Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has come a long way over the past months. We check in with Namaste stock.
Namaste Technologies made a highly significant announcement last week, revealing that CannMart, its fully-owned subsidiary, has been granted approval by Health Canada to sell cannabis oil concentrates. The products will be sold through CannMart’s own online marketplace, which helped to bring a major boost to Namaste stock.
The company had to seek an amendment forCannMart’s cannabis sales license from Health Canada, and Namaste’s Chief Executive Officer termed the amendment of the license as “pivotal.”
The deal will now allow CannMart to get into the edibles, topicals, and extracts space far more quickly. Those products were legalized in Canada on October 17, 2019, and should be eligible to sell by December, so Namaste’s updated sales license is a massive opportunity.
At the time of writing, Namaste stock is down 1% at $0.41.
The CEO of Namaste Technologies, Meni Morim, further explained the benefits of CannMart’s amended license: “The amended sales license opens the door to a wide range of new cannabis products and related revenue streams and fulfills a key strategy milestone.”
Namaste Technologies operates a range of websites that allow people to order cannabis products and accessories online. Plenty of producers in Canada have already signed up for its CannMart platform, and the legalization of derivatives in the country could well be a big opportunity for Namaste. The derivative products have the potential of expanding the market for cannabis substantially and could eventually lead to a massive spike in sales from the online platform.
On top of that, Namaste Technologies has also made some shrewd investments. It holds a 49% stake in Pineapple Express, a home delivery service that works with the cannabis industry, and Choklat, a high-class chocolate manufacturer that also makes cannabis-infused chocolates.
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