Over the past few months, Namaste Technologies Inc. (OTCMKTS:NXTTF) has endured a difficult spell. NXTTF has witnessed a series of scandals, loss of an auditor, dismissals and declining share price. This series of events has left most shareholders and investors pondering about the long term future of the company.
Namaste Trying To Regain Its Foothold
It’s quite unfortunate for a company whose business model had so much potential. The model involved developing an e-commerce platform that sells different accessories in the cannabis market, which was to come along with an app created to serve medical cannabis patients. Namaste is now left struggling to try to regain its legitimacy and viability in the market.
In Q4 2018 the company reported flat year-over-year net revenue of around $3.9 million. Namaste’s vaporizer business showed no growth in revenues in the quarter with the CannMart segment generating $32,000 in sales while the NamasteMD segment generated sales of around $61,000. In the quarter gross profit was around $930.
Although the numbers appear to be abysmal, the situation may not be that gloomy. For instance, in its vape business, the company divested its US holdings, which were the main reason for declining growth. However, growth has not been that strong, but the numbers are not that bad once adjusting for loss for sales is accounted for.
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Cannmart Holds Much Potential To Redefine Namaste
In the earnings report for the quarter, CannMart had only just begun selling a few weeks before, so the numbers reflected in the earnings report do not give the whole picture. The potential of CannMart is expected to be seen in the next quarterly report. CannMart is full of potential based on the quality of customer service, wide product selection, and same day delivery.
However, the market may not be pricing at the moment for CannaMart because of the scandals that the previous management faced. That has nonetheless changed, and it remains to be seen whether the current leadership can inspire the confidence of investors and shareholders through performance. 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!