Anyone familiar with Black Friday understands how much business the ‘exclusive deals’ generate on this day. The sales, of course, extend across brick and mortar stores to the internet. Cyber Monday then, the internet version of Black Friday, is in essence just another day of cut prices. In light of this, Namaste Technologies (TSXV:N), which does most of its retail sales on its online marketplace, CannMart, cleaned up in sales over this weekend.
Namaste Technologies Makes the Most of Black Friday
The company announced record-breaking sales across its global online platforms, totaling more than $1.24 million CAD through the Black Friday and Cyber Monday holiday shopping weekend.
The total figure reported was from a sale that began on Thursday, November 21st through to Monday the 26th. The company expected demand and the e-commerce platform launched its sales a day ahead of official Black Friday.
The weekend generated revenue in excess of $1.24 million and marked the highest-ever sales figure in one weekend for Namaste Technologies.
Namaste Technologies Stock
The company’s stock is increasing today on the news. At the time of writing, N stock has spiked to $1.38 from $1.21 at the close yesterday. A full trading day lies ahead so let’s see how it performs going into the weekend.
Black Friday Sales
The impressive sales figure has been attributed to vaporizers and smoking accessories predominantly on the CannMart online platform.
Since the explosive weekend, the company has launched same-day rush order deliveries in Toronto, beginning on November 27th. This initiative should help Namaste to secure increased sales in the Greater Toronto Area in the months to come.
Moving into 2019, Namaste Technologies expects revenue growth to expand as cannabis sales in Canada increase. Further, the newly legalized medical cannabis market in the UK will offer a new and potent revenue stream for its services. The brilliance of Namaste is the ability to cater to any jurisdiction in the globe due to the online nature of its business.
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