Namaste Technologies Inc (TSXV:N) (OTCQB:NXTTF) has been quiet in recent weeks; little to no news has come from head office. With Namaste stock losing over 40% since the end of April, investors are already on the back-foot here.
Shares are now selling for a paltry $0.52 CAD, suffering from the backdrop of a broader market decline. In fact, the entire marijuana index dropped 6.5% in the last five days on two massive news bulletins that rocked the sector.
Namaste Stock: A Broader Market Decline
CannTrust Holdings (TSX:TRST) (NYSE:CTST) failed its Health Canada audit and has since had over 5,200 kgs of dried cannabis flower confiscated. And Canopy Growth Corp (TSX:WEED) (NYSE:CGC) fired the very man who built the company, Bruce Linton. His firing has put extra pressure on companies everywhere to deliver.
So where does Namaste Technologies sit right now in the broader industry picture? The ground beneath every company has shaken, but Namaste appears more vulnerable than most.
Namaste Stock Remains in the Dark
Namaste already delayed its 2018 Annual Financial Statement and subsequently its Q1 2019 statement earlier this year. When they were finally revealed on May 28, they didn’t deliver. Namaste stock tanked in response and has not recovered since.
Further, the company has already spent much of 2019 trying to repair self-inflicted damage and regain investor trust. It has suffered CEO scandals, key-management departures, delayed filings, and highly volatile stock prices.
All-in-all, in 2019, Namaste Technologies has been a very unassertive cannabis play for those who took the risk of investing in it to begin with.
The company’s most recent news arrived at the end of June. Namaste Technologies and True Leaf Brands (CSE:MJ) joined forces with the latter’s pet products to be distributed on Namaste’s online platform.
Further, at its 2019 Annual Shareholder Meeting, Namaste announced a new auditor; Baker Tilly WM LLP. And along with that, it elected five new directors to the board.
There is a sense of starting over here. And some might see that like a phoenix rising from the ashes, while others may simply get frustrated that it has come to this.
What are your thoughts on Namaste stock? Do you feel in the dark with this company? Can you make any predictions for its future?
Featured Image: Canva