RE:10 Reasons to own Namaste Technologies Great Post deserves to be posted again !!
Icediesel wrote: 10 Reasons to own Namaste. First off, we no longer have a CEO problem as that problem has been worked out. Our ex-CEO Manbun is now our advisor and will only advise us on all things manbun related and that's it. He has an office in the basement and we took his stapler away from him like Milton from Office Space lol.
1. Meni Morim is now running the ship as the interim CEO and he's already made an acquisitionin Choklate a chocolate company in Calgary, Alberta who has their products in Sobeys and Safeway. This sets us up nicely to enter and supply the edibles market for medicinal and recreational this fall 2019.
2. We have solid cash position. We had around 34 million dollars in the bank last quarter and we got another 51 million back in October of 2018.
3. We have a proven business model already in place whereby we sale vaporizers and accessories in over 20 countries and have served millions of customers since inception. On Black Friday weekend, they sold 1.25 million dollars worth and reported over 2.6 million in sales in October. All of which will be reported on the next financials. We will far exceed our last quarter results just based off of 1 months sales and one weekend worth of sales. This was all reported on Proactive Investor (google it) with Sean.
4. We received a sales only license from Health Canada. They don't just give these licenses to anyone and it is a grueling and long process to receive one.
5. Cannmart website has been up and running now since legalization day and only continues to grow and roll out more SKUs each month. Revenues on this entity have yet to be released.
6. Our 2 applications NamasteMD and Uppy. NamasteMD alone is a great story and a great asset which has over 28,000 registered patients and only continues to grow. Additionally, Meni has said in the past he wants to use the information gathered from the Uppy app and monetize it by selling the user data info to dispensaries so they can take advantage of that information on what to recommend to customers.
7. We own 10% of Cannbit Cannabis which cultivates marijuana in Isreal and we have a supply agreement with the company to serve customers on Cannmart. This sets up nicely when we roll out NamasteMD in the UK, Australia, and other Europe markets.
8. We have a new interim-CEO who is well versed in what we do and is the brains behind Findify and has been steering the ship on their apps: NamasteMD and Uppy. He's a well thought out executive and is proving to do just that by slashing costs with its marketing partnership being terminated and cafe project being shut down.
9. We also have a 49% stake in Pinapple Express Delivery
10. Canmart Labs (infinite labz) which we own 51% ownership and currently we are waiting for our LP and LD license under Health Canada in order to produce and sell cannabis oils to the medical and recreational markets as well as conduct research. We are just waiting to have Health Canada come in to inspect the facility.
As for the financials being late, the company has already addressed this issue and has hired a new auditor. The main reason for PWC departing was the whole drama behind the scenes with Sean and his firing. That's all been resolved like I said and we have a new auditor. It's possible that the new auditor and countless other accounting firms working on the books will be done before the end of this month, but if not trading shouldn't be halted. Management has already applied to the exchange to ask to have managements trading halted until financials can be released.
We know that they aren't a shell company like some out there; we actually have real tangible assets and we potentially could be a buyout target. Management has already said there is an expression of interest from an outside party interested in purchasing Namaste back in February. Any LP would love to have our global customer reach, revenues, database and assets we have.