In this market news, Namaste Technologies Inc. (TSXV:N), one of the Canadian marijuana stocks, said its unaudited gross revenue for November was over $2.6 million
SmallCapPower | December 10, 2018: Namaste Technologies Inc. (TSXV:N), one of the Canadian cannabis stocks, announced recently that it generated record-breaking unaudited gross revenue of over $2.6 million in November 2018 across its global online platform, signifying ~52% growth from October 2018 and ~30% growth year-over-year after excluding U.S. revenue derived during the month of November 2017. The Company expects strong top line growth in December and into the New Year after a successful Black Friday through Cyber Monday holiday weekend.
Revenue in November was derived via Namaste’s global platform on the back of the sale of vaporizers and smoking accessories. The Company is laying emphasis on cannabis sales via its wholly-owned subsidiary Cannmart Inc., which received Canada’s first medical cannabis sales-only license issued to a non-cultivator and is an online marketplace where medical patients can buy medical cannabis sourced from a variety of producers across Canada. Namaste Technologies is expanding its offerings through Cannmart and expects building and upgrading its platform for representation of diverse high-quality cannabis products.
Recently, Cannmart launched same-day delivery within the Greater Toronto Area through its partners at Pineapple Express Delivery Inc., which has received positive feedback from its patients. Also, Cannmart launched pre-rolled cannabis products in its platform and will be adding cannabis oils in the near future. Post the acquisition of Buds2go.ca by Cannmart, the Company intends to launch a second online platform. Namaste Technologies is keen on securing supply channels via future micro-cultivators, subject to regulations, and aims to provide a largest variety of craft cannabis products through Buds2go.ca.
Subject to approval by Health Canada, Namaste Technologies is looking to import medical cannabis to the Canadian market through strategic supply agreements with international cultivators who are certified Good Manufacturing Process (GMP). By leveraging its online platform and more than 1.5 million consumers globally, the Company is well-positioned for long-term growth within the cannabis industry.
Namaste Technologies President and CEO Sean Dollinger said, “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.”
Namaste Technologies operates the largest cannabis e-commerce platform across the globe with over 30 websites in more than 20 countries under various brands. The product offerings via its subsidiaries include vaporizers, glassware, accessories, and CBD products. Namaste Technologies stock trades at a market capitalization of $384 million with a price-to-book multiple of 5.17x and a price-to-sales multiple of 19.86x.