Reported third quarter ended August 31, 2020 net loss of $7.8 million compared to $14.7 million in the same quarter last year. The improvement reflects, in part, CannMart Inc.’s introduction of new distribution channels, restructuring efforts, and resulting business improvements. Included in the net loss for the third quarter ended August 31, 2020 was $1.7 million in unrealized, non-cash, foreign exchange losses.
Subsequent to the end of the third quarter, the Company introduced:
VendorLink, a proprietary scalable platform for brands and vendors to upload and sell their cannabis accessories products through CannMart.com; and
The facilitation of online recreational sales by a licensed retailer in Saskatchewan .
“We continue to make progress shifting our sales to cannabis as CannMart posted another quarter with significant year-over-year growth of revenue in the third quarter of 2020 versus the same quarter last year,” said Meni Morim , CEO of Namaste. “CannMart’s distribution channels continue to make a significant contribution to Namaste’s revenue stream. The work completed in the third quarter of 2020 around internal changes, improvements, and investments to strengthen its foundation for long term growth including the successful launch of VendorLink, our proprietary scalable platform for brands and vendors to upload and sell their cannabis accessories products through CannMart.com.”
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