Namaste Stock Jumps 10%: Order from BC LDB Expands Customer Base

Namaste Stock

Namaste stock is in a good position Monday, trading up nearly 10% on the TSXV and OTC markets. The jump comes after Namaste Technologies (TSXV:N) (OTCQB:NXTTF) said CannMart secured an order from the province of British Columbia.

Here are the details.

Namaste Stock Trades Higher on BC Order News

On September 16, the Toronto-based cannabis company said CannMart received a purchase order for pre-rolled products from the BC LDB. This is the province's liquor distribution branch. Namaste received the order to cater to British Columbia, and the pre-roll products will now be on the shelves at licensed private retail stores in the province. They will also be available in-store at BC cannabis stores, which are government-run.

For a while now, Namaste Technologies has been talking to various provincial government agencies, hoping to expand its customer base. Surely this order from BC shows that Namaste Technologies has a following in provinces outside of Ontario, which can only mean good news for Namaste stock.

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“This is a major milestone for Namaste as it is the first order that we have received from a government agency,” CEO of Namaste Meni Morim said. “Our unique positioning with Cannmart which enables us to offer a selection of products from multiple licensed producers, some of which may only have a cultivation license, allows provincial distributors the opportunity to purchase a diversified inventory all in one place."

Meni added: "Today’s announcement also signifies the expansion of our business model to include new markets where, as a marketplace, we can add value and best connect buyers and sellers.”

The market is just as optimistic about the news. According to Yahoo Finance, as of 11:23 AM on the TSXV, Namaste stock is trading at $0.53, putting it up 8.16%. Meanwhile, Namaste stock is up 9.11% on the OTC market.

Takeaway

What do you think about Namaste Technologies expanding to new markets, such as the BC cannabis market? Do you think Namaste stock will keep climbing Monday? Let us know your thoughts in the comments below.

>> Read More Namaste News

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