Namaste Technologies Inc. (OTCMKTS: NXTTF) has announced several important development in recent days that Investors hope will give it a boost. Namaste is an exciting cannabis company with an ambitious vision to become the Amazon of medical marijuana.
On October 30 Namaste announced unaudited quarterly financial statements for the fourth quarter of fiscal 2018. Namaste’s 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.
Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is led by avid Youtuber Sean Dollinger a serial entrepreneur with a history of founding and successfully operating several start-up companies mainly focused on e-commerce. Sean started selling vaporizers online and the business soon took off. Currently the Company has a huge web presence and international internet distribution network that records traffic from over 180 countries and directly reaches 26 countries in nine different languages. The company offers virtually all high end brand vaporizers. Some of Namaste’s websites include namastevapes.ca, namastevaporizers.co.uk, namastevaporizers.ie, everyonedoesit.com, everyonedoesit.co.uk, everyonedoesit.ca,namasteMD.com and grizzlyoriginals.com.
Namaste has an exciting vision for Cannmart as an online marketplace that provides a competitive landscape whereby the many hundreds of licensed producers and micro-cultivators can offer their high-quality products. Cannmart’s “sales-only” license is the first of its kind in Canada to be issued to a non-cultivator.
Namaste is also well positioned to become a leader in the impending roll-out of medical cannabis in the UK market. The Company already has a consumer database in the UK, with over 500,000 customers. Earlier this year the Namaste signed a binding terms sheet to Acquire UK-Based Licensed Pharmaceutical Distribution Company AF Trading Ltd. Access Fulfillment operates a 30,000 square-foot distribution facility in the UK and holds a Wholesale Distribution Authorization (Human) License issued by the Medicines and Healthcare Products Regulatory Agency (“MHRA”) which allows Access Fulfillment to distribute pharmaceutical products throughout the UK. Namaste is working to close on the acquisition and is focused on launching medical cannabis sales through its platform in the UK, which represents a much larger customer base than that of its Canadian operations.
In October Namaste closed the bought deal financing including full exercise of over-allotment option for gross proceeds of $51,750,000. The Offering was completed by a syndicate of underwriters led by Eight Capital and Canaccord Genuity Corp. as co-lead underwriters and joint bookrunners, and including Laurentian Bank Securities Inc. The net proceeds of the Offering are expected to be used by the Company for inventory and supplies, capital improvements, personnel and facility operations, integration and expansion of e-commerce platforms and customer bases, and for working capital and general corporate purposes, as more particularly described in the Company’s final prospectus.
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Now that the financing has closed Sean can make videos again. Sean did a new 420 last week. He was also in Cuba looking at potential business opportunities and he tuned in from his hotel after missing the 420 show stating “From the bottom of my heart I want to thank every single one of you, for putting your trust and you believe in Namaste and at the end of the day you need to remember that I am still the single largest shareholder of this Company. Any decisions I make for any of us its in the best interest of the Company. I have no other reason not to be aligned with everyone of us. I work countless hours, travelling the world, I haven’t even heard of anybody speaking about opportunities in Cuba, meanwhile Namaste is here on the ground exploring, researching and looking for unique opportunities. If you think about the best products that come out of Cuba, if you think of what they are a leader in its very much in-line with the industry we are in and that’s what’s different about Namaste, we think outside the box, we are here doing shows like this to stay in touch with everybody.”
On November 1 Namaste announced it has signed a Product Acquisition Agreement with Custom Cannabis Inc. whereby Cannmart will purchase packaged and tested cannabis products from Custom Cannabis to offer in Cannmart’s online marketplace. Cannmart’s “sales-only” license is the first of its kind in Canada to be issued to a non-cultivator, which allows Namaste to leverage its technology platforms and e-commerce expertise to sell medical cannabis procured from a variety of licensed producers throughout Canada. The addition of Custom Cannabis through this Agreement will further enhance Cannmart’s offering of high-quality products. The Company continues to focus on securing supply agreements with licensed producers that will ensure product availability for the future.
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Currently trading at a $387 million market valuation Namaste is trading at a 50% discount to recent highs due to the Citron Research fiasco. Andrew Left closed out his short position a while ago but there are currently a number of lawsuits pending. But Namaste is an exciting Company that is fully funded going forward with the recent $51.7 million injection. Namaste 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. Namaste has an ambitious vision to become the Amazon of medical marijuana and they have a competitive advantage in place with an already established web presence with domains that have been around for years. 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. 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.