NamasteMD, its online patient portal, has been redesigned and will be released soon
Launching a new retail brand called the Namaste Café, which will launch locations in Toronto, Montreal and other cities
Strong cash position allows for the execution of strategy and continued innovation
Brought on director Branden Spikes, former chief information officer at Elon Musk’s SpaceX, as chairman of the board
What Namaste Technologies does
() (OTCMKTS:NXTTF) has lofty ambitions when it comes to specialty e-commerce but its premise is simple: own the world of cannabis e-commerce, and be a 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 is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc, not to mention its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, as well as sales of medical cannabis from its facility in Toronto.
Namaste has developed and acquired a number of technology platforms.
Some of these under the Namaste umbrella include NamasteMD, which is a global telemedicine app, Cann Mart, which offers online cannabis sales and Its mobile app, Uppy Cannabis Journal, allows medical cannabis users to track the effects of different cannabis strains on whatever symptoms they may be looking to address. That data is then fed into Namaste A.I., which provides cannabis strain recommendations, based on machine learning.
How is it doing?
It's been a busy year for Namaste.
NamasteMD, its online patient portal, has been redesigned and will be released in the coming weeks.
“This will improve performance, user experience and enable rapid deployments in new markets,” wrote CEO Meni Morim in a letter to shareholders, released in February 2018.
Recently, Namaste acquired a stake in Pineapple Delivery Inc, a company that offers a same-day delivery service platform for medical and recreational cannabis.
WATCH: Namaste Technologies introducing cafes and working with chef on cannabis recipes
When it comes to Cannmart, the company also has a license to distribute medical cannabis in Canada as well as strong supply agreements. The selection on Cannmart continues to grow and the company says they are working to improve the buying experience.
Namaste recently announced its plans to launch a new retail brand called the “Namaste Café,” with its first location slotted for Toronto in early 2019.
In February, Namaste reached a legal settlement with ousted CEO Sean Dollinger. Under the deal’s terms, Dollinger has dropped his lawsuit against the Canada-based cannabis e-commerce platform and will act as a senior advisor.
Namaste also announced it has tapped its director Branden Spikes, former chief information officer at Elon Musk’s SpaceX, as chairman of the board.
Strong cash position
Namaste’s business development team boasts a robust pipeline of partnerships which will continue to strengthen the company’s position.
On top of this, the company’s “strong” cash position will allow for the execution of strategy and continued innovation, according to Morim.
In October 2018, Namaste closed a mammoth oversubscribed bought financing deal of C$51.7 million. The company said a total of 17,250,000 units were sold at a price of C$3.00 per unit for gross proceeds of C$51.8 million. Funds are being used for inventory and supplies, capital improvements, expansion of e-commerce platforms and customer base.
What the boss says
In a letter to shareholders, Morim re-affirmed Namaste's focus remained on executing its business plan, and stressed the company was in a good position.
“In short, the management team’s focus continues to be on executing our strategic plan, growing the business and creating shareholder value for you, Namaste’s owners,” Morim wrote. “That is our mandate, and we are moving full-steam ahead.”
