The company also said it expects its fiscal 2020 gross revenue to climb 59% year-over-year to approximately $27 million
() () (FRA:M5BQ) announced that it anticipates fourth quarter 2020 gross revenue of approximately $8 million, a 100% year-over-year increase, and a 21% rise from the $6.3 million it recorded during the third quarter of 2020.
The company also said it expects its fiscal 2020 gross revenue, including cannabis revenue, to climb 59% year-over-year to approximately $27 million.
“We are very pleased by the hard work of the team who doubled the revenue growth over the fourth quarter of 2019,” Namaste Technologies CEO Meni Morim said in a statement.
READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience
He added: “We believe our preliminary results demonstrate the strength of our business during an inflection point within the industry. Namaste as an organization is relentlessly focussed on the execution of our strategy to become a leading global cannabis company.”
Namaste noted that it is targeting continued revenue growth throughout 2021 as the company moves to complete the integration of CannMart Labs and bring new and higher-margin products to market, which will be introduced through new brand lines starting with ‘Roilty’.
The company added that it will release its audited annual financial results for the fiscal year ended November 30, 2020, on or before March 30, 2021.
Namaste Technologies is a cannabis-focused, e-commerce technology company with a goal of becoming the one-stop-shop for everything a cannabis user needs.
The Toronto-based company, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.
In addition to its product offerings of vaporizers, glassware, accessories, and CBD products, the company also owns subsidiary CannMart Inc, which is a key part of its operations that sells online medical and recreational cannabis.
Namaste announced recently that it is collaborating with online smoking supply retailer DankStop to enter the US market by leveraging CannMart.com’s proprietary VendorLink platform.
CannMart is targeting to go live in the US by the end of the current fiscal quarter.
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