Namaste stock is extending the bull run this week. Shares are currently up roughly 5% on its Canadian exchange and are selling for $0.88 CAD. In the US, the gains are even better with shares up 7% and selling for $0.66 USD on the OTCQB.
The company made two announcements that have caused the momentum. Let's check these out.
Namaste Stock On the Rise
Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has kept a low profile in recent weeks as investors await its delayed filings. The company is still undergoing an audit of its 2018 financial statements.
But last Friday, it announced new members to its leadership team. It has added Andy Wilczynski to the board and Andrew Buckman to the advisory board.
The addition of fresh faces is welcomed; Namaste Technologies has spent most of the year battling controversy that surrounded previous executives and has also lost a significant number of senior management. Adding new faces is one way to win back investor trust.
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Further, the Toronto-based company has pegged technology futurist Faraaz Jamal as its new vice president of marketing and strategy.
Choklat Inc Edibles License
The additional members are a step in the right direction, but it is likely that Namaste stock is reacting to the company's second announcement also made Friday.
Namaste announced that Choklat Inc has submitted its license application for edibles manufacturing.
Namaste acquired a 49% stake in Calgary-based Choklat Inc back in March. The pair will enter the cannabis edibles market in Canada; this arm of the industry will be legalized later in 2019.
With Choklat being the largest premium craft chocolate maker in Canada, the joint venture will see the pair create a line of cannabis-infused edibles. The venture will leverage Choklat's already popular e-commerce site and network of distributors across Canada.
For now, though, Namaste still awaits its financial statements for the fiscal year 2018, which last week it said was "well underway." It is expected to be filed by the end of May 2019.
What do you think? Will Namaste stock keep climbing?
Featured Image: Canva
