On March 7, 2018, Namaste Technologies Inc. (CSE:N) (FRA:M5BQ) (OTCMKTS:NXTTF) announced that its February 2018 total unaudited net revenue (including shipping revenues and after discounts and refunds) was C$1,370,442, representing a 146% revenue increase over February 2017. The company anticipates these year-on-year growth trends to continue as the Canadian market moves towards cannabis legalization and the company executes its strategy to expand sales in emerging markets.
In addition to announcing its February sales, Namaste also provided an update on its progress with its medical cannabis telemedicine application, NamasteMD. The company is now focusing on streamlining the patient acquisition process and further developing the platform. Management anticipates substantial growth in patient acquisition rates for March following a full launch of NamasteMD across the company’s Canadian platform.
Namaste is the world’s largest online retailer for medical cannabis delivery systems through its brands such as Namaste Vapes, everyonedoesit.com, Grizzly Originals and Australian Vaporizers. Through these brands, the company distributes vaporizers and smoking accessories in 20 countries with distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for medical cannabis sales (under the ACMPR Program), is pursuing a new revenue stream in online retail sales of medical cannabis in the Canadian market.