VANCOUVER, British Columbia, March 07, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRA:M5BQ) (OTC:NXTTF) is pleased to announce February 2018 total unaudited net revenue as reported by the Company (including shipping revenues and after discounts and refunds) were C$1,370,442, representing a 146% revenue increase in February 2018 compared with February 2017. February is a historically low month for sales and as such, the Company is pleased with these results. Management 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.
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.
Below are revenues of the major sites operated by the Company.
In addition to announcing its February sales, the Company is pleased to provide an update on its progress with Namaste’s medical cannabis telemedicine application, NamasteMD. During the month of February, management initiated a soft-launch of NamasteMD, which is now available on Apple and Google Android devices. The Company is pleased with initial results, having over 3,000 downloads with a 5-star rating on the Apple Store and a 4.9-star rating on Google Android. The Company, through its soft-launch of NamasteMD has also acquired 375 medical cannabis patients. 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.
Sean Dollinger, President and CEO of Namaste comments; “We are very pleased to be seeing the positive trend of monthly sales increases year-over-year. With the Cannmart license pending approval, we are very encouraged to see our hardware business growing, which should have a direct impact on our ability to expand our e-commerce platform to include the sale of cannabis products and shift our focus on aggressive acquisition of patients via NamasteMD. While the soft-launch of NamasteMD has been a success, we feel that obtaining our sales license should substantially increase our ability to convert downloaded users into patients. Our ability to provide patients with an all-inclusive e-commerce marketplace of cannabis products and services in the near term should serve to significantly increase our market share moving forward.”
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and 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 a medical cannabis sales (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.
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 harbour provisions of the Private Securities Litigation Reform Act of 1995. The Canadian Securities Exchange has neither reviewed nor approved the contents of this press release.