Namaste Posts Fiscal Q2 Financial Report
As quoted in the press release:
The Company’s sales for the second quarter of 2018 were $5.6M, representing a $3.7M or 195 [percent] increase quarter-over-quarter. Gross profit for the second quarter of 2018 was $1.9M, representing a $1.2M or 150 [percent] increase quarter-on-quarter. For the first six months of the year, the Company had sales of $10.6M, representing a $6.6M or 165 [percent] increase year-on-year. Gross profit for the first six months of 2018 was $3.6M, representing a $2.1M or 140 [percent] increase year-over-year. The gross profit increase relates primarily to the growth in revenue outside the United States.
Namaste’s management team is extremely encouraged by the financial position of the Company and anticipates seeing accelerated growth in Q3 and Q4 of 2018. The Company has been focused on launching many new initiatives, the most significant of which is the addition of medical cannabis sales through the Company’s wholly-owned subsidiary, Cannmart Inc. (“Cannmart”). Namaste will focus on expanding its international platform and in developing new opportunities domestically and abroad.