Based on our recent posts, it should be clear that one of our favorite names in the cannabis space during this run over the past few weeks has been Namaste Technologies Inc (OTCMKTS:NXTTF). To help keep the fire burning, the company just announced that it has pre-launched its medical cannabis online marketplace through its wholly-owned subsidiary, CannMart Inc. CannMart is poised to be Canada’s first medical cannabis “sales-only” license under Health Canada’s Access to Cannabis for Medical Purposes program.
According to the release, “The Company has pre-launched CannMart’s website, CannMart.com, which will allow the Company to commence sales immediately after receiving its license. Receipt of its sales license, coupled with the official launch of CannMart.com, will represent the most significant achievement in the Company’s history and will be the catalyst for Namaste introducing legal cannabis sales into its global e-commerce platform.”
Namaste Technologies Inc (OTCMKTS:NXTTF) promulgates itself an emerging leader in vaporizer and accessories space. Namaste has 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution.
NXTTF is currently focused on expanding its product offering, acquisitions, and strategic partnerships, and entering new markets globally.
According to company materials, “Namaste Technologies is Your Everything Cannabis Store. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste’s product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada. Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada’s first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer’s on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.”
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As noted above, the company just announced a prelaunch of the CannMart medical cannabis online marketplace.
Remember, we have hypothesized that this represents a potent pilot project that can eventually morph into an infrastructure capable of being a key asset in the developing adult-use market.
Sean Dollinger, President and CEO of Namaste comments: “We are extremely excited and proud to be launching CannMart.com at this time, in anticipation of commencing online cannabis sales through our platform in the very near future. I would like to extend my deepest gratitude to all of those that worked tirelessly to make this happen and in helping Namaste achieve this monumental achievement. The official launch of CannMart.com coupled with receipt of our “sales only” license will mark a new chapter in our incredible journey of becoming the world’s first fully-integrated online cannabis marketplace, one driven by cutting edge AI and machine learning technology, as well as revolutionary facial recognition and age identification protocols.”
Currently trading at a market capitalization of $696.63M, NXTTF has a stash ($471K) of cash on the books, which compares with about $1.1M in total current liabilities. One should also note that debt has been growing over recent quarters. NXTTF is pulling in trailing 12-month revenues of $5.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 173.1%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $NXTTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $NXTTF, either long or short, and we have not been compensated for this article.