We check in with Namaste stock after Namaste Technologies (TSXV:N) (OTCQB:NXTTF) announced an expanded product offering on its CannMart online marketplace to sell CannTx products.
Namaste CannTx Partnership
Namaste Technologies, a Toronto-based online cannabis retailer that is aiming to become the 'Amazon of Cannabis,' has unveiled a new partnership with CannTx, an innovative cannabis producer, to sell its flagship BOWER medical range on Namaste's CannMart marketplace. Additionally, Namaste will provide CannTx with process and packaging services through CannMart's Health Canada-licensed facilities. Despite the partnership, Namaste stock is trading down at $0.47.
"CannMart is expanding its products and services to grow its online marketplace of quality products and demonstrate an additional value proposition to LPs," said Meni Morim, CEO of Namaste Technologies. "We're adding new services and sales channels for LPs who are licensed for cultivation only and those companies who have yet to receive regulatory approval for their sales and distribution licenses." This is just one of a series of agreements Morim has overseen since taking the CEO job on a permanent basis in August, following a dismal few months for Namaste stock.
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Morim was serving as CEO on an interim basis since Sean Dollinger's dismissal following allegations that he engaged in securities fraud. Namaste stock has lost almost 80% of its value in the last 12 months amid internal scandals and teething issues with the broader market. But things may be starting to turn things around, if this new partnership with CannTx is anything to go by. Namaste, which has been described as the 'Amazon of cannabis,' operates the largest global cannabis e-commerce platform with over 30 websites in 20 countries under a variety of names, including CannMart.
Vaping Crisis and Namaste Stock
While Namaste stock is down despite the positive news, it could be argued that this is as a result of the escalating vape crisis. Namaste Technologies offers a broad range of vapes and related products, even dedicating an entire website to it, and so increased scrutiny over the safety of such products has clearly had negative implications for the company's share value. More than 800 people have fallen ill in the US, and at least 13 people have died as a result of vaping related illnesses, in what The Guardian describes as legal weed's first crisis.
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