificial intelligence (AI) platform, Findify.io. Under the terms of this Agreement, Namaste will leverage its proprietary technology platforms to develop an innovative online marketplace in partnership with BlissCo to enhance BlissCo's patient experience.
"By signing this agreement, we further strengthen BlissCo's ecosystem by utilizing Nameste's tech-enhanced distribution channels and complementary products. We plan to provide our patients with direct access to BlissCo products by leveraging Namaste's e-commerce and mobile platforms, as well as the company's white-labeling capabilities to create a consistent brand experience," said Damian Kettlewell, CEO of BlissCo Cannabis Corp.
Namaste is a global leader in the sale of medical cannabis technology and consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste developed Canada's first ACMPR compliant telemedicine application, NamasteMD.com.
"We're proud to partner with BlissCo on this project. We've worked closely with their management team who are keenly focused on an innovative and long-term strategy to differentiate themselves in this competitive industry. We believe that we can bring major value to BlissCo by implementing our e-commerce platforms with the goal of increasing revenue and conversion rates while creating the best user experience possible for patients." Said Sean Dollinger, President and CEO of Namaste Technologies Inc.
Deloitte estimates that the retail market for legal cannabis in Canada could hit $8.7 billion annually. Further, online medical cannabis sales are estimated to reach $1.1 billion by 2020.
Under the terms of the Agreement, Namaste will assist BlissCo in enhancing its online platform by utilizing Namaste's suite of innovative technologies including:
- Software integrations including AI and machine learning to improve conversion rates.
- Customization of Namaste's telemedicine application, NamasteMD based on a recurring revenue model.
- E-commerce development services including programming and IT.
- Namaste will provide BlissCo with an agreement to use Pineapple Express Inc. same-day delivery service
Watch live today as Mr. Kettlewell joins Mr. Dollinger for today's livestream of Namaste 420 on YouTube at 4:20 pm Eastern / 1:20 pm Pacific.
The Company also announces:
- That BlissCo compensates Namaste for services with 210,000 common stock options (the "Options) with a strike price determined as at the date of closing of the Agreement.
- That it has granted 285,000 Options to employees and Consultants, at an exercise price of $0.38 per Option. Each Option will have an exercise term of up to three (3) years and vesting will be determined by management.
- That Namaste Co-Founder, President and CEO, Sean Dollinger, is joining BlissCo's board as a Director.
- That Praveen Varshney is stepping down as a Director.
- That BlissCo Controller Sean Ty, CPA, CA, has been appointed Interim CFO and Interim Corporate Secretary.
- That Rob Kang is stepping down as CFO.
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Storetm. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
About BlissCo Cannabis Corp.
BlissCo Cannabis Corp. (CSE:BLIS) (FRA:GQ4B) is an ACMPR licensed producer and future distributor of ultra-premium cannabis. The company sits at the heart of an international ecosystem and is focused on the success of its domestic and global partnerships.
BlissCo leverages the latest technology and is continuously developing its network of top-tier industry experts to drive the success of its brand and channels, moving premium Canadian cannabis to local and international markets.
BlissCo is backed by an experienced team that is deeply in tune and integrated with industry partners and BlissCo's future patients and customers.
Learn more: BlissCo.com
On Behalf of the Board of Directors
BLISSCO CANNABIS CORP.
Damian Kettlewell, CEO, Founder & Chair
For further information please contact:
Christina Rao, Investor Relations
1-604-723-7480
[email protected]
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the ability to execute on our strategic plans and the impact on our future operations, capital expenditures, receipt of a cannabis oil license and a license to sell dried cannabis and other objectives. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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