The company also ended fiscal 2020 with $16.5 million in working capital as of November 30
() () (FRA:M5BQ) reported 4Q net revenue climbed 85% year-over-year to a record C$7.2 million, which the company attributed primarily to an increase in cannabis product sales.
Namaste noted it ended fiscal 2020 with $16.5 million in working capital as of November 30, after closing a $23 million bought deal offering before the year’s end.
“We are pleased with the progress made by the team to achieve the highest recorded quarterly revenue for the company to date,” 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
“We achieved significant year-over-year growth of revenue as cannabis sales through CannMart’s distribution channels made an important contribution to the revenue stream,” Morim added.
“The company is in a strong financial position today, made possible from the considerable work undertaken in 2020 to lay the foundation for long term growth as Namaste continues its evolution to be the world’s foremost personalized wellness marketplace.”
Namaste also saw its net loss for the quarter narrow to $6.4 million from $29.7 million a year earlier.
For fiscal 2020, the company’s net revenue increased 54% to $25.1 million, while its net loss for the year improved to $26.4 million from $63.2 million during 2019.
Namaste also outlined some highlights for 2020, including:
Launching CannMart.com into the US while offering Americans hemp-derived CBD and smoking accessories; Announcing the addition of leading licensed producers to the CannMart.com platform: Auxly Cannabis Group, Hexo Corp and The Green Organic Dutchman Holdings (TGOD); Receiving a standard processing licence from Health Canada for CannMart Labs Inc, its state-of-the-art BHO extraction facility; and Announcing expansion to broaden its total addressable market and to evolve into a pre-eminent wellness company, connecting consumers to their wellness needs of tomorrow.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's CannMart Inc, is a key part of its operations that sells online medical and recreational cannabis.
Contact Sean at sean@proactiveinvestors.com
