Namaste Technologies Inc (OTCMKTS: NXTTF) has been on a wild ride over the past year rising high as it looked as if the Company was going to uplist to a major exchange and collapsing on the Andrew Left short attack.
Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is a really exciting Company; they are one of the largest online retailers for medical cannabis delivery systems globally. Namaste retails vaporizers and smoking accessories through e-commerce sites in over 20 countries with distribution hubs located around the world. 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. Featuring the first Canadian Medical Sales-Only Licence, the Company’s own Cannmart.com is your ‘everything cannabis store’ offering clients a large variety of strains to fill their prescription needs.
In major recent events founder Sean Dollinger was ousted as chief executive and removed from Namaste’s board of directors in February after an internal investigation identified alleged breaches of fiduciary duty and self-dealing related to the sale of its U.S. division, Dollinger Enterprises US Inc., last year. At the time, Namaste also said it planned to commence legal action against the Sean and added that it was launching a strategic review process to examine options, including a potential sale.
Then on February 19 Namaste announced it has reached a mutually agreed upon settlement with Sean Dollinger resulting in Mr. Dollinger entering into an advisory relationship with Namaste providing transition support to the Company to ensure the best interests of the business and stakeholders are met
Interim CEO Meni Morim stated:
“The events of the past few weeks have been difficult for everyone involved, but we are pleased to have reached a mutually agreed upon settlement that puts the interests of Namaste and our shareholders first,” said Interim CEO Meni Morim. “With this issue behind us, Namaste can focus on what matters most – growing our business and creating shareholder value. We have an excellent management team, a strong cash position, and a strategic plan that will drive innovation and growth. The future for Namaste is bright.”
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Namaste has majority market share in Europe and Australia, and operations in the United Kingdom, Canada and Germany and has opened new supply channels into emerging markets, which include Brazil, Mexico and Chile. Namaste, through its acquisition of CannMart Inc., a Canadian-based late-stage applicant for a medical cannabis “sales-only” license under Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”), is pursuing a new revenue vertical in the online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers along with its technology and expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
Namaste is already doing big sales! the Company reported net revenue for the three months ended August 31, 2018 was $3.9 million, which is comparable to $3.9 million within the same period in 2017. On a year over year basis, Namaste’s net revenue for the twelve months ended August 31, 2018 was $18.6 million (an increase of $7.6 million or 69%) compared to the twelve months ended August 31, 2017. The increase in net revenue during the twelve months ended August 31, 2018 was primarily due to organic growth within the key markets such as United Kingdom, Canada, Brazil, Germany and full twelve months of revenue from Australian Vaporizers which was acquired in March 2017.
On February 28 AgraFlora Organics International Inc. announced a supply agreement signed with Namaste Technologies for up to 25,000,000 grams of cannabis or 10% of total production from the Delta Greenhouse Complex for $4 per gram.
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Currently trading at a $238 million market valuation Namaste is fully funded going forward with $34.4 million $CAD war chest in the treasury, virtually no debt and fast growing sales reporting $18.5 million in revenues in 2018. Namaste is one exciting Company very well positioned to cash in on the Canadian Cannabis craze; the Company is one of the largest online retailer for medical cannabis delivery systems globally operating e-commerce sites in over 20 countries with distribution hubs located around the world. With the launch of Cannmart, Namste anticipates increasing revenue through Cannabis sales and in developing further supply agreements with domestic licensed producers to expand its product offering. With Sean Dollinger out of the way many investors are predicting a significant resurgence in the coming months. We will be updating on Namaste when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Namaste.
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Disclosure: we hold no position in Namaste either long or short and we have not been compensated for this article.