Namaste Technologies Inc., a platform for cannabis products, accessories, and education, reported its estimated revenue for the fourth quarter 2020 and fiscal 2020 ended November 30, 2020. Namaste expects to release the Company’s audited fourth quarter and annual financial results on or before March 30, 2021.
The Company anticipates that gross revenue for the fourth quarter 2020 will be approximately $8.0 million, an increase of approximately 100% over Q4 2019 revenue of $4.0 million, thereby expecting to nearly double revenue quarter-over-quarter, and is representing an approximately 21% increase over Q3 2020 revenue of $6.3 million. Namaste is targeting continued revenue growth throughout 2021 as we move to complete the integration of CannMart Labs and bring new and higher-margin products which will be introduced through new brand lines starting with “Roilty”.
“We are very pleased by the hard work of the team who doubled the revenue growth over the fourth quarter of 2019,” said Meni Morim, CEO of Namaste. “We believe our preliminary results demonstrate the strength of our business during an inflection point within the industry. Namaste as an organization is relentlessly focussed on the execution of our strategy to become a leading global cannabis company.”
The Company will release its audited annual financial results for the fiscal year ended November 30, 2020 on or before March 30, 2021.
Headquartered in Toronto, Canada, Namaste Technologies is an online platform for cannabis products, accessories, and responsible education. The Company’s ‘everything cannabis store’, CannMart.com, provides medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators, all on one convenient site. Information on the Company and its many products can be accessed through the links below: NamasteTechnologies.com