Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has had quite the January so far.
In addition to receiving some major news for one of its partners, the Toronto-based cannabis e-commerce company's stock has been skyrocketing over the last few weeks. Since December 30, Namaste shares have gained 50% value on the TSXV, rising from $0.28 to $0.42.
This move up the market has drawn the attention of industry analysts. In particular, the technical analysis for TradingView had returned a "BUY" recommendation for Namaste Technologies (TSXV:N) (OTCQB:NXTTF).
The technical analysis is based on some of the most popular technical indicators: moving averages, oscillators and pivots. In particular, the moving averages—which indicate Namaste's recent performance—show an impressive "STRONG BUY" rating.
On top of that, the technical analysis for Investing.com has awarded Namaste Technologies (TSXV:N) (OTCQB:NXTTF) a "STRONG BUY" rating. This rating is led by 9 positive technical indicators and 12 positive moving averages, with absolutely no negative indicators or averages.
At this rate, Namaste Technologies (TSXV:N) (OTCQB:NXTTF) simply cannot be denied. While its impressive run began near the start of the month, the company's recent news has certainly cemented Namaste as a stock worth watching.
Namaste Technologies Announces Health Canada Processing License For Choklat
Namaste currently holds a 49% equity position in Choklat Inc., an Alberta-based craft chocolate manufacturer and chocolatier.
On January 13, Choklat received a processing license from Health Canada. The license allows the company to produce a line of cannabis-infused chocolate bars, drink mixes, and sugar.
Meni Morim, the CEO of Namaste Technologies, said of the new product line:
“We believe there is pent up demand for cannabis-infused edible products on a national scale. Choklat is one of the first food processors in Canada to receive its processing license from Health Canada and we expect their products to be on shelves in March, allowing for the Health Canada notice period.”
So far, this news has provided an extra 10% bump in value for shares of Namaste Technologies (TSXV:N) (OTCQB:NXTTF).
Namaste's Leading E-Commerce & Delivery Solutions
The company's flagship offering is CannMart.com. Known as an “everything cannabis store”, CannMart provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators.
Namaste also owns a 49% stake in Pineapple Express, a premier delivery company. Pineapple Express brings cannabis directly to the consumer’s door, making it a valuable asset and a smart addition to Namaste's portfolio.
As Legalization 2.0 kicks into high gear, Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has positioned itself excellently to deliver innovative products and solutions to the cannabis space. Wall Street has already begun taking notice of this company, as have a few fortunate investors.
There's no telling where Namaste goes from here, but keep watching this space for more updates.
Featured image: Canva