Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has today announced that it has received approval from Health Canada to sell cannabis oil on its CannMart website, and while Namaste stock might be trading down today, it looks well-positioned ahead of legalization 2.0 tomorrow.
Cannabis Oil Market Could Break $2 Billion
The approval is a considerable step forward for the company as it now allows it to sell highly sought after cannabis oil products and derivatives, a market that is expected to be worth more than $2.0 billion USD globally by 2025, via its flagship online store, CannMart. Namaste stock is actually trading down today on lower volume than usual, but with the arrival of the second wave of legalization tomorrow, the company looks in a good position to seize on the new market.
"The long-awaited Health Canada approval we just received, is pivotal as it allows us to participate in the cannabis oils market today, and sets the stage for our presence in the edibles, extracts and topicals markets, pending their legalization and regulation anticipated to occur this week," said Meni Morim, CEO of Namaste Technologies Inc. "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."
>> HEXO Stock Gains With Introduction of Low-Cost Cannabis Product
Namaste Stock Ahead of Legalization 2.0
Namaste, which has been described as "the Amazon of cannabis" in the past, is the largest global e-commerce firm in the cannabis industry, operating over 30 websites in 20 countries under a variety of brands, including CannMart and Namaste Vapes. Earlier this month, the company announced the addition of CannTX's BOWER medical range to its websites, continuing the trend of growing its online marketplace through the addition of quality products and services.
You can pick up Namaste shares today for $0.30, which makes it one of the most attractive penny stocks in the cannabis market. While the first wave of legalization didn't exactly provide the "green rush" that investors were hoping for, the 2.0 market is open for all the cannabis alternatives that customers will be looking forward to the most. It's hard to call if cannabis stocks will receive a much-needed kickstart immediately, but once Q1 results start arriving next year, Namaste stock could be one of the biggest gainers.
Featured Image: Canva
