- 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 /PRNewswire/ - 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.
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:
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.