Namaste Technologies Inc.’s (TSXV:N) NamasteMD portal has achieved more than 14,000 registered users
SmallCapPower | August 28, 2018: Namaste Technologies Inc. (TSXV:N) Friday announced that it has received approval for NamasteMD, a cannabis telemedicine App for Google Android devices. NamasteMD is Canada’s first fully-compliant medical cannabis patient portal, which is expected to help Namaste acquire patients faster and at a lower cost in comparison with other Licensed Producers. NamasteMD will be a platform for online patient consultations, which will be free of charge. The Company also plans on launching real-time consultations through NamasteMD within the next 10 days. NamasteMD has achieved more than 14,000 registered users, representing a 130% increase over a two-month period.
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Patients acquired through NamasteMD would have access to purchase medical cannabis through Namaste’s cultivation partners. Namaste is presently partnered with more than 10 Licensed Producers. Namaste Technologies collects between 15-20% of the gross revenue derived from patient purchasing through referrals to Licensed Producers under NamasteMD. The overhang of obtaining a sales license will soon be behind the Company, after which a steady rise in revenues and margins is anticipated. This will be on the back of Cannmart booking full revenue amounts from patient ordering and a solid gross margin estimation of 50% on cannabis products sold directly through its website.
Namaste Technologies operates more than 30 e-commerce sites across the globe with over 1.5 million customers. Integration of cannabis and consumable sales, including CBD products into Namaste’s platform, should propel the Company to become a global leader in the online retail of all things cannabis. The Company will launch the same strategy in leveraging its consumer databases along with its innovative technology platforms to expand NamasteMD and Cannmart’s model into international markets where Namaste Technologies maintains significant market share.
Namaste Technologies President and CEO Sean Dollinger said, “We’re very pleased to announce the launch of NamasteMD in the Google Play Store. We have been overwhelmed by the acceleration rate of our registered users and anticipate seeing even faster growth having now received approval from Google. With approximately 50% of mobile phone users operating on Google Android devices, we are expecting to see patient numbers accelerate even quicker than we have experienced so far. NamasteMD is a key component of our strategy in developing Canada’s largest medical cannabis patient database and in launching cannabis sales in Canada and abroad. While the process of acquiring a medical cannabis prescription and onboarding with a Licensed Producer typically can take several days or weeks, Namaste will offer a fully-integrated platform for new patients to consult with a nurse practitioner and immediately be connected with Cannmart to order their product. We believe in bringing value to our patients through technological innovation and aim to set the highest standard for patient care going forward.”
Namaste Technologies trades at a market capitalization of $526.87 million with a price to book multiple of 7.28x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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