Namaste stock declined significantly across the month of June, and now, July is heading in the same direction. Head office has been quiet, however, so it’s possible that shares are correcting due to broader market exhaustion.
Today, N stock is selling for $0.56 CAD on the TSXV; a decrease of almost 40% since June 1.
Has the broader market suffered that badly or is Namaste Technologies (TSXV:N) (OTCQB:NXTTF) simply boring investors now?
Namaste Stock: Going, Going, G…
There’s been a certain theme surrounding Namaste. It goes something like this: What on earth is happening with the financials?
The company left investors in the dark for a long time when it delayed its 2018 Annual Financial Statement and subsequently its Q1 2019 statement. When they were finally revealed on May 28, they were insulting. Namaste stock tanked in response and has not recovered since (although there were moments of respite).
Namaste Technologies has spent much of 2019 trying to repair self-inflicted damage and regain investor trust.
This is a company that has faced CEO scandals, key-management departures, the aforementioned delayed filings, and consistently plummeting stock prices.
We still don’t know if Namaste stock will truly live to tell the tale.
Turning it Around?
With all that being said, there’s admiration for an underdog who keeps going despite what’s thrown at it. (Of course, the line between resilience and stupidity can blur). But on Monday, June 24, Namaste Technologies and True Leaf Brands (CSE:MJ) joined forces. The latter’s pet products will now be distributed on Namaste’s online platform.
The following day, at its 2019 Annual Shareholder Meeting, Namaste cemented itself a new auditor in the shape of Baker Tilly WM LLP. And along with that, it elected five new directors to the board.
For a company that has had huge troubles in head-office, the meeting highlighted a shift in direction; a new beginning, if you will.
Namaste Stock: Think it Over
There is something for investors to hold onto here because, fundamentally, though currently damaged, Namaste’s business model has potential by the bucket-load.
The company’s e-commerce platform sells a variety of cannabis accessories such as vapes, and to coincide with that, it also runs an online portal called Namaste MD—built to serve medical cannabis patients.
Will Namaste stock start moving northwards again? Time will tell, but what are your predictions?
Featured Image: Canva