Namaste Technologies Inc (OTCMKTS:NXTTF) posted revenues of $6.9 million in Q2 2020 on the backdrop of improved revenues from cannabis and cannabis-derived products. Canadian clients contributed 48% of its revenues in Q2 2020. It reported an increase of 31% in revenues in Q2 2020 compared to Q1 2019.
Canmart achieves stellar growth
Namaste’s subsidiary – Canmart Inc reported stellar growth of 1500% YoY to more than $2.4 million in earnings in Q2 2020. It helped to increase of Namaste significantly in Q2 2020. Namaste narrowed its net loss to $4.8 million in this quarter because of the launch of new distribution channels by Canmart and restructuring efforts.
CEO of Namaste, Meni Morim, said Namaste improved its bottom line and revenues in Q2 2020 because Canmart unveiled B2B distribution channels. He said its strategic decisions in 2019 and early 2020 are reaping rich dividends for the company. A lot more efforts are needed to boost operational efficiencies, expand product lines, and improve gross margins in the foreseeable future.
The regulators in Canada are introducing a new framework around the legalized cannabis industry. Namaste will scale up its business to operate within this framework to spur growth. The company is expanding its relationships with global cannabis brands demonstrating its leadership position in the distribution, production, and development of consumer packaged goods to satisfy the demand in the cannabis space.
Namaste also developed its brands with significant investments besides realizing the value of working with brands and leveraging distribution channels and expertise. It can build on brands to promote product development, customer loyalty, and boost sales. Meni Morim said the company accomplished success in B2C and B2B channels by working with major brands.
Receives approval AGLC
Namaste received approval from AGLC (Alberta Gaming, Liquor, and Cannabis) and OCS (Ontario Cannabis Retail Corporation) to commence the sale of cannabis 2.0 products. Canmart derives a large chunk of its sales from Ontario and Alberta markets.
On September 29, 2020, Namaste will hold a virtual AGM (Annual General Meeting) of investors.
Namaste incorporated measures to minimize the impact of ongoing coronavirus on its business and safeguard its employees, customers, partners, and vendors.
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