Edmunton and Vancouver-based Aurora Cannabis (TSX: ACB) (OTCQX: ACBFF) and Namaste Technologies (CSE: N) (OTCMKTS: NXTTF) announced an agreement whereby Namaste will provide Aurora’s wholly-owned subsidiary, CanvasRx Inc. with a customized version of its patient acquisition tool, NamasteMD.com, as well as desktop and mobile applications. The companies have 30 days to complete the agreement.
NamasteMD is an online telemedicine platform for patient consultation and registration. It is also the largest online retailer for medical cannabis delivery systems globally. It distributes vaporizers and smoking accessories through e-commerce sites in 26 countries with 5 distribution hubs around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany, and has opened new supply channels into emerging markets, including Brazil, Mexico and Chile.
Under the terms of the agreement, Namaste will provide CanvasRx with:
- a customized, CanvasRx-branded version of NamasteMD
- a two-year exclusivity period for the private label version of NamsteMD.com in Canada
- the application for both the Google Android and Apple iOS platforms
CanvasRx will require their doctors and nurse practitioners to operate the platform.
In addition, the companies have also signed a non-binding, non-exclusive Letter of Intent whereby Namaste will provide patient referral services to Aurora.
Terms of neither agreement were disclosed.
The agreements strengthen the ties between the two companies, who already collaborate on e-commerce (sale of Namaste-sourced, curated selection of vaporizers through Aurora website, using Namaste’s technology platform), and the distribution of BC Northern Lights products.
According to Terry Booth, CEO of Aurora, “The new platform will enable us to extend our industry leading patient care to areas where we currently have no physical presence. This will allow us to leverage the strength of both the CanvasRx and Aurora brands, without having to commit to substantial investments in brick and mortar facilities.”