Namaste Technologies Inc. (TSXV:N), one of the Canadian marijuana stocks, announced operational improvements recently
SmallCapPower | April 29, 2019: Namaste Technologies Inc. (TSXV:N), one of the Canadian cannabis stocks, saw its stock price climb 23% on Thursday after the Company provided key updates on corporate strategy and operational improvement.
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As a part of the Company’s strategy, Namaste Technologies said it continues to invest in technology and infrastructure to better serve domestic and international licensed producers, cultivators, micro-growers and ancillary device producers who may wish to distribute products via Namaste’s proposed marketplace, which is currently under development. Namaste is focused on improving the experience of customers/visitors, who visit the Company’s properties to purchase cannabis products and acquire medical prescriptions for cannabis.
On the operational front, for Namaste MD, the Company extended compatibility for more devices by utilizing automated mobile testing. Namaste Technologies also improved video experiences including- video compatibility, efficiency of video streams and video call alerts, which will deliver better appointment experience to patients. In addition, the Company is reviewing its entire patient care model and is aiming to introduce a more robust operating environment for its nurse practitioners with a greater focus on follow-up visits and data collection.
At its CannMart website, the primary distribution channel for the Company’s cannabis products, Namaste has created its technical blog, where the Company’s engineers will post articles sharing key technology developments behind the scenes, which will increase transparency. Moreover, CannMart has completed the last steps necessary for the amendment to its license that permits the sale of cannabis oil concentrates on its platform.
On CannMart Labz, the Company has completed and submitted its application for oil extracting and processing through its CannMart Labz subsidiary, in which it has a majority interest.
Namaste Technologies Interim CEO Meni Morim said, “We’re making the necessary changes to strengthen our business, our Board of Directors and the foundational technology upon which the Company was built. Ken brings a wealth of experience and financial knowledge to enhance Namaste’s overall practices and governance as chair of the Audit Committee. We are honored to welcome Ken to our Board of Directors.”
Namaste Technologies also said it has expanded its relationship with a major Canadian merchant account provider, which has arranged domestic and international payment solutions. Furthermore, on profitability concern, the Company stopped certain operations in Denmark, Sweden, Austria, New Zealand, Israel, and Mexico domains. The Company anticipates that the move will not impact revenue materially.
Namaste Technologies stock currently trades at a market capitalization of C$240 million with a price-to-book multiple of 3.9x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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