Namaste Technologies Inc (OTCMKTS:NXTTF) Reports A Growth Of 100% In Revenues In Q4 2020
Namaste Technologies Inc (OTCMKTS:NXTTF) posted a growth of 100% to CAD 8 million in revenues in Q4 2020. It is on the backdrop of improved sales of cannabis products. The company’s full-year revenues are CAD 27.1 million (up 65% YoY).
Namaste lowered its loss in Q4 2020 to CAD 6.4 million compared to CAD 26.4 million in the same period last year. It maintains a working capital of CAD 16.5 million in Q4 2020.
Offers hemp-derived CBD to Americans
Namaste offers hemp-based cannabidiol and its accessories by unveiling an online market place CannMart in the US. The company added the LPs like The Green Organic Dutchman Holdings, Hexo Corp, and Auxly Cannabis Group to its CannMart.
Namaste’s BHO extraction facility – CannMart Labs Inc, has received SPL (standard processing license) from Health Canada.
Meni Morim, CEO of Namaste, said the company is excited to post record revenue growth by selling cannabis through the distribution channels of CannMart Inc. The foundations laid in 2020 to promote long-term growth help the company transform into a personalized marketplace for wellness products.
CannMart expands product offerings
CannMart Inc improved its product offerings to recreational consumers through provincial customers. It also expanded the products to medical patients nationwide through inking sales agreements with Safari Flower Co, Rilaxe Canna Inc, and CannTx Life Sciences Inc.
As per the terms of the deal, CannTx Life will engage in distributing premium hash products under the brand – Royal City Cannabis Co. CannMart derived these high-quality products from whole flower cannabis. Apart from selling these products through its online marketplace, CannMart will present in Ontario to satisfy the demand in the adult-use market.
The distribution and manufacturing deal with Rilaxe Canna allows CannMart to serve adult-use customers, medical-use patients, and the wellness community with an innovative format of edibles developed from dried fruits. CannMart currently offers chocolate and gummies in the edibles category nationwide. It will satisfy the demand for edibles in the adult-use market in British Columbia.
CannMart signed a supply accord with Safari Flower, the processor and cultivator of cannabis 2.0 products and flower. The company will engage in the distribution of products through various provincial accords.