Namaste Technologies Inc. (TSXV:N) generated $1.65 million in revenue in August 2018 with more than 300% growth from its Canadian websites
SmallCapPower | September 17, 2018: Namaste Technologies Inc. (TSXV:N) announced recently 300% YoY growth for August 2018 in Canada, and 50% growth globally. The Company generated $1.65 million in revenue in August 2018, representing a 50% increase as compared to August 2017, offset by the revenue loss due to the divestiture of U.S. assets that were incorporated into its 2017 sales. The Company has also achieved more than 300% growth from its Canadian websites, which now includes over 17000 customers.
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Namaste Technologies has been augmenting its Canadian operations through its e-commerce platform as well as through organic growth – content production, search engine optimization (SEO) and proprietary AI technology (through the Company’s wholly-owned subsidiary Findify AB).
Namaste, through its wholly-owned subsidiaries and mobile apps NamasteMD and My Uppy, have seen noteworthy growth during the summer months. NamasteMD is Canada’s first fully-integrated online patient portal providing convenient access to medical consultations for the purposes of patient acquisition for the Company.
Namaste Technologies President and CEO Sean Dollinger said, “We’re the first company in Canada to focus exclusively in online patient acquisition and have developed an amazing piece of software with NamasteMD that gives the Company a competitive advantage in an industry that we believe will trend towards massive growth in the online market. As a leader in global e-commerce sales, we will use all of our experience, technology and hard work to provide an amazing user experience and in offering our patients access to all things cannabis. We plan on replicating this business model in emerging international markets where the Company maintains strong market share.”
Within two months of its launch, My Uppy has been downloaded over 15,000 times by users around the globe. Leveraging Namaste’s international presence and database of over 1.5 million customers, My Uppy is collecting user feedback pertaining to the use and effects of various strains of cannabis. This provides data to feed Findify’s AI algorithms that will augment strain recommendations by selecting specific strains for patients based on their conditions and previous use, which is being integrated with Cannmart.com
Additionally, the Company intends to pursue the listing of its common shares on the NASDAQ Capital Market. Up-listing to the NASDAQ, means that Namaste Technologies will gain new exposure and access to a larger base of retail and institutional investors in the U.S. and internationally. Namaste will be able to capitalize on investment from an international audience and help bring awareness to its revolutionary technology platform. NASDAQ will provide a venue for Namaste to unlock the full value of its technology assets and bring much-needed awareness to its role in the global cannabis market. In respect to recent developments and a surge in the share price, Namaste Technologies is now closer to meeting the requirements to list on NASDAQ.
Namaste Technologies Inc. trades at a market cap of $867.79 million and a price to book multiple of 11.98x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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