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.
December 17, 2018 by Namaste Technologies
Vancouver, British Columbia, Canada – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has entered into a share purchase agreement (the “Agreement”) to acquire common shares in Pineapple Express Delivery Inc. (“Pineapple Express”) and an affiliated entity, representing an additional 34% equity in exchange for such number of common shares of Namaste having an aggregate value of approximately $3.06 Million (the “Transaction”). Upon completion of the Transaction, Namaste will own 49% of the outstanding common shares of Pineapple Express.
Namaste’s Agreement with Pineapple Express supports the Company’s strategy to invest in innovative companies which bring value to the Company and to the broader market. Namaste believes that same-day delivery for medical and recreational cannabis through Pineapple Express’ platform will provide patients and consumers with added-value and the Company looks forward to the expansion of the platform across Canada.
As reported in the Company’s June 13, 2018 news release, Namaste entered into a subscription agreement to acquire 15% of the issued and outstanding shares of Pineapple Express (the “Subscription Agreement”). Under the terms of the Subscription Agreement, Namaste has the right to acquire an additional 10% of the common shares of Pineapple Express for a period of 14 months (the “Option”). Pineapple Express offers a same-day delivery service platform for medical and recreational cannabis to licensed producers across Canada.
Highlights of the Transaction:
Namaste will issue shares in accordance with the Agreement, based on the closing price on the TSX Venture Exchange on Friday, December 14th, 2018.
Pineapple Express management team retain financial and operational control of the business.
Namaste’s CEO Sean Dollinger will be appointed to Pineapple Express’ board of directors.
The Transaction is subject to the receipt of certain stock exchange approvals and the satisfaction of other conditions customary in transactions of this nature.
Pineapple Express is a same-day delivery platform for medical cannabis and has launched services in Manitoba and Ontario, with plans to expand into other provinces. Namaste’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”) has also recently launched same-day delivery services to its patients through Pineapple Express. The Company has been pleased with the initial roll-out of Pineapple Express delivery services and its management team who will continue to operate as an independent entity from Namaste and in offering its services to Licensed Producers across Canada.
Namaste remains focused on developing and acquiring leading technology platforms that bring value to the cannabis industry. This Agreement represents a significant milestone for the Company in diversifying its investments in innovative companies, while at the same time having the ability to offer valuable services for its medical patients. Namaste’s goal is to evolve the current landscape for online retail cannabis products by improving the user experience. The Company will continue to seek opportunities to develop and invest in innovative technology platforms and in expanding its offering in Canada and internationally.
Randy Rolph, President and CEO of Pineapple Express comments: “We are extremely excited to be deepening the relationship between Pineapple Express and Namaste. Our management team and I look forward to having Namaste support our vision for the future development of the company. We’re confident that our same-day delivery platform will offer value to both medical patients and recreational consumers across Canada.”
Sean Dollinger, President, and CEO of Namaste comments: “We’re pleased to announce adding to our position in Pineapple Express, an innovative company with a strong management team focused on providing exceptional service. We are now offering same-day delivery services in Toronto through Pineapple Express and are looking forward to their expansion throughout Canada. We believe strategic investments in technology and service companies like Pineapple Express will drive innovation and provide long-term value for the Company. I’m also personally looking forward to joining Pineapple Express’ board of directors and in offering value to their team.”
About Pineapple Express Delivery Inc.
Pineapple Express’ management team has over 10 years of experience offering same-day 60-minute delivery services in multiple industries across Canada, and has successfully integrated with Ample Organics Inc., Canada’s leading seed-to-sale medical cannabis software platform. Pineapple Express offers a personalized experience for its to facilitate same-day delivery of medical cannabis across the country. Pineapple Express is dedicated to providing patients with a fully integrated, simple to use, same-day delivery platform which it believes brings great value to medical patients across the country. For more information visit: www.pineappleexpressdelivery.ca
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste’s product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products and medical cannabis in the Canadian market through its licensed affiliate, CannMart.com. Namaste has developed and acquired innovative technology platforms including NamasteMD.com, a telemedicine application which facilitates online consultations for medical cannabis, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer’s on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience through its platforms.
Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
Namaste's subsidiary Cannmart, which sells medical cannabis, has already launched same-day services to patients via Pineapple Express
Earlier this year, Namaste took a 15% stake in Pineapple
Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) is acquiring a 49% stake in Pineapple Express Delivery Inc, a company that offers a same-day delivery service platform for medical and recreational cannabis to Canadian licensed producers.
Under the terms of the deal, the Vancouver-based cannabis company will take shares in Pineapple Express Delivery and an affiliated entity, which represents an additional 34% equity stake in exchange for shares of Namaste having an approximate value of $3.06 million.
After the deal is completed, Namaste, which earlier took a 15% stake in Pineapple, will own just under half of the shares of Pineapple Express.
Namaste’s wholly-owned subsidiary Cannmart Inc has already recently launched same-day delivery services to its patients via Pineapple Express.
“We are now offering same-day delivery services in Toronto through Pineapple Express and are looking forward to their expansion throughout Canada,” said Namaste CEO Sean Dollinger in a statement. “We believe strategic investments in technology and service companies like Pineapple Express will drive innovation and provide long-term value for the company.”
After the investment, Pineapple Express’s management team will keep hold of the financial and operational control of its business. And Namaste CEO Sean Dollinger will be appointed to Pineapple’s board of directors.
Namaste operates a global cannabis e-commerce platform and boasts over 30 websites in over 20 countries under various brands. Namaste’s product offerings via its subsidiaries include vaporizers, glassware, CBD products and medical cannabis in the Canadian market through CannMart.com.
Pineapple Express, meanwhile, provides medical marijuana patients with a fully integrated, same-day delivery platform.
Namaste shares dipped 0.8% to C$1.22 in Canadian trading on Monday morning.
Contact Ellen Kelleher at email@example.com