Namaste Archives - Page 2 of 2 - Green Market Report

William SumnerMarch 7, 2018

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 SumnerFebruary 28, 2018

Namaste Technologies Inc. (NXTTF) announced that is has closed a previously announced “bought deal” short form prospectus offering of units, which includes the exercise in full of the over-allotment option, for a sum total of $40,251,495.

The company expects to use the proceeds from the offering to expand its customer and user base, upgrade its e-commerce platform, fund inventory and supplies for its CannMart Facility, and for general corporate expenses and working capital.

“We’re very pleased to have closed this bought-deal financing which leaves the Company in a strong cash position and prepared for continued growth,” said Sean Dollinger, President, and CEO of Namaste, in a statement. “We are very confident with the roll-out of our strategy as it relates to NamasteMD and Cannmart as well as our plans to launch similar models throughout our global networks of consumer databases and websites. We believe that Namaste has positioned itself to become a global leader in the medical cannabis industry.”

Last month, the company announced an international partnership agreement with Emerald Health Therapeutics (EMHTF) to collaborate on strategic business opportunities and develop a fully-integrated e-commerce platform; leveraging Namaste’s consumer base and e-commerce technology and Emerald Health’s pharmaceutical and biotech expertise.

The company sold a total of 15,784,900 units, at a price of $2.55 per unit. A unit is defined as one common share of the company and one common share purchase warrant. Each purchase warrant enables the holder to purchase one common share of the company, at a price of $3.15 for up to 24 months.

If the volume weighted average price of the common shares on the Canadian Stock Exchange is equal to or greater than $6.00 for a period 10 consecutive trading days, the expiry date on the warrant may be accelerated.

A syndicate of underwriters, including Beacon Securities Limited, completed the offering and were co-led by Eight Capital and Canaccord Genuity Corp. as co-lead underwriters and joint bookrunners. For their services, the underwriters received a cash commission equal to 6% of the offering’s gross proceeds as well as compensation options.

Equal to 6% of the units sold in the offering, the compensation option consisted of one common share and one warrant, with an expiry date of 24 months.

Debra BorchardtJanuary 11, 2018

Namaste Technologies Inc. (NXTTF) announced that it has signed a Global Digital Reseller-Supply agreement with Phivida Holdings Inc. (PHVAF).

According to the company statement, Namaste has been approved as the preferred global online retailer and digital affiliate marketing partner for Phivida’s product line of premium hemp-derived Cannabidiol infused functional beverages and clinical health products. The agreement includes a global online territory, targeting the launch in Germany and Australia.

“Namaste is extremely excited to be partnering with Phivida and its world-class management team,” said Sean Dollinger, President, and CEO of Namaste. “We’re looking forward to entering the beverage space together with Phivida as we believe there is significant demand for these products in our market. Many of our successes to this point can be largely attributed to our keen ability in identifying industry leaders and then forming strategic alliances. Our partnership with Phivida further demonstrates that ability, and we feel very optimistic to be collaborating with a management team whose pedigree speaks for itself.”

The agreement is a strategic initiative between both companies to promote high-quality CBD products through Namaste’s platform and to the company’s existing databases of users within the territories. With Phivida’s management team having a strong background from the beverage industry and branding, including former senior executives from Redbull, Proctor and Gamble and McKesson’s, Namaste will be able to offer Phivida’s premium CBD beverages and infusions to its patients and practitioners globally, with an initial launch in Australia and Germany.

“As Phivida continues to expand is CBD product offerings into a $1 Trillion global health and wellness market, it is critical that we secure the strongest distribution partners,” said John-David Belfontaine, President a, d CEO of Phivida. “Ecommerce and digital marketing is a core horizontal within our greater strategic business plan, and Namaste is an ideal partner to expand our online presence into emerging markets around the world. We look forward to launching our global digital marketing and distribution platform with Namaste’s support as a key strategic partner.”