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Namaste Technologies Inc. (CSE:N) (OTCMKTS:NXTTF) is pleased to announce October 2017 unaudited sales as reported by the Company (including shipping revenues after discounts and refunds) were C$1,313,653 representing a 1% month-on-month increase and a 174% year-on-year increase in comparison with September 2017 and October 2016, respectively. The Company is also pleased to announce that it has submitted an amendment to its application with Health Canada for its wholly owned subsidiary Cannmart Inc. (“CannMart”) to include the sale of medical cannabis oils.
The table below displays a breakdown of Namaste’s revenue by sales channel.
|Revenues - October 2017 (C$)|
The table below outlines gross sales of Namaste’s major sites and includes site traffic, conversion rates, total number of orders per site and average online basket price.
|Selected operating data e-Commerce October 2017 in C$|
|Traffic||Conversion||Orders||Average Order Price||Revenues|
While Namaste continues to see strong revenue leading in to the holiday season, the Company has also made substantial progress with CannMart, having now submitted an amendment on its application to include a license for the sale of cannabis oils under the Canadian Access to Cannabis for Medical Purposes Regulations (“ACMPR”) program. Construction of the CannMart facility will commence in late November, 2017 and the Company estimates a 6-8 week turnaround time for completion.
Namaste’s Canadian business represents approximately 5.5% of the Company’s total revenue and includes a consumer database of over 11,000 people with an average of 30,000 site visits per month. Namaste plans to leverage its data through CannMart to become Canada’s premiere online retailer for medical cannabis. The Company intends to pursue similar opportunities in other territories in which the Company maintains a large market share of cannabis users. Further to the Company’s joint press release dated November 7, 2017, Namaste has seen positive results in terms of vaporizer sales in a medical cannabis platform. These results further validate the Company’s intention of creating and leveraging a globally diversified database of cannabis users.
Sean Dollinger, President and CEO of Namaste, comments: “We are very pleased not only to announce strong sales figures for October 2017, but also to provide these important updates on CannMart. The amended application to include the sale of cannabis oils is a crucial part of our plan to become Canada’s leading online retailer for medical cannabis products. As Namaste is already the largest global retailer of vaporizers products and accessories, we truly understand the need for patients to have access to a variety of consumption devices for dried flower as well as oils and we believe that medical patients should be offered a larger variety of product sourced from multiple licensed producers. We are very much looking forward to receiving our distribution license and have high expectations for this as a new revenue vertical for the Company.”