Namaste Technologies (TSXV: N) announced this morning that it has signed two distribution agreements with provincial retailers for its cannabis resale products. The provinces of Ontario and Saskatchewan will soon be stocking products from Namaste’s CannMart division, however details provided were scarce.
No timeline was given by Namaste on when exactly product will be shipped to the two new jurisdictions. The firm however is focused on expanding its distribution network, identifying that it is seeking approval for distribution in other provinces as well.
Namaste has struggled to see sell through on its CannMart platform, which has posted dismal declining revenues. The subsidiary, which was hailed originally as being the “Amazon of cannabis” has struggled to make any significant inroads in terms of market acceptance. Last quarter the division posted revenues of $138,000, which was a decrease from $148,000 in the prior quarter. The lack of sales through the online platform has forced the firm to seek other avenues of cannabis revenue, beginning with the province of British Columbia back in September.
Namaste Technologies last traded at $0.38 on the TSX Venture.
Information for this analysis was found via Sedar and Namaste Technologies. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
