Cann Mart and Findify are the key here ! Progress made in Q4 Cannmart
Prior to Q4 2020 the Company owned 51% of CannMart Labs Inc. (“Labs”). In Q4 2020 the Company acquired the remaining 49% interest in CannMart Labs Inc. Subsequent to Q4 2020, CannMart Labs Inc. has received a standard processing licence from Health Canada under the Cannabis Act (Canada) for cannabis extraction activities.
Labs is in the final stages of completing a dedicated purpose-built facility, which incorporates leading extraction technology, designed to enable Namaste’s strategic vision of introducing a larger portfolio of cannabis products to market. The facility will be capable of producing oil, extract, and other products, such as gel-caps, tinctures, pre-filled cartridges, and edibles. The facility will also be able to potentially expand to extraction of other compounds, beyond cannabis, with minimal capital investment. This will allow the Company to drive profitable growth via its unique distribution strategy.
Findify
is a leading e-commerce Artificial Intelligence (“AI”) and machine learning company, which provides its customers with AI algorithms to optimize and personalise a consumer's on-site buying experience. Its primary product is a holistic AI-powered solution providing real-time personalized search, smart collection, and recommendation to increase conversion. Findify is an official Shopify Plus Technology Partner, recognized as a “Best-In-Class Solution” for modern, rapidly growing e-commerce businesses.
Since Findify was acquired by Namaste, Findify has taken the time to identify the appropriate consumer market, reorient its sales strategy and retain the appropriate talent to make long-term growth stable and scalable. Findify has since completed changes to its customer mix from an emphasis on small businesses to medium sized business. Findify revenue increased by $160 thousand or 35% in Q4 2020 over the comparable quarter prior year ($315 thousand or 27% YTD). Looking forward Findify continues to innovate and build the organization to solidify its position in the mid-market segment.fy