Namaste stock is bucking the broader sector and moving up after Namaste Technologies Inc (TSXV:N) (OTCQB:NXTTF) announced its Q2 financial results. Additionally, the company made new agreements with two Canadian licensed producers.
Earnings Details
Namaste reported revenues of $4 million CAD for the quarter, and it mirrored its revenues in the prior-year period, which came in at $4.1 million CAD. The company had earlier stated that it was going to reorganize the way it functioned in order to turn Namaste into the globe’s most customer-centric cannabis destination.
On the other hand, the company made a net loss of $8.6 million CAD, which is higher than the $8 million CAD loss that it had recorded in the same quarter in 2018. Net income stood at only $6,141 CAD. The company, however, also reiterated that it had made plenty of technological improvements and is looking forward to bringing in new licensed producers onto the platform.
NXTTF stock is trading up by 2% at $0.412 on the OTC market. On the Canadian side, Namaste stock is up 1% and now selling at $0.54.
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Two More Licensed Producers
On Friday, the company is extending its market reach by bringing in two new licensed producers to CannMart, one of its several marketplaces. The licensed producers in question are Agro-Greens Natural Products Ltd and Pure Sense Inc, both of which are based out of Canada. The CannMart marketplace is based on sales of consignments and happens to be a fee-based operation. The company believes that the addition of these two companies will add further strength to the CannMart marketplace.
The CannMart marketplace started back in October last year, and at the time, it had only two licensed producers. However, it is growing at an impressive rate, and currently, the platform has collaborations with as many as 15 licensed producers. All the companies on the CannMart platform are Canadian, but it is important to note that Namaste Technologies has signed up supply agreements with companies in Israel, Australia, and Columbia. Once Namaste is granted the import license by the government, CannMart can have more licensed participants.
Namaste stock has fallen 40% since the beginning of June. Moreover, the stock is down almost 70% from its January peak price of $1.30.
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