- Anticipates quarterly gross revenue, including cannabis
revenue, of approximately $8.0
million in Q4 2020; a year-over-year increase of
100% from $4.0 million in Q4
2019 and a quarter-over-quarter increase of 21% from
$6.3 million in Q3 2020
- Anticipates annual gross revenue, including cannabis revenue,
of approximately $27 million
in fiscal 2020; a year-over-year increase of 59% from
$16 million in fiscal 2019
TORONTO, Jan. 13, 2021 /CNW/ - Namaste Technologies
Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ)
(OTCMKTS: NXTTF), a leading platform for cannabis products,
accessories, and education, today 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."
See "Forward-Looking Information" below for assumptions and
risks.
The Company will release its audited annual financial results
for the fiscal year ended November 30,
2020 on or before March 30,
2021.
Financial Disclaimer:
The preliminary estimated financial results and other data for
the three months and year ended November 30,
2020 set forth above are subject to the completion of the
Company's financial closing procedures. This data has been
prepared by, and is the responsibility of, the Company's management
and audit committee. Namaste independent registered public
accounting firm, Baker Tilly LLP, is in the process of performing
year-end audit procedures with respect to these preliminary
financial results and other data, and accordingly does not express
an opinion or any other form of assurance with respect
thereto. The Company currently expects that its final results
of operations and other data will be consistent with the estimates
set forth above, but such estimates are preliminary and Namaste
actual results of operations and other data could differ materially
from these estimates due to the completion of its fiscal year-end
audit procedures, final adjustments, and other developments that
may arise between now and the time such annual audited consolidated
financials statements for the twelve months ended November 30, 2020 are released.
About Namaste Technologies Inc.
Headquartered in Toronto,
Canada, Namaste Technologies is a leading 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. The Company also distributes licensed and in-house
branded cannabis and cannabis derived products to recreational
consumers in Canada through a
number of provincial government control boards and retailing bodies
and facilitates licensed cannabis retailer sales online in
Saskatchewan. Namaste's global
technology and continuous innovation address local needs in a
burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
FORWARD-LOOKING INFORMATION – This news release contains
"forward-looking information" within the meaning of applicable
securities laws. These statements may relate to anticipated events
or results and include, but are not limited to, statements
related to the Company's anticipated revenue, i for the quarter and
year ended November 30, 2020 and the
Company's ability to bring new and higher-margin products and
brands to market to generate additional material revenue in the
future and other statements that are not historical facts.
Forward-looking information relating to the Company's anticipated
revenues is strictly provided as financial guidance to investors as
prepared by management and may not be appropriate for any other
purpose, and remains subject to the audited financial statements of
the Company and related MD&A for the year ended November 30, 2020 to be released on or prior to
March 30, 2021. All statements
contained herein that are not historical in nature contain
forward-looking information. Forward-looking information can be
identified by words or phrases such as "may", "expect", "likely",
"should", "would", "plan", "anticipate", "intend", "potential",
"proposed", "estimate", "believe" or the negative of these terms,
or other similar words, expressions and grammatical variations
thereof, or statements that certain events or conditions "may" or
"will" happen. The forward-looking information contained herein is
made as of the date of this press release and is based on
assumptions management believed to be reasonable at the time,
including, without limitation, audited financial results being in
line with preliminary financial results reviewed by management, the
expectation that the introduction of new products and brands will
generate additional revenue, Namaste's standing in the online
marketplace for cannabis and related products and accessories,
Namaste's beliefs regarding the expected demand for cannabis and
related products and accessories and the expected growth of that
market, results of operations, operational matters, historical
trends, current conditions and expected future developments, as
well as other considerations that are believed to be appropriate in
the circumstances. While we consider these assumptions to be
reasonable based on information currently available to management,
there is no assurance that such expectations will prove to be
correct. By its nature, forward-looking information is subject to
inherent risks and uncertainties that may be general or specific
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved. A
variety of factors, including known and unknown risks, many of
which are beyond our control, could cause actual results to differ
materially from the forward-looking information in this press
release. Such factors include, without limitation: regulatory risk,
risks relating to the Company's ability to execute its business
strategy and the benefits realizable therefrom and risks
specifically related to the Company's operations. Additional risk
factors can also be found in the Company's current MD&A and
annual information form, both of which have been filed under the
Company's SEDAR profile at www.sedar.com. Readers are cautioned not
to put undue reliance on forward-looking information. The Company
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable law. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release or has in any way approved or disapproved
of the contents of this press release.
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SOURCE Namaste Technologies Inc.
