Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRANKFURT:M5BQ) (OTCMKTS:NXTTF) is pleased to announce December 2017 total un-audited net revenue as reported by the Company (including shipping revenues and after discounts and re-funds) was C$1,795,032 representing a 182% year-on-year increase in comparison with December 2016. Relative to November sales which included Black Friday and Cyber Monday, December sales were very encouraging following the record-setting month of November. Management anticipates these year-on-year growth trends to continue as the Canadian market moves towards legalization, and through its aggressive strategy to expand sales into emerging markets. While vaporizer and hardware sales remain strong, Namaste’s marketing and SEO teams remain focused on improving conversion rates and increasing site traffic, as Namaste continues to build its impressive database of users.
The table below outlines gross sales of Namaste’s major sites and includes site traffic, conversion rates, total number of orders per site and average online basket price.
Net Revenues - December 2017 (C$) Namaste 809,298 EDIT 299,218 Australian Vaporizers 331,842 Distribution Goods 43,792 Amazon 91,733 Drop shipping 104,144 Other channels 115,005 Total revenues $ 1,795,032
Below are revenues of the major sites operated by the Company.
Selected operating data e-Commerce December 2017 in C$ Traffic Total Orders Conversion Revenues Average Order Price Namaste 152,761 3,590 2.35% 809,298 225 Australian Vaporizers 45,783 2,147 4.69% 331,842 155 EDIT 237,891 3,711 1.56% 299,218 81 Total 436,435 9,448 2.16% $1,440,357 $152
The Company remains extremely focused on improving gross margins on its vaporizer sales, as well as on its ancillary cannabis products, and anticipates benefiting significantly from its partnership with Greenlane. While the collaboration is still in its infancy, Namaste has already seen a significant reduction of overhead as a result of the integration with their platform and is committed to finding innovative ways to help streamline its operations. As Namaste continues to drive new sales and expands its global platform, these initiatives will become an integral part of Namaste’s ability to grow and become profitable.
While the Canadian market remains Namaste’s primary focus as it awaits approval of its “sales only” license through Cannmart Inc., management’s broader focus is on revolutionizing the medical cannabis retail industry by creating a template that can be easily duplicated and deployed into progressive markets that are moving towards adopting the legalization of medical cannabis. Management fully believes that once Canada adopts these polices, it is only a matter of time before emerging markets follow suit. Namaste believes these strategies will allow it to take full advantage of these opportunities moving forward, as it works to create a universal platform that is safe and easy to use.
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to see such strong numbers coming out for December 2017 and are extremely encouraged by our growth prospects moving into 2018. While 2017 saw Namaste enter many strategic partnerships, and enter numerous agreements with some of the top LP’s in the industry, it is our intent to remain aggressive in 2018 as Namaste looks to continue identifying mutually beneficial relationships that can help expand Namaste’s global presence, and can expedite the process of reaching profitability. Thanks to our whole team for all their hard work and dedication in 2017 as we are equally as excited and optimistic as we move forward.”
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
Forward Looking Information
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions. Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Further information on the Company and its products can be accessed through the links below: