Namaste Reports - What Cannabis Stock Investors Need To Know
Namaste Technologies Inc
(TSXV:N) (OTCQB: NXTTF ), the cannabis-focused e-commerce company, reported Wednesday that its gross revenue rose 13% year-over-year to CA$6.15 million ($4.96 million) in the first quarter of the year 2021.
Net income for the first three months of the fiscal year was CA$5.5 million, compared to CA$5.3 million in the same quarter of 2020 and CA$7.2 million in the prior quarter.
Here's a breakdown of what the Q1 earnings report showed:
Cannabis revenue grew 113% year-over-year, accounting for 47% of total net revenue. Operating expenses decreased by CA$7.5 million to CA$2.5 million over the same period. Inventory fell 33% to CA$5.9 million from CA$8.8 million in the corresponding quarter last year. Receivables also decreased, by 22% year-on-year. As of February 28, the company had working capital of CA$31 million, including CA$23 million raised through a recently concluded purchased public offering of 65.78 million of its units at CA$0.35 per unit.
In November, the Toronto-based company said it was buying the remaining stake (49%) in its CannMart Labs subsidiary.
Namaste recently expanded its offering on its CannMart.com platform by adding products from Auxly Cannabis Group Inc. (OTCQX: CBWTF), HEXO Corp. (TSX:HEXO) (NYSE: HEXO ) and The Green Organic Dutchman Holdings Ltd (OTCQX: TGODF ).
As we observe a growth in sellers who want to sell their cannabis and accessories with us, we are continuing the development of CannMart.com, which had an increase in sales in Q1 2021 compared to the prior year, said Meni Morim, CEO of Namaste.
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