Namaste bites into the edibles market with Choklit deal
Infused chocolate will be available to online medicinal cannabis users.
TORONTO — Namaste Technologies Inc. has entered the edibles market with its purchase agreement to acquire 49% of Choklat Inc.’s shares for $1.5 million.
Namaste, a Toronto-based provider of online medicinal cannabis and related products, will be appointing a member to the Calgary-based premium chocolate maker’s board.
Choklat sells through its online eCommerce site and through a network of distributors across Canada. The company recently entered into a supply relationship with Sobeys and already has product in 25 stores in Alberta with a goal to roll out in Western Canada and beyond in the coming months.
“Choklat is a great acquisition for us with a vast offering of existing products that can be easily infused with THC or CBD and sold as edibles,” said Meni Morim, interim CEO of Namaste Technologies. “Their small batch manufacturing model is a great fit within the new proposed regulations for edible cannabis products.”
Morim said the transaction provides the security of supply and manufacturing for Namaste’s medicinal cannabis customers and provides capacity for the recreational market in the event proposed regulations are passed.