VANCOUVER, Aug. 24, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has received official approval of the latest version of its NamasteMD ("NamasteMD.com") cannabis telemedicine App for Google Android devices, which is live in the Google Play store as of 8 AM ESTAugust 23rd, 2018. Approximately 50% of mobile phone users in Canada use Android devices. With the new launch of the apps on both iOS and Android platforms, NamasteMD can now facilitate online patient consultations, free of charge, within 15 minutes from sign-up on the App. The Company anticipates launching real-time consultations through NamasteMD within the next 10 days. Further to the Company's Aug 22nd news release, NamasteMD has achieved over 14,000 registered users, representing a 130% increase over a 2-month period. The Company anticipates significant acceleration in conversion rates with additional exposure through the Google Play store.
Namaste has developed Canada's first fully-compliant medical cannabis patient portal, available on iPhone or Android devices, which allows Namaste to acquire patients faster and at a lower cost in comparison with other Licensed Producers. Patients acquired through NamasteMD have access to purchase medical cannabis through Namaste's cultivation partners ("Licensed Producers). Under the terms of various Educational Service Agreements ("Service Agreements"), Namaste collects between 15-20% of the gross revenue derived from patient purchasing through referrals to Licensed Producers under NamasteMD. Namaste is presently partnered with over 10 Licensed Producers.
With Namaste's medical cannabis "sales-only" license imminent, the Company anticipates a sharp increased revenue and margin with Cannmart booking full revenue amounts from patient ordering and the Company will aim to maintain a minimum of a 50% gross margin on cannabis products sold directly on its website.
Namaste operates over 30 e-commerce sites across the globe with over 1.5 Million customers. Integration of cannabis and consumable sales including CBD products into Namaste's platform will propel the Company to become a global leader in the online retail of all things cannabis. The Company will launch the same strategy in leveraging its consumer databases along with its innovative technology platforms to expand NamasteMD and Cannmart's model into international markets where Namaste maintains significant market share.
Sean Dollinger, President, and CEO of Namaste comments: "We're very pleased to announce the launch of NamasteMD in the Google Play Store. We have been overwhelmed by the acceleration rate of our registered users and anticipate seeing even faster growth having now received approval from Google. With approximately 50% of mobile phone users operating on Google Android devices, we are expecting to see patient numbers accelerate even quicker than we have experienced so far. NamasteMD is a key component of our strategy in developing Canada's largest medical cannabis patient database and in launching cannabis sales in Canada and abroad. While the process of acquiring a medical cannabis prescription and onboarding with a Licensed Producer typically can take several days or weeks, Namaste will offer a fully-integrated platform for new patients to consult with a nurse practitioner and immediately be connected with Cannmart to order their product. We believe in bringing value to our patients through technological innovation and aim to set the highest standard for patient care going forward."
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.
Further information on the Company and its products can be accessed through the links below:
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 (786) 389 9771, Email: [email protected]