Cannabis penny stocks are booming this year, as cannabis is starting to become legalized across the globe. Canada will nationally legalize recreational marijuana nationwide in a month's time. US states are all exploring the option of either medicinal and recreational cannabis use, for tax gain purposes.
Investors are steadily watching the cannabis market and trying to find the cannabis penny stock that will take off. Let's take a closer look at one of these penny stocks being steadily monitored.
Namaste Technologies Inc (TSXV:N)
Namaste Technologies is based out of Vancouver, British Columbia. The cannabis company currently operates as a cannabis e-commerce company.
Namaste retails vaporizers and smoking accessories through its e-commerce sites. The company currently operates in 26 countries around the world.
Misleading Article Drops Stock
Just recently, Namaste Technologies announced that a misleading article was posted on Lapresse.ca. The company published their official response about the article three days ago, to close out the previous week.
The article claims that Namaste Technologies is in violation of the laws of the Province of Quebec, stating the company is unauthorized to sell recreational cannabis.
"We were very disappointed to see this article published on Lapresse.ca which was not only misleading but completely inaccurate in relation to many of the claims related to the Company," said President and CEO of Namaste, Sean Dollinger.
Under the ACMPR, this cannabis penny stock's platforms apply to only medical cannabis. Namaste's NamasteMD and Canmart platforms will be authorized to sell medical cannabis to qualified patients in every province across Canada.
>> These Three Cannabis Stocks Closed the Day Deep in the Red Zone
In the official statement, Namaste wanted to reiterate to its investors that its services and platforms are fully compliant with all regulations and laws.
Namaste Stock Movement
According to Yahoo Finance, Namaste is trading in the red today on the TSXV. At press time, Namaste shares are trading at $2.62, down -$0.22 (-7.75%).
Featured Image: Depositphotos/© vampy1
