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Namaste Technologies reports 2Q financial results; sees improvements in books

"We have improved the company's foundations to build the world's most customer-focused cannabis marketplace", said CEO Meni Morim, interim CEO of Namaste

cannabis plant
"This is an exciting time in the cannabis market overall and we want to make sure that we're maximizing our opportunities"

Namaste Technologies (CVE:N) (OTCMKTS:NXTTF) released financial statements Thursday for its second quarter, showing a steady improvement in its books. 

In the second quarter, revenue remained consistent at C$4 million compared with C$4.1 million for the same period last year.

In 2Q, Namaste reported that it had improved the company's foundations, with an aim to build the world's most customer focused cannabis marketplace.

"From here, we are reprioritizing and refining our investments towards scalability, gaining marketshare and working capital management. We expect to see these results take shape over the next three to six months with a balanced approach between working capital optimization and the right investments to help the company grow," said Meni Morim, interim CEO of Namaste.

"This is an exciting time in the cannabis market overall and we want to make sure that we're maximizing our opportunities."

READ: Namaste Technologies looks to a brighter future as it aims to be the world’s leading cannabis marketplace

The firm reported a net loss of C$8.6 million, up from a net loss of C$8.0 million in the prior year period. The firm reported net income of C$6,141. 

The company said: "During the quarter, we made technological improvements in our online platform, acquisitions in Pineapple Express and Choklat, and expanded our list of licensed producers on CannMart.  As recently announced, we have increased our access to medical cannabis patients through our relationship with ARBR.

"As part of our strategy to improve the access to and interactivity with license producers, we expect to announce additional producers under our new fee-based or consignment model. 

"This new model allows licensed producers to see Namaste's online marketplace as complementary to their business versus competition. We believe this shift with help drive future expansion of our product categories and related SKU's and highlight our commitment to enhancing the customer experience from education to consumption. From a financial standpoint, this system helps reduce the burden on working capital too."

Contact Katie Lewis at [email protected]

Quick facts: Namaste Technologies Inc

Price: 0.355 CAD

TSX-V:N
Market: TSX-V
Market Cap: $114.94 m
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