Articles > Namaste Technologies Adds Another Million In Revenue To The Balance Sheet Through Brazilian Acquisition
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Namaste Technologies Inc. (CSE:N)(OTCMKTS:NXTTF) is pleased to announce that it has acquired Brazil’s largest vaporizer retailer, vaptvupt.lojaintegrada.com.br, in consideration of signing an exclusive fulfillment agreement for Namaste's Brazilian operations. The acquisition of VapeBr is accretive in nature and will add over CAD $1M in additional revenue to Namaste's current revenue stream.
Under the terms of the agreement, Namaste has acquired the VapeBr domain and will inherit all associated revenue .
VapeBr management has agreed to provide the following:
- Inventory management
- Order processing
- Local support
- Warranty/Return Processing
As a result of this transaction, Namaste plans to greatly expand the VapeBr product offering, as it sees very strong growth potential in the Brazilian market. The acquisition of the VapeBr e-commerce platform will not only have an immediate impact on Namaste's revenue, but the amalgamation will also add over 10,000 additional customers to Namaste’s growing global database of cannabis users. Through the integration of VapeBr onto Namaste's proven e-commerce platform, Namaste is confident it can substantially grow this already impressive customer base. This agreement further validates Namaste’s ability to consolidate industry competitors and expand its operations abroad.
Additionally, Namaste is pleased to announce that the NamasteMD smartphone app has been submitted to the Apple Store, is awaiting approval, and will soon be available on both IOS and Android devices. NamasteMD is a revolutionary telemedicine application which has been designed to connect patients with doctors and nurse practitioners, in an attempt to facilitate a seamless process for obtaining medical documents under Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR") program. This state of the art application incorporates facial recognition algorithms, and is the first of its kind to feature exclusive age and identity verification technology. Namaste plans on utilizing this technology on the NamasteMD platform to distribute medicinal cannabis through its wholly owned subsidiary, Cannmart Inc.
Sean Dollinger, President and CEO of Namaste comments: “I am extremely proud of our team for building an e-commerce platform that is being actively solicited by our direct competitors to work collaboratively. Based on this agreement, we expect further opportunities to present themselves for Namaste to work with companies looking to divest their businesses, and believe such arrangements are a win-win situation for all parties involved. We are extremely excited that our efforts are not only being noticed but rewarded with arrangements as such. Namaste welcomes these opportunities and anticipates these trends to continue as Namaste steals market share on a global scale. This transaction further confirms the value we have created with regards to the products and services we provide, and our ability to leverage our data base moving forward.
As our e-commerce platform evolves, we are confident our decision to implement cutting edge age and identity verification technology ahead of our competition will be instrumental in allowing us to become industry leaders. We believe these innovative initiatives not only demonstrate our commitment to the industry, but also provide an ideal solution to ensure the safe and responsible distribution of recreational cannabis on both a provincial and federal level.”