Cannabis has become the hot sector in the stock market as of late. With marijuana legalization popping up around the world, cannabis companies are growing at rapid rates this year. Another thing investors are diligently watching are cannabis penny stocks.
New cannabis companies are emerging weekly on the stock markets, and these companies and their stocks have the potential to grow rapidly and give high returns to investors.
Let's take a closer look at a cannabis stock that's moving on the market today. Should this penny stock be on your watchlist? Let's find out!
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is based out of Vancouver, Canada, and operates as a cannabis e-commerce company. The cannabis penny stock retails its products in 26 different countries and is currently expanding into other ventures in the marijuana industry.
Recently, Namaste announced that its wholly-owned subsidiary, Cannmart Inc, received its Access to Cannabis for Medical Purposes Regulations medical cannabis "sales-only" license. This License is called 'the License' and is the first of its kind issued by Health Canada.
President and CEO of Namaste Technologies, Sean Dollinger, said in the official press release:
"Today marks a monumental achievement for the entire Namaste team and our shareholders. Receiving our "sales-only" license not only validates the vision which we set forth to achieve over two years ago, but it sets the stage for Namaste to become the first fully-integrated platform of its kind. We plan to soft-launch Cannmart's website next week and look forward to feedback from our shareholders. I'd like to thank our investors for their patience and our management team including our staff at the Cannmart facility for their hard work and dedication. Namaste has never been better positioned to execute our strategy and to become the dominant global player in medical cannabis e-commerce."
The granting of the license represents an extremely significant milestone for the cannabis penny stock. Namaste's move represents the final component of its strategy for Cannmart to become one of Canada's leading online platforms for medical cannabis.
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N Stock Movement
According to Yahoo Finance, N is currently trading at $3.74 a share, up $0.33 (+9.86%). In the last five days, the cannabis penny stock is up 20.64%, and for the month, Namaste is up 91.79%.
Featured Image: Depositphotos/© putilich
