Namaste Technologies Inc (OTCMKTS:NXTTF) reported a growth of 13% YoY to $6.15 million in revenues in Q1 2021. The company posted an increase of 113% YoY in cannabis revenues in Q1 2021.
Maintains working capital of $31 million
Its sundry debtors declined by 22% YoY in Q1 2021. The company maintains a working capital of $31 million as of February 28, 2021. It is on the backdrop of raising $23 million through a bought deal offering.
Adds LPs to CannMart
Namaste added licensed producers like The Green Organic Dutchman Holdings, Hexo Corp, and Auxly Cannabis Group to its online platform CannMart.
Namaste expanded its product offerings through its wholly-owned subsidiary – CannMart Inc, to provincial customers who hold exclusive rights to recreational consumers. It also used its online platform CannMart to sell its products to medical customers in Canada under supply agreements with Safari Flower Co, Rilaxe Canna Inc., and CannTx Life Sciences Inc.
In the US, Namaste offers smoking accessories and hemp-derived CBD to the residents through CannMart. Health Canada awarded a standard processing license for CannMart Labs Inc., a subsidiary of Namaste.
Namaste clinched a 49% stake in Labs. CEO of Namaste, Meni Morim, said several vendors are increasing their presence on CannMart to market their accessories and cannabis. The platform posted improved sales in Q1 2021.
The cannabis industry in Canada is facing the impact of the coronavirus pandemic. However, CannMart reported strong growth in sales.
Meni Morim said the company is well-positioned to experience impressive topline growth. The company expects to report strong growth with the launch of its in-house branded cannabis consumer products – Roilty and nutraceutical products in North America in 2021. Namaste plans for further growth with the expected launch of these products in Europe and the UK.
Meni Morim further said the company brought down its operating expenses in the previous quarter. The company will incorporate changes to its product mix to improve margins in the future. Lab’s will commence commercial production soon.
Namaste introduces CannMart in France
Namaste unveiled its online platform – CannMart, in France and Canada. The residents in Quebec qualifying for medical cannabis can access these products from CannMart.