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Namaste Technologies Reports $63.3M In Positive Working Capital

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Namaste Technologies Reports $63.3M In Positive Working Capital
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Canadian cannabis technology and e-commerce company Namaste Technologies Inc (OTC: NXTTF) released its financial report Thursday for the second quarter of 2019.

The company reported consolidated revenue of CA$4 million versus CA$4.1 million in the same quarter of 2018. The gross margin for the quarter was unchanged year-over-year at 21%. It ended the quarter with positive working capital of CA$63.3 million.

Namaste also disclosed a net loss of CA$8.6 million or a loss per share of CA$0.03 versus a net loss of CA$8.1 million or a loss per share of CA$0.03 in the second quarter of 2018.

The difference in net loss depicts the share of Namaste’s loss in its equity interest in Pineapple Express and Choklat Inc, the company said. 

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Adjusted EBITDA was a loss of CA$6.1 million compared to a loss of CA$3.4 million in the comparable period in 2018.

The company also highlighted the acquisition of an additional 34% of Pineapple Express Delivery Inc. for a total stake of 49% of the issued and outstanding Pineapple Express shares.

“During the quarter, we made technological improvements in our online platform, acquisitions in Pineapple Express and Choklat and expanded our list of licensed producers on CannMart," interim CEO Meni Morim said in a statement. 

Year-to-date, Namaste’s stock is down 47%. The stock was down 0.35% at 40 cents at the time of publication Friday. 

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