Cannabis Penny Stocks: Namaste Technologies Stock Only Slightly Corrects Despite Positive News

Penny Stocks

Cannabis penny stocks are the hot commodity lately, as marijuana is all anyone can talk about these days. In just over a month, recreational cannabis will be legal across Canada, and many states south of the Canadian border have been legalizing medicinal marijuana left and right.

To say cannabis stocks are a hot ticket right now would be an understatement. Investors are currently turning to penny stocks to see which up-and-coming cannabis company will rise above the rest and give them a greater return on their investment. 

Let’s take a look at one cannabis penny stock that has had a monumental rise the last couple of months.

Namaste Technologies Inc. (TSXV:N)

Namaste Technologies is based in Vancouver, BC and operates as a cannabis e-commerce company.

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This morning, the cannabis penny stock company announced that it has signed a distribution agreement with BlueSky Biologicals Inc. Namaste will now be distributing BlueSky’s hemp-derived cannabidiol (CBD) products in the UK and Europe. 

The UK classifies CBD as a food supplement, and Namaste states that it is focusing on building up a carefully curated CBD supply chain for its UK platform.

President and CEO of Namaste, Sean Dollinger, commented on the agreement in the official press release and said:

“We have a well-established market in the UK and with recent changes in federal regulations we are now able to launch CBD sales into one of our strongest markets. Our team has secured supply from multiple CBD manufacturers and vendors and we see this initiative as our first entry-point into developing a platform similar to what we are implementing in the Canadian market […] By leveraging our global presence, technology and incredible talent, we will set the benchmark for global cannabis ecommerce.”

>> Aurora Cannabis Acquires Europe’s Largest Organic Hemp Company

However, despite the good news, this cannabis penny stock’s shares are currently trading in the red.

Namaste Stock Movement

According to Yahoo Finance, Namaste is trading at $3.47 a share, down -$0.08 (-2.25%) on the TSXV.

Is this a penny stock company you like to watch? Perhaps with all the good news, Namaste won’t be a cannabis penny stock for much longer.

Featured Image: Depositphotos/© bloomua