Namaste Technologies (CSE:N) (OTCMKTS:NXTTF) signed an LOI with InoLife R & D Inc. on Monday, March 12 negotiating the terms of a brand new research study. The two companies will investigate the effects of a needle-free injector in the medical cannabis community. Namaste will have exclusive rights to research and distribution of the technology.
“We believe that Inolife’s technology could provide the most efficient and accurate method for dosing with medical cannabis. We see a massive opportunity to revolutionize the industry by bringing this exciting technology to the medical cannabis market,” Namaste CEO Sean Dollinger announced today.
According to the letter, both parties have one month to iron out the terms of the research protocol. Namaste will fund the research project and reserves exclusive rights to the products developed.
InoLife R&D, a biotechnology suite based out of Toronto, specializes in self-administered medical products. According to the press release, the company uses liquid jet and ballistics-based skin injection technology to improve a patients’ quality of life. Although trypanophobia, or the fear of needles, effects only ten percent of the American population, the distress is often enough to stop sufferers from seeking medical treatment. Both companies hope that providing a needle-free injector will make injections easier and less stressful for medical patients, including cannabis users.
InoLife CEO Michael Wright announced his company as the first to team up with Namaste to provide this pharmaceutical technology to the cannabis industry. “We feel that Namaste is best positioned to deliver on our strategic plan to become an innovator of delivery systems for the medical cannabis industry,” he said. “We’re pleased to be the first company, in partnership with Namaste, to explore needle-free device technology in the context of medical cannabis delivery.”
Last month, Namaste secured over $40.2 million to fund continued growth. The company’s future development of their own telemedicine platform will put medical cannabis users in direct contact with doctors online. Prescriptions will be filled through their CannMart facility.
Namaste’s research and development with InoLife continues to diversify their portfolio and will no doubt bring more options to cannabis users in Canada’s medical market.