Connect with us

Business

Namaste Technologies Inc (OTCMKTS:NXTTF) Reports An Increase Of 73% YoY to $6.9 Million In Revenues In Q2 2020

Published

on

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.

New regulations

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.

Virtual AGM

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.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

PROFILES1 month ago

Post Views: 40,690 Can you spot the difference between the hemp plant and marijuana plant? Hint: It’s not in the...

Business2 months ago

Stem Holdings Inc (OTCMKTS:STMH) Reports A Growth Of 960% In Q3 2020: Unveils TJGardens Branded Tinctures

Post Views: 828 Stem Holdings Inc (OTCMKTS:STMH) posted an increase of 960% YoY to $6.7 million in Q3 2020. It...

Business2 months ago

Indiva Ltd (OTCMKTS:NDVAF) Signs Three Provincial Agreements: Expands Distribution Network To Eight Provinces: Reports A Robust Growth Of 1273.7% In Q2 2020 Revenues

Post Views: 732 Indiva Ltd (OTCMKTS:NDVAF) posted a robust growth of 1273.7% YoY to CAD 2.826 million in revenues in...

Business2 months ago

4Front Ventures Corp (OTCMKTS:FFNTF) Receives Approval From CCC For Mission Dispensary and Cultivation Facilities In Worcester: Will Commence Adult-Use Cannabis Sales

Post Views: 779 CCC (Cannabis Control Commission) in Massachusetts approved cultivation and processing facilities and Mission Dispensary of 4Front Ventures...

Business2 months ago

Pure Sunfarms, A Joint Venture Of Village Farms International Inc (NASDAQ:VFF), Ships Bottled Oil Products TO British Columbia

Post Views: 856 Pure Sunfarms, which is a Village Farms International Inc (NASDAQ:VFF) JV, commenced shipment of Cannabis 2.0 products...

INDUSTRIAL HEMP2 months ago

Health Canada Grants Cannabis 2.0 License To Abba Medix Corp, An Auxiliary Of Canada House Cannabis Group Inc (OTCMKTS:SARSF)

Post Views: 705 Abba Medix Corp., a wholly-owned subsidiary of Canada House Cannabis Group Inc (OTCMKTS:SARSF), received an amended cannabis...