Company sells vaporizers and other related products in 20 countries.
The launch of NamasteMD makes it a one-stop shop for medical cannabis patients.
Fulfillment agreement with Greenlane Canada provides it with the final piece of the e-commerce puzzle.
Recently entered into bought-deal offering of $35 Million.
Along with the vaporizers it sells, which includes exclusive deals with companies like Aurora Cannabis, it also generates revenue from smoking accessories. It has an e-commerce presence in 20 countries, and distribution hubs around the world, which was recently reinforced by its fulfilment deal with Greenlane Canada.
Greenlane was especially important because it was the piece of the puzzle that was missing in lifting Namaste into being one of the dominant players in the e-commerce medical cannabis space.
With its $35 million in bought-deal financing in place to take care of its immediate needs and CapEx, Namaste is going to focus on further developing its NamasteMD unit, which is expected to add a significant number of new patients after full launch in March 2018.
Latest earnings results
The released its results for February 2018 in early March, and net revenue jumped to C$1,370,442,, a 146 percent gain year-over-year. With February usually being a slow sales period, the company stated it was “pleased” with the results.
Citing upcoming legalization of recreational marijuana and expected growth in emerging markets, the company sees this revenue growth trend continuing.
Below is a table showing gross sales in February from the major sites run by Namaste, including “site traffic, conversion rates, total number of orders per site and average online basket price.”