Cannabis penny stocks are hot on the stock market. Cannabis is all anyone can talk about right now, as states in the US and even whole countries are exploring its legalization.
Canada will be legalizing recreational cannabis in about a month's time. Canadian cannabis businesses are scrambling to keep up with demand and investors are frantically searching for cannabis penny stocks to get their hands on.
Let's take a closer look at a Canadian cannabis company and its latest news.
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is a cannabis penny stock on both the US and Canadian markets. Based out of Vancouver, Canada, Namaste Technologies operates its own cannabis e-commerce company.
Namaste retails vaporizers and cannabis accessories through its e-commerce sites in 26 different countries. The company recently has been expanding and is now in the business of distribution of medicinal cannabis products as well.
Company News
Yesterday, the cannabis penny stock announced that the company's wholly-owned subsidiary, Namaste Bahamas, has bought all outstanding shares of the AF Trading Ltd. AF Trading Ltd, or Access Fulfillment, is based in the UK and operates a 30,000 square-foot distribution facility, which Namaste will now control.
Namaste's acquisition is the first step in its development for its future medical cannabis distribution platform. Namaste is gearing its focus on the UK, as it represents a much larger customer base than that of its current Canadian operations.
Namaste has been selling cannabis ancillary products in the UK for more than four years. It currently maintains a database of over 500,000 consumers. At that time, AF undertook all distribution of cannabis vaporizers and accessories on behalf of Namaste.
Through the new acquisition, Namaste expects a significant reduction in its costs.
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Namaste Stock Movement
Despite announcing positive news yesterday, this cannabis penny stock is down on the Canadian market today.
According to Yahoo Finance, Namaste is currently trading on the TSVX at $3.03 a share, down -$0.05 (-1.62%). On the OTC market, NXTTF is currently trading at $2.38 a share, up $0.02 (0.85%).
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