The cannabis products e-commerce company attributes the performance mainly to demand for vaporizers and smoking accessories
Cannabis products e-commerce company Namaste Technologies Inc ( ) (OTCMKTS:NXTTF) rallied Friday after announcing a record C$1.25 million in revenue during the period spanning US Thanksgiving Day, Black Friday and Cyber Monday.
The Vancouver-based company said in a press release that total reported, unaudited revenue from Friday November 22 through Monday November 26 was about C$988,000. Anticipating demand, its e-commerce platforms launched their sale on Thursday, bringing the five-day total to about C$1,249,000, the highest ever for such a period, according to Namaste.
READ: Namaste Technologies launches Craft Cannabis Program to boost craft cultivators
Namaste attributed the performance mainly to demand for vaporizers and smoking accessories. The company also got a boost from the first holiday weekend of sales of legal medical cannabis sold through its online portal CannMart Inc.
Shares of Namaste climbed C$0.10 to C$1.34 in Friday’s Canadian trading. They were up US$0.07 to US$1.01 on the OTC market.
According to Namaste, CannMart is Canada's first e-commerce platform that can safely and securely deliver legal medical cannabis to patients from a wide variety of licensed producers. The portal began same-day delivery in the Toronto area through Pineapple on November 27.
Earlier this month, Namaste started a craft cannabis program that provides regulatory support and a direct sales channel for craft cultivators.
Contact Dennis Fitzgerald at [email protected]
