The Canadian cannabis market appears to be getting off to a slow start this morning. Of course, the market still has a few hours of life left in it, but as of right now, there is one prominent Canadian cannabis company seeing red. It’s difficult to ignore, therefore, today, we are going to be looking at Namaste Technologies.
The Canadian Cannabis Market: March 22, 2018.
Namaste Technologies (CNSX:N)
Based in Vancouver, British Columbia, Namaste Technologies is a company known primarily for its medical cannabis delivery systems. In fact, Namaste is the largest online retailer of medical cannabis delivery systems in the world. The company currently has operations in more than 20 countries. Namaste Technologies has had a relatively successful week, which is why it is surprising to see the cannabis stock trading down more than 5% today.
What do I mean by a successful week? Well, on Monday, March 19, Namaste Technologies was alerted that its subsidiary, Cannmart Inc., received its Access to Cannabis for Medical Purposes Regulations (ACMPR) Production License. Then, one day later, Namaste Technologies disclosed that it signed a Medical Cannabis Supply Agreement with MariGold Projects Jamaica Ltd. Considering this agreement means that Marigold will be giving Namaste’s subsidiary high quality Jamaican medical marijuana, one would have thought that investors would be on a high after hearing that kind of news. That’s not the case, however.
Today, March 22, Namaste Technologies stock has found itself in the red zone. To make things even more surprising, the company disclosed earlier today a non-binding terms sheet with PharmaCann Pty Ltd. This is a medical cannabis company in Australia. Based on the direction the cannabis stock is heading in, it appears the market isn’t that thrilled with the news.
As of this writing, Namaste Technologies is trading at $1.94 on the Canadian Securities Exchange. This puts the cannabis stock down $0.15, or 7.18%. The stock opened Thursday’s trading session at $2.00 and has a current market cap of less than 1 billion.
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