VANCOUVER, British Columbia, April 06, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRA:M5BQ) (OTC:NXTTF) is pleased to announce March 2018 total unaudited net revenue as reported by the Company (including shipping revenues and after discounts and refunds) were C$1,249,670, representing a 74% revenue increase in March 2018 when compared to March 2017. Namaste’s management team is also pleased to report that the Company’s wholly owned subsidiary, Namaste MD Inc. (“NamasteMD”), has acquired 535 new medical cannabis patients on the NamasteMD platform, representing a 142% month-over-month increase of patients. NamasteMD allows patients to consult with doctors or nurse practitioners for medical cannabis in a simple and convenient platform from the comfort of their homes. The Company anticipates further acceleration of the growth in the NamasteMD patient network and expects that NamasteMD will be key driver of future revenue.
The table below display’s Namaste’s total gross sales by revenue channel.
The table below provide detail on Namaste’s most significant revenue-driving channels including traffic, order totals, conversion rates, average order price and total revenue per channel
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. What is most exciting is our increasing rate of patient acquisition on NamasteMD. With minimal outside marketing we were quietly able to bring on nearly 1,000 patients by the end of the March. We are working on expanding our nurse practitioner team with our partners at O Cannabis we Stand on Guard for Thee Inc. (“O Cannabis”) to accommodate the anticipated growth of patients. We strongly believe that our patients will be a key to our success, along with our strategy to provide our patients with not only the best care but also the largest and best variety of medical cannabis products. We’re proud to be innovating the industry by changing the way that patients access medical cannabis and look forward to continued growth through both the medical cannabis and hardware platforms.”
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 licence (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.