Namaste Technologies Reports 146% Revenue Increase

It seems that February was a kind month for Namaste Technologies Inc. (NXTTF). On March 7, 2018, the company announced its unaudited net revenue (which includes shipping revenues and after discounts and refunds ) for the month of February 2018.

Although February has historically been a slow month, the company reported that it generated C$1,370,442, which represents a 146% revenue increase compared to the previous year. This includes all of Namaste’s other companies and brands, such as EDIT and Australian Vaporizers.

Namaste itself generated C$617,733 in the month of February. EDIT and Australian Vaporizers brought in C$168,353 and C$322,088, respectively. Dropshipping generated C$94,563 and an additional C$167,705 came from “other channels.”

Across its various e-commerce platforms, the company saw approximately 393,696 visitors with a total of 7,322 orders; which calculates to a 1.86% conversion rate. Generating approximately C$1,108,174 in revenue, the average order amount was C$151.

In addition to its positive revenue report, the company also provided an update on its medical cannabis telemedicine application, Namaste MD. In the month of February, the company began a soft launch of the application and it is now available on both Android and Apple devices.

Since the soft launch, Namaste MD has had over 3,000 downloads, a 5 star rating on the Apple Store, a 4.9 star rating on the Google Play Store, and was able to pick up an additional 375 medical cannabis patient. With positive results from the launch, the company will now focus on streamlining the application.

“We are very pleased to be seeing the positive trend of monthly sales increases year-over-year. With the Cannmart license pending approval, we are very encouraged to see our hardware business growing, which should have a direct impact on our ability to expand our e-commerce platform to include the sale of cannabis products and shift our focus on aggressive acquisition of patients via NamasteMD,” said Namaste President and CEO, Sean Dollinger, in a statement.

The company did not state when it would report audited financial results.

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.

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