Dec 20, 2019 Ankit Singhania

Namaste Stock Movements After Major Agreements for CannMart

Namaste Stock

Namaste Technologies Inc (TSXV:N) (OTCQB:NXTTF) is a leading e-commerce player in the cannabis sector. Despite having been in a fair bit of turmoil in the recent past, the company has turned its operations around considerably. Recently, there have been some positive developments for Namaste stock. Let's check them out.

Licensing Agreement with Phyto Extractions

Early in December, the company announced that one of its subsidiaries, CannMart Labs, has entered into a licensing agreement with Phyto Extractions. Phyto is a Canadian cannabis firm, and the agreement will allow CannMart to use the cannabis company’s trademark on a range of products that are sold on the platform.

Phyto is one of the better-known brands in the Canadian cannabis space, and its addition to the store and distribution channel is a significant development for CannMart.

However, that is not all. Back in November, the company made another important announcement. Namaste announced that CannMart is going to partner with globally renowned brand TREC Brands Inc to bring the WINK brand of cannabis products to Canada. The products to be made available include pre-rolls, vape pens, dried flowers, and oils. It is another important addition to CannMart’s growing product catalog.

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At the time if writing, Namaste stock is up over 7% at $0.29 CAD.

Namaste Technologies has slowly but surely become one of the most important players in the e-commerce space for the cannabis industry. In addition to CannMart, it also operates NamasteMD.com, which allows healthcare providers to get medical cannabis prescriptions. On the other hand, the legalization of cannabis derivatives in Canada is also another major opportunity to further boost its e-commerce business.

Last but not least, it is important to note that while e-commerce remains the company’s main business, it has also made investments that could bear fruits in time. It has a 49% stake in premium chocolate maker Choklat, which is also planning to get into cannabis edibles soon. Another strategic investment is a 49% stake in delivery company Pineapple Express, which also serves the cannabis industry.

So far this year, Namaste stock has fallen over 70%.

>> Read More Namaste News

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