Namaste Technologies Inc (OTCMKTS:NXTTF) has reported marginally lower revenues of 3.8 million CAD in Q3 2019. The company helped CannMart to increase end to end customer conversion rate to 6% as of today from less than 1% in January 2019. It expects to maintain the same growth rate going forward for CannMart.
Namaste is diversifying its revenue streams. It expects to explore business opportunities: B2C and B2B to boost revenues. The company received an amended Health Canada license to service its MD patients, who are prescribed oils. Namaste expects to renew prescriptions of 14,000 patients between November 1 and December 31, 2019.
The company would strive to increase conversion rates and boost revenues by addressing these markets. Namaste also focuses on expanding its other businesses. Namaste added many new products that include its cannabis oil concentrates on CannMart. Health Canada has approved to sell cannabis oil concentrates via CannMart.
CannMart signs Marketing accords
According to a communiqué from Namaste, CannMart entered marketing and sales accords with CannTx Life Sciences. As per the terms of the agreement, CannTx would market BOWER, the flagship product of CannMart. CannMart would use the processing license obtained from Health Canada to process and package the BOWER products. The company can now sell medical products directly to consumers online.
CannMart includes quality products to improve online market presence and generate additional value to the Licensed Producers (LPs) through expanding its services and products. Meni Morim said the company is adding innovative products and services and sales channels for the LPs, who hold a cultivation license. It is also addressing the sales of firms that are yet to get distribution and sales licenses.
Co-founder and President of CannTx, Mike Abbott, said the company chose CannMart to introduce quality products online. CannTx has some good quality products in its product line, and CannMart would help the company overcome previous bottlenecks.
Appoints a New CEO
Namastehas recruited Meni Morim as a board member and permanent Chief Executive Officer. He held the position of Chief Product Officer since last year in May and served as interim Chief Executive Officer since February 2019.