Vancouver-based Namaste Technologies Inc (CVE:N, OCTMKTS:NXTFF) said Thursday that its wholly owned subsidiary, Namaste Bahamas will acquire UK-based AF Trading Ltd, which operates as Access Fulfillment, for C$5mln.
No capital-raise will be required as Access Fulfillment will receive half the payment in cash and the rest in Namaste stock. In exchange, Access Fulfillment will operate as Namaste’s distribution center for CBD, or cannabidiol, a compound found in the hemp or cannabis plant that apparently helps with sleep and anxiety, and cannabis products in the United Kingdom.
Access Fulfillment operates a 30,000 square-foot distribution facility in the UK and holds a license to distribute pharmaceutical products.
The British acquisition will help Namaste develop its medical cannabis distribution platform in the UK. Access Fulfillment’s management will sign consulting agreements for operations and business development, said the company.
Namaste said it intends to launch a platform styled on its Canadian subsidiary CannMart Inc within the UK market to “help monetize on its database of over 500,000 customers.” CannMart engages in the distribution of medical cannabis and oils through an e-commerce site in Canada.