Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is establishing itself as a leader in the booming cannabis space responsible for many recent epic winners as we near legal recreational cannabis in Canada on October 17.
The Company has an ambitious vision to become the Amazon of medical marijuana, providing the biggest inventory of vaporizers and cannabis products and accessories on the planet.
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 retails vaporizers and smoking accessories through e-commerce sites in over 20 countries with distribution hubs located around the world. Namaste operates over 30 websites in 20+ countries offering vaporizers, glassware, accessories, and CBD products. Namaste has majority market share in Europe and Australia, and operations in the United Kingdom, Canada and Germany and has opened new supply channels into emerging markets, which include Brazil, Mexico and Chile
Namaste expects their A.I. proprietary technology to increase monetization and propel revenue growth in both cannabis and hardware sales. In addition to anticipated growth in Namaste’s core business, the Company will allocate resources to expand on Findify’s existing platform and expects this to result in increased EBITDA by the end of 2019. Namaste also anticipates accelerating patient growth through its wholly owned subsidiary and Canada’s first fully-compliant online patient portal, NamasteMD Inc. By implementing Findify’s technology in applications of patient acquisition, conversion rates, order value and customer retention, the Company expects to reach 50,000 medical cannabis patients by the end of 2018 and up to 100,000 by the end of 2019.
2018 has been big for Namaste with the Company achieving a 300% month-on-month growth rate in sales. In the month of August of 2018, the Company generated $1.65M in revenue which represents a 50% increase in revenue in comparison with August of 2017 after consideration of the loss of revenue due to Namaste divesting its US assets that were incorporated into its 2017 sales. The Company has also achieved over 300% growth on its Canadian websites, which now includes over 17,000 customers.
Namaste announced big news on September 18 when their wholly owned subsidiary Cannmart received confirmation from Health Canada that it will be allowed to buy pre-packaged, labelled and tested cannabis products. This development is very significant for Cannmart in that it will eliminate the need for buying in bulk, testing and packaging which will significantly reduce overhead costs for Cannmart and thus increase gross profit margins. By allowing Cannmart to purchase pre-packaged medical cannabis products, the Company can remain focused on its areas of expertise in e-commerce and technology, and enable the Company to further expand on the products and services that can be provided through Cannmart. The update from Health Canada is extremely positive for the Company and will further support its strategy in establishing Cannmart as Canada’s leading medical cannabis online marketplace.
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Namaste CEO Sean Dollinger commented on Youtube “We want to step above and beyond what everyone else is doing, we don’t accept mediocrity and that’s what has made us the number #1 vaporizer Company in the world and we will do this with cannabis. Mark my words, you heard it here today “we will be the number #1 cannabis platform in Canada. This is not the last step by a long short, this gives us the opportunity to do what we have told everyone we would do for a long time. The NASDAQ listing is right around the corner and we are going to need everybody here to come together and share the story of Namaste, and that’s what I believe will keep getting us to the next level because when people understand what we are going to do I think that’s when we keep moving up and when you look at some of the Companies with a much larger valuation than us, the only difference before Friday is that they had the ability to sell cannabis. Keep in mind where our market cap is even before Monday, we should be able to go ahead and acquire half a dozen licensed producers in Canada if we thought we needed cannabis, if we need more product. Namaste can easily acquire another licensed producer if that was ever an issue.”
Last week Namaste said it appointed PricewaterhouseCoopers LLP as its new auditor. PWC will replace MNP LLP as Namaste’s auditor. The change in auditor has been approved by the Company’s Audit Committee and Board of Directors. Many have suggested this could be because if they audit the last quarter they can up-list at $3 rather than at $4.
On September 26 Namaste announced a bought deal financing with Eight Capital, whereby Eight Capital has agreed to purchase, as co-lead underwriter and joint bookrunner with Canaccord Genuity Corp., 15,000,000 units of the Company pursuant to a filing of a short form prospectus, subject to all required regulatory approvals, at a price per Unit of $3.00 for gross proceeds of $45,000,000.
Namaste is fully funded going forward with $43.9 million $CAD war chest in the treasury, virtually no debt and fast growing sales reporting $14,627,161 in revenues more than double for the same period last year for the 9 months ended May 31, 2018. Namaste is one exciting Company very well positioned to cash in on the coming Canadian Cannabis craze; the Company 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 is also planning to up-list to the NASDAQ stock exchange which would give the Company new exposure and access to a larger base of retail and institutional investors in the US and internationally.
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Namaste has an ambitious vision to become the Amazon of medical marijuana and they have a huge competitive advantage in place. Not only does Namaste already have a huge web presence with domains that have been around for 10 plus years that directly relate to the space, they also just successfully built the number #1 vaporizer Company in the world. As Sean Dollinger said “Now that we have a consumable product that we can sell the sky is the limit.” 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.