Vancouver, BC -- December 07, 2017 -- InvestorsHub NewsWire
-- Namaste Technologies Inc. (“Namaste” or
the “Company”) (CSE:N) (OTCQB:NXTTF) (FRANKFURT:M5BQ) is pleased to announce
record breaking sales for the month of November 2017, as reported
by the Company (including shipping revenues after discounts and
refunds) of C$2.2M, equating to a 69% month-on-month increase and a
146% year-on year increase, representing Namaste’s highest month of
revenue in the Company’s history. In addition to achieving record
breaking sales, the month of November has been transformational for
Namaste. The Company’s exponential growth further validates that
many initiatives which management has implemented over the past
year have been overwhelmingly successful. Namaste has grown and
consolidated the cannabis ancillary product industry to become the
largest business-to-consumer retailer for vaporizers and smoking
products globally. Namaste, through its wholly owned subsidiary,
Cannmart Inc. (“CannMart”), and through the launch
of NamasteMD Inc. (“NamasteMD”), believes that the
Company is positioned to become a global leader for medical
cannabis sales.
The table below displays a breakdown of Namaste’s gross revenue
by sales channel. Total un-audited net revenue as reported by the
Company (including shipping revenues after discounts and refunds)
were C$2,221,340 in November 2017 compared to C$1,313,653 in
October 2017, a 69% increase due to higher revenues from all
revenue channels. Year on year revenues increased 146% in November
2017 compared with November 2016. In addition to the overwhelming
success of Namaste’s Black Friday and Cyber Monday sales campaigns,
the Company has also seen strong revenue growth in other sales
channels.
|
|
|
|
Net Revenues - November 2017
(C$) |
|
|
|
|
|
|
|
|
Namaste |
|
|
|
|
938,049 |
EDIT |
|
|
|
|
333,634 |
Australian Vaporizers |
|
|
|
|
409,630 |
Distribution Goods |
|
|
|
|
197,222 |
Amazon |
|
|
|
|
121,554 |
Dropshipping |
|
|
|
|
67,909 |
Other channels |
|
|
|
|
153,342 |
|
|
|
|
|
Total revenues |
|
|
|
|
$2,221,340 |
|
|
|
|
|
|
The table below outlines gross sales of Namaste’s major sites
and includes site traffic, conversion rates, total number of orders
per site and average online basket price. By comparison, our
conversion rates continue to improve month over month and ahead of
schedule, which has been attributed to the implementation of our
machine learning technology and SEO initiatives. The Company
expects to see those trends continue as it collects data and
continues to customize the platform to improve efficiencies and
achieve growth.
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|
|
Selected operating data e-Commerce November
2017 in C$ |
|
|
|
Traffic |
Total Orders |
Conversion |
|
Revenues |
Average Order Price |
|
|
|
|
|
|
|
Namaste |
141,405 |
4,716 |
3.34% |
|
|
|
938,049 |
$199 |
Australian Vaporizers |
46,046 |
2,492 |
5.41% |
|
|
|
409,630 |
$164 |
EDIT |
262,490 |
3,942 |
1.50% |
|
|
|
333,634 |
$85 |
|
|
|
|
|
|
|
Total |
449,941 |
11,150 |
2.48% |
|
|
$1,681,312 |
$151 |
|
|
|
|
|
|
|
|
While the Company is pleased with record breaking sales and
organic revenue growth, Namaste anticipates seeing further growth
once CannMart’s sales license for medical cannabis distribution is
obtained and through the launch of NamasteMD. Namaste’s management
team believes that once these two initiatives are in place, the
Company will play a crucial role in the Canadian medical cannabis
industry through online retail sales.
From the outset, management has been focused on creating a
seamless customer experience that allows cannabis patients the
ability to use Namaste's platform throughout the entire medicinal
cannabis process. Through the Company’s innovative telemedicine
application, NamasteMD, patients will not only be able to obtain
their medical cannabis documentation but will also have access to
highly trained professionals who will consult, educate and support
all patients. NamasteMD and O Cannabis We Stand on Guard for Thee
Corporation, which will act as Namaste’s partner for patient
acquisitions, will play an integral role in ensuring Namaste's
patients are well cared for. The final link will be achieved
through CannMart and will allow Namaste the ability to offer
patients a wide range of medical cannabis products.
Management believes that with the infrastructure it has
strategically assembled, the Company will become Canada’s leading
online retailer for medical cannabis. Namaste has demonstrated its
ability to succeed in the niche market of vaporizers, and believe
our successes will translate over to medical cannabis products once
our sales license is obtained. This will pave the way for Namaste
to become a global leader and one of the first and only “One Stop
Shops” in the medical cannabis space.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments:
“Namaste's goal from the outset was to create a platform that
provides medicinal cannabis users with all the products and
services required to make well-informed decisions. We believe we
have achieved that by providing our users with access to highly
trained professionals that can help guide them throughout the
process and by offering superior products at competitive prices in
the market.
Our continued growth in sales proves the e-commerce
infrastructure we have created is highly successful and we fully
intend on duplicating those successes with regards to medical
cannabis products, which we believe represents an even greater
opportunity. We believe we now have all the pieces in place to
fully exploit the medical cannabis markets in Canada and abroad. In
addition to seeing significant growth in sales, management is also
pleased to report that the Company has sufficient cash resources to
continue its strategic growth plan. Namaste’s management teaming is
working towards reducing operating overhead in order to further
enhance its positive working capital position.”
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.
On behalf of the Board of Directors
“Sean Dollinger”
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: info@namastevapes.com
Further information on the Company and its products can be
accessed through the links below:
www.namastetechnologies.com
www.namastevaporizers.com
www.namastevaporizers.co.uk
www.everyonedoesit.com
www.everyonedoesit.co.uk
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.