VANCOUVER, B.C., Dec. 07, 2017 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (OTCQB:NXTTF) (FRANKFURT:M5BQ) is pleased to announce record breaking sales for the month of November 2017, as reported by the Company (including shipping revenues after discounts and refunds) of C$2.2M, equating to a 69% month-on-month increase and a 146% year-on year increase, representing Namaste’s highest month of revenue in the Company’s history. In addition to achieving record breaking sales, the month of November has been transformational for Namaste. The Company’s exponential growth further validates that many initiatives which management has implemented over the past year have been overwhelmingly successful. Namaste has grown and consolidated the cannabis ancillary product industry to become the largest business-to-consumer retailer for vaporizers and smoking products globally. Namaste, through its wholly owned subsidiary, Cannmart Inc. (“CannMart”), and through the launch of NamasteMD Inc. (“NamasteMD”), believes that the Company is positioned to become a global leader for medical cannabis sales.
The table below displays a breakdown of Namaste’s gross revenue by sales channel. Total un-audited net revenue as reported by the Company (including shipping revenues after discounts and refunds) were C$2,221,340 in November 2017 compared to C$1,313,653 in October 2017, a 69% increase due to higher revenues from all revenue channels. Year on year revenues increased 146% in November 2017 compared with November 2016. In addition to the overwhelming success of Namaste’s Black Friday and Cyber Monday sales campaigns, the Company has also seen strong revenue growth in other sales channels.
The table below outlines gross sales of Namaste’s major sites and includes site traffic, conversion rates, total number of orders per site and average online basket price. By comparison, our conversion rates continue to improve month over month and ahead of schedule, which has been attributed to the implementation of our machine learning technology and SEO initiatives. The Company expects to see those trends continue as it collects data and continues to customize the platform to improve efficiencies and achieve growth.
While the Company is pleased with record breaking sales and organic revenue growth, Namaste anticipates seeing further growth once CannMart’s sales license for medical cannabis distribution is obtained and through the launch of NamasteMD. Namaste’s management team believes that once these two initiatives are in place, the Company will play a crucial role in the Canadian medical cannabis industry through online retail sales.
From the outset, management has been focused on creating a seamless customer experience that allows cannabis patients the ability to use Namaste's platform throughout the entire medicinal cannabis process. Through the Company’s innovative telemedicine application, NamasteMD, patients will not only be able to obtain their medical cannabis documentation but will also have access to highly trained professionals who will consult, educate and support all patients. NamasteMD and O Cannabis We Stand on Guard for Thee Corporation, which will act as Namaste’s partner for patient acquisitions, will play an integral role in ensuring Namaste's patients are well cared for. The final link will be achieved through CannMart and will allow Namaste the ability to offer patients a wide range of medical cannabis products.
Management believes that with the infrastructure it has strategically assembled, the Company will become Canada’s leading online retailer for medical cannabis. Namaste has demonstrated its ability to succeed in the niche market of vaporizers, and believe our successes will translate over to medical cannabis products once our sales license is obtained. This will pave the way for Namaste to become a global leader and one of the first and only “One Stop Shops” in the medical cannabis space.
Sean Dollinger, President and CEO of Namaste comments: “Namaste's goal from the outset was to create a platform that provides medicinal cannabis users with all the products and services required to make well-informed decisions. We believe we have achieved that by providing our users with access to highly trained professionals that can help guide them throughout the process and by offering superior products at competitive prices in the market.
Our continued growth in sales proves the e-commerce infrastructure we have created is highly successful and we fully intend on duplicating those successes with regards to medical cannabis products, which we believe represents an even greater opportunity. We believe we now have all the pieces in place to fully exploit the medical cannabis markets in Canada and abroad. In addition to seeing significant growth in sales, management is also pleased to report that the Company has sufficient cash resources to continue its strategic growth plan. Namaste’s management teaming is working towards reducing operating overhead in order to further enhance its positive working capital position.”
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, 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 a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
FORWARD LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.