Namaste Technologies is being hailed as the Amazon of the Cannabis space as it is now the world’s largest e-commerce seller of cannabis hardware globally.
The company sold a record $2.2M in one month this past November, operates in over 20 countries, has 32 websites and has staff speaking nine languages.
Recent sales are up from $300k/month. Their stock has also gone up close to 20x in value since going public just over two years ago.
Namaste Technologies has been able to achieve this parabolic growth by acquiring 3 other e-commerce cannabis companies and improving their conversion rates, doing many partnership and JV deals with many of the major marijuana and vape producers.
With Namaste’s global presence and innovative technology, it’s able to stay on track and ahead of the competition with new developments as a leading innovator within the cannabis industry.
The company uses the most innovative technologies including applications of machine-learning algorithms which users’ on-site behavior to better predict which products to display, creating a better experience and dramatically improving conversion rates.
The biggest trend Namaste has seen over the past several years is in cannabis concentrates. With much higher potencies (up to 99% pure THC), concentrates have quickly dominated the industry in the US.
Being an innovative company, Namaste saw this trend and seized the opportunity to launch sales of concentrate devices in international markets on its platform.
These devices included dabbing rigs, concentrate pens and rosin presses. Most commercially available concentrates are produced by using some form of ‘extraction’, whereby the dried cannabis flower is exposed to a solvent (commonly CO2 or butane) that extracts the medicinal ingredients, leaving a final super-high potency concentrated product.
Due to the dangers of combustibles like butane and risk of residual chemicals and lack of availability of concentrates, many consumers have turned to a new trend in concentrates allowing them to create solvent-free shatter or oil from the comfort of their home using a rosin press
Rosin presses are a great option for anyone without access to concentrates or for people who concern themselves with what goes into their material and how its made.
Rosin presses use a combination of heat and pressure to extract oil (also known as rosin) from either dried buds from kief. The difference between a decent rosin press and a good one is the amount of pressure that it can exert on the material.
Most rosin presses will have two metal plates between which the material is inserted and ‘pressed’. Commercial-grade rosin presses will use hydraulic or pneumatic systems, while some lower-cost home-based units will operate manually. The higher the pressure that can be achieved means that a lower temperature and will preserve the essential oils and terpenes in the material and ultimately result in a much better-quality product.
Namaste Technologies believes that similar to the way the public care about what they eat, they should also care about what they smoke or vape! Rosin presses have become increasingly popular for this reason.
What’s next for Namaste, the company will continue to be a leading innovator in the industry. Some of it’s advances include ready built applications of machine-learning algorithms which uses on-site behavior to better predict which products to display. This creates a better experience dramatically improving conversion rates.
Namaste also recently announced nominations to its board of directors including Branden Sparks, former CIO of SpaceX and ‘right-hand-man’ to Elon Musk as well as Laurens Finstra of Google’s prized self-driving car division, Waymo.
The company’s most recent success was the launch of a virtual patient portal called NamasteMD (NamasteMD.com), whereby individuals can consult with doctors or nurse practitioners via a mobile application to obtain medical cannabis prescription through an online video consultation.
Namaste, will soon be launching its online marketplace for medical cannabis at Cannmart.com. The company has achieved great success in becoming the largest marketplace for cannabis hardware and peripherals and fully intends to do the same for medical cannabis. The launch of Cannmart in the Canadian market represents the first step for the company as a proof of concept.
Namaste will utilize its site traffic along with NamasteMD to convert patients and connect them through to Cannmart. On Cannmart’s website, patients will have access to the largest and most diverse range of medical cannabis products.