Namaste stock has started 2020 off on the front foot after Namaste Technologies (TSXV:N) (OTCQB:NXTTF) CEO said the company was prepared to "attack 2020" after making some strong moves in 2019.
Namaste Stock Up 25% in 2020
Speaking to Proactive Investors, Namaste Technologies CEO Meni Morim heaped praise on the company's efforts in 2019 and said it is gearing up for a big year in 2020 with the imminent arrival of cannabis 2.0 products to its various online stores. Given the rising dominance of e-commerce and its incorporation into the Canadian cannabis space, recent deals inked by Namaste towards the end of 2019 suggest it has leveraged itself to take full advantage of the new market. As a result, Namaste stock has started off the year with gains of nearly 25%.
In December, Namaste announced that its CannMart subsidiary had signed an agreement with award-winning cannabis brand Phyto Extractions to allow it to use the Phyto brand name on a variety of products, including capsules, tinctures, and vape cartridges. The announcement of this deal followed hot on the heels of a partnership with TREC Brands, announced in November. That deal will see CannMart bring TREC's Wink brand of products, including pre-rolls and oils, to the Canadian market. Namaste stock is currently trading for $0.35.
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New Leadership Boosts Investor Optimism
While Namaste Technologies and its investors will clearly be rejoicing in starting the year off in the green, the early stages of 2019 were a difficult period for the cannabis e-commerce firm. Earlier in the year, the company found itself caught up in the midst of a securities scandal spearheaded by former CEO Sean Dollinger. He was ousted from the firm in February, and the case was eventually settled in July, but the damage had already been done for Namaste stock as it fell over 80% in 2019, further dragged down by the poor performance of the market.
However, under the new corporate leadership of Morim, who assumed the role permanently in August, Namaste looks to have turned over a new leaf as it looks toward the 2.0 market. This has been reflected in investor optimism driving gains in Namaste stock since the turn of the year.
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