VANCOUVER, Sept. 5, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has achieved a 300% month-on-month growth rate in its Canadian marketplace, in comparison with August of 2017, and 50% growth globally. In the month of August of 2018, the Company generated $1.65M in revenue which represents a 50% increase in revenue in comparison with August of 2017 after consideration of the loss of revenue due to Namaste divesting its US assets that were incorporated into its 2017 sales. The Company has also achieved over 300% growth on its Canadian websites, which now includes over 17,000 customers.
The Company has been focused on developing its Canadian market by enhancing its e-commerce platform and focusing on organic growth through content production, search-engine optimization ("SEO") and in implementation of its proprietary AI technology through the Company's wholly-owned subsidiary, Findify AB ("Findify" or "Findify.io"). With increased competition in the Canadian market, Namaste is pleased to have achieved such significant growth in a key market for the Company.
In anticipation of receiving Canada's first medical cannabis "sales-only" license, under the guidelines of Health Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR"), expansion of its Canadian platform including hardware sales as well as registered users in both NamasteMD ("NamasteMD.com") and My Uppy Cannabis ("My Uppy") Journal represent significant advances for the Company as it looks forward to launching cannabis sales into its Canadian e-commerce marketplace.
Further to its growth in the Company's hardware business, Namaste, through its wholly-owned subsidiaries and revolutionary mobile apps, NamasteMD and My Uppy have seen significant growth through summer months. NamasteMD is Canada's first fully-integrated online patient portal which provides convenient access to medical consultations for the purposes of patient acquisition for the Company. NamasteMD since its launch has acquired over 17,000 registered users, which will drive patient traffic and cannabis sales for the through the Company's ACMPR Licensed Producer partners and through Cannmart.com.
The Company anticipates further acceleration of NamasteMD's platform as it has now launched strategic marketing initiatives including its recent announcement and partnership with Breton CannaPharms which is focused on supporting various initiatives surrounding veteran communities and on providing free access to medical consultations through NamasteMD and in servicing veteran patients through a curated selection of cannabis products for veterans on Cannmart.com. Namaste also announced its partnership with the Indigenous Canadian Medical Dispensaries Group ("ICMD") whereby the Company is focused on providing healthcare access to urban and remote Indigenous community members across the country.
Namaste is also pleased with the growth of AI-driven cannabis journaling app, My Uppy. In less than 2 months since its launch, My Uppy has been downloaded over 15,000 times by users around the globe. Leveraging Namaste's international presence and database of over 1.5 Million customers, My Uppy is focused on collecting user feedback as it relates to the use and effects of various strains of cannabis, which provides data to feed Findify's AI algorithms that together will revolutionize strain recommendations by selecting specific strains for patients based on their conditions and previous use which is being integrated with Cannmart.com
Namaste's technological innovations, its added value services and extensive expertise with online sales will bring significant value and drive revenue growth for Namaste as looks forward to adding cannabis sales into its platform. The Company's impressive revenue, which ranks as eighth highest of all Canadian publicly-traded cannabis companies (based on Namaste's recently Q3 filing of $4.1M) has not yet factored the sale of a single gram of cannabis. By incorporating cannabis sales into its online platform, the Company will set itself apart as Canada's leading cannabis e-commerce retailer.
Sean Dollinger, President and CEO of Namaste comments: "We're very pleased to see such significant growth in our Canadian marketplace that will ultimately drive new revenue in cannabis sales as we await Cannmart's ACMPR sales license. By focusing our efforts on the Canadian market over the past year we have increased our exposure and user base that forms the top of our sales funnel in converting online traffic into medical patients.
We're the first company in Canada to focus exclusively in online patient acquisition and have developed an amazing piece of software with NamasteMD that gives the Company a competitive advantage in and industry that we believe will trend towards massive growth in the online market. As a leader in global e-commerce sales, we will use all of our experience, technology and hard work to provide an amazing user experience and in offering our patients access to all things cannabis.
We plan on replicating this business model in emerging international markets where the Company maintains strong market share."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
SOURCE Namaste Technologies Inc.
For further information: Sean Dollinger, Chief Executive Officer, Direct: +1 604-355-6100, Email: [email protected]