VANCOUVER, Dec. 3, 2018, 08:30 ET /CNW/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce record-breaking unaudited gross revenue of more than $2.6 Million across its global online platform, representing approximately 52% growth from October 2018 and approximately 30% growth year-on-year after excluding US revenue derived during the month of November 2017. After a successful Black Friday through Cyber Monday holiday weekend and with strong sales through November, the Company anticipates seeing strong revenue in December and into the new year.
November revenue derived through Namaste’s global platform was almost entirely from the sale of vaporizers and smoking accessories. The Company has been focused on cannabis sales through its wholly-owned subsidiary, Cannmart Inc. (“Cannmart”), Canada’s first medical cannabis sales-only licensed issued to a non-cultivator and an online marketplace where medical patients can purchase medical cannabis sourced from a variety of producers across Canada. By expanding on the product offering through Cannmart, the Company anticipates building its platform to represent the most diverse offering of high-quality cannabis products available in the Canadian market.
Cannmart recently announced the launch of same-day delivery within the Greater Toronto Area through its partners at Pineapple Express Delivery Inc. (“Pineapple Express”) which has been well received by its patients. Cannmart is pleased to have also launched pre-rolled cannabis products in its platform and will be adding cannabis oils to its platform in the near future. Following Cannmart’s recent acquisition of Buds2go.ca (“Buds2go), it anticipates launching its second online platform through Buds2go this week. The acquisition of Buds2go.ca is significant the domain holds strong organic search rankings with more traffic than Cannmart. The Company recently announced its strategy to secure supply channels through future micro-cultivators, subject to the regulations Cannabis Act, and intends to offer the largest variety of craft cannabis products through Buds2go.ca.
The Company intends to import medical cannabis to the Canadian market through strategic supply agreements with Good Manufacturing Process (“GMP”) certified international cultivators, subject to approval by Health Canada. Furthermore, Namaste is focused on launching cannabis sales within its global markets where the Company maintains strong market share like the UK. Namaste’s database of customers through its vaporizer and accessory business spans across 20 countries. By leveraging its online platform and over 1.5 million consumers globally, the Company is well-positioned for long-term growth within the cannabis industry. Namaste anticipates strong growth over the holiday season and into the new year.
Sean Dollinger, President, and CEO of Namaste comments: “We are very excited to report record-breaking revenue for the month of November. This is the busiest season for e-commerce companies around the globe, and we’re proud to be a leader in the cannabis e-commerce and technology space. By expanding our medical cannabis platform through Cannmart, we anticipate strong growth in cannabis sales and hope to see cannabis revenue surpass our hardware sales in 2019. This anticipated growth, along with our hardware business which continues to expand, will make 2019 an exciting time for Namaste. Thanks to our management team, employees and most importantly our loyal investors for their support.”
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. 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.
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.