One aspect of the cannabis industry experts have advised investors about seeing major growth alongside the cannabis market is the ancillary and side services taking advantage of the legalization movement all across the world.
To provide a little bit of perspective on this, the Investing News Network (INN) had the opportunity to talk with Sean Dollinger, president and CEO of Namaste Technologies (CSE:N; OTC:NXTTF) about the company’s recently launched app-based platform NamasteMD for patients in Canada.
Namaste started by offering vaporizers and smoking accessories across the globe. Dollinger told INN they identified a correlation between people buying these products and cannabis users.
“Our whole idea is about being a platform, so LPs place their products on our platform; whereas we are the technology behind it,” Dollinger said.
Namaste previously earned some recognition in the industry when Aurora Cannabis (TSX:ACB; OTC:ACBFF) announced a hardware investment deal last year, which kicked off what has been a fruitful relationship between the companies.
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The services of NamasteMD
Through a mobile app cannabis patients can input their data and be connected to a physician who offers cannabis as medicine. Then in the same app, the patient can have access to a catalogue of products from almost all LPs.
According to Dollinger Namaste has signed a service agreement with all the “top LPs” and are almost done signing every single LP in Canada.
The app has favorable reviews on Apple’s (NASDAQ:AAPL) own App Store and currently holds a five star rating based on 171 user reviews.
“We already have about 450 patients, and in March our target is to hit 1,500 patients… we’re aiming to have over 2,000 patients by the end of March,” Dollinger told INN, adding the company’s estimations for its year-end user base is currently 5,500 patients.
With all of the data Namaste will be collecting, which Dollinger told INN has not been decided,exactly, how to best monetize it, the company has plenty of options available on the consumer trends it will catalogue once more patients are using its service.
Namaste’s data collecting will also be enhanced by the option for patients to download a smartwatch app. Dollinger said Namaste will be able to give users specific information on the effects of the products available to patients in its service.
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As part of the company’s most recent sales update to investors, Namaste reported a 146 percent unaudited net revenue increase compared to the same month last year. The company said it expects these year-on-year growth marks to continue thanks to the complete legalization of cannabis in Canada this year.
“Our ability to provide patients with an all-inclusive e-commerce marketplace of cannabis products and services in the near term should serve to significantly increase our market share moving forward,” Dollinger said in Namaste’s statement.
Dollinger also told INN Namaste is in the works to upgrade its common stock both in Canada and the US. Namaste wants to move up to the TSX Venture exchange and move its stock from the OTCQB Best Market onto the Nasdaq.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.