In this market news, Namaste Technologies Inc. (TSXV:N), one of the Canadian marijuana stocks, said its registered users through NamasteMD has grown 48% month over month
SmallCapPower | November 12, 2018: Namaste Technologies Inc. (TSXV:N), one of the Canadian cannabis stocks, Thursday announced that it has acquired more than 28,000 registered users through NamasteMD Inc., a 48% increase from the previous month, and that the Uppy Strain Journal has now been downloaded over 23,000 times.
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NamasteMD is an online platform providing free access to medical cannabis consultations through secure video conferencing, while the Uppy Strain Journal collects user-generated data on cannabis strains and their affect on various medical conditions. The NamasteMD app is available on iOS and Android devices and online at NamasteMD.com.
Sean Dollinger, President and CEO of Namaste Technologies remarked, “We’re proud to be at the point where we can have someone place an order within an hour of being seen by a nurse practitioner, which we believe to be the best turn-around time in the industry. Our goal is to streamline the process of acquiring medical documentation and accessing medical cannabis through an online marketplace and in offering the best user experience possible. We’re looking forward to launching same-day delivery with Pineapple Express and on continued growth. We have received positive feedback from Cannmart patients and will continue to optimize the platform and add new features to bring value to our patients.”
The Company’s recent growth can be attributed to a rise in organic traffic and patient referrals. NamasteMD acts as linkage between patients and licensed producers, including the Company’s wholly-owned subsidiary, Cannmart Inc., for purchase of medical cannabis products. Moreover, the Company is considering submission of its app to the Apple and Google Play stores in the U.K., by leveraging on existing database of over 500,000 users to develop a similar model to its Canadian market.
Namaste Technologies is focused on expanding its platform in other regions where telemedicine and cannabis have become legalized. The Company expects to attain a lower cost per patient acquisition, higher conversion rates, and increased revenue so as to provide a better user experience.
With ~1.5 million customers globally, Namaste Technologies is a leading global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. The product offerings via its subsidiaries include vaporizers, glassware, accessories, CBD products, and medical cannabis in the Canadian market. Namaste Technologies trades at a market capitalization of C$568.24 million on the TSXV with a price-to-book multiple of 7.20x and an EV/Revenue multiple of 23.28x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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