Why 2020 is the Year for Cannabis E-Commerce Stocks
FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, Sept. 23, 2020 /PRNewswire/ -- When it comes to consumer habits, nothing is more prevalent or lucrative than online shopping and the cannabis industry is no different. Although the industry faced hardship in 2019, the global pandemic has caused significant consumer spending on cannabis products, with sales booming across Canada and some legal US states over the last few months. The crisis has also changed consumer spending habits to favor online shopping, creating new opportunities for cannabis companies with e-commerce capabilities like Aurora Cannabis Inc (TSX:ACB) (NYSE:ACB), Canopy Growth Corp. (TSX:WEED) (NYSE:CGC), Aphria Inc. (TSX:APHA) (NASDAQ:APHA), Thoughtful Brands Inc (CSE:TBI) (OTCQB:PEMTF), and Namaste Technologies (TSX-V:N) (OTCQB:NXTTF).
With Canada's recreational weed sales set to double this year and grow by over 500% by 2025, companies with a competitive edge in the e-commerce space have a chance to capitalize on the growing market. Namaste Technologies is one cannabis company that has been focused on the online market since the early days. The company launched its online cannabis marketplace CannMart back in September 2018 and hasn't looked back since.
The Missing Link of the Cannabis Industry
While most major cannabis companies have some form of online storefront, Namaste Technologies has developed a cannabis marketplace that hosts a variety of cannabis brands and products that distribute to medical patients through its online portal and to recreational users through provincial government control boards and retailing bodies. In addition, the company has signed agreements with government bodies across Canada to bring on new brands to recreational users, creating the missing link between licensed producers, cannabis retailers, and consumers. Adding to this, Namaste Technologies has recently launched "VendorLink", a cannabis and cannabis accessory marketplace where vendors can offer their products directly to both medical and recreational consumers through CannMart.
Last month, Namaste Technologies expanded its product offerings by adding a selection of products from leading Canadian brand Indiva. The company now offers Indiva's CBD Softgels, Indica Capsules, along with its award-winning Bhang chocolates and Wana sour gummies on CannMart's B2C distribution channel for its medical customers. In Q2 2020, Bhang chocolates remained the top-selling chocolate in most major markets and accounted for $1.5 million of Indiva's $2.8 million in sales revenue for the quarter.
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