Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) (FRA:M5BQ) reported a year-over-year increase in its 1Q 2021 net revenue to C$5.5 million as cannabis sales climbed 113% from the same period last year.
Namaste also said its net cash used in operating activities fell by $7.5 million to $2.5 million during the quarter, which the company attributed to improved management of its short-term assets.
“We continue to transform CannMart.com, which saw sales increase in 1Q 2021 compared to the prior year as we see an increased number of vendors looking to sell their cannabis and accessories with us,” 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 believe the marketplace and the company remain well-positioned to experience a robust increase in our top-line as the market improves,” Morim added.
“Going forward, we are excited about the strategic opportunities for growth as we launch ‘Roilty’, our in-house branded cannabis consumer products, in Canada, and launch the first nutraceutical products in fiscal 2021 in North America and anticipate a launch in the UK and Europe thereafter.”
The company noted it had recorded the second-highest percentage for cannabis revenue out of total net revenue achieved in the last four quarters.
As well, Namaste said it ended the quarter with $31 million in working capital as of February 28.
The company also saw a 33% year-over-year decrease in its inventories to $5.9 million, which it said reflected improved inventory management practices.
In addition, Namaste announced it has launched a new French-language website for CannMart.com that will offer medical products to customers in Quebec, Canada’s second-largest province, as well as to all francophone Canadians.
It noted the initiative marks an important step in CannMart.com’s commercial expansion, following months of building its portfolio and taking the necessary strategic measures to ensure proper supply of inventory.
The company said total Quebec recreational cannabis sales exceeded $170 million for the three-month period ending January 2.
Namaste Technologies is a cannabis-focused, e-commerce technology company with the 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.
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Story by ProactiveInvestors
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