Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has had a mixed year. At a time when the cannabis industry is expanding, and its rivals are creating new product lines and entering acquisitions, Namaste is thought to have lost some investor trust to its peers. But is that changing? Is there a turnaround on the horizon for Namaste stock?
Can Namaste Stock Turn Around?
At one point last year and in early 2019, it wasn’t surprising to see Namaste stock in the red and its fellow cannabis stocks in the green when looking at the cannabis market. Lately, however, the opposite seems to have occurred, especially at the end of April.
Most likely this has to do with Namaste Technologies releasing a corporate update at the end of last month. The report sent Namaste stock up nearly 30% days later. In the report, Namaste said it is continuing to invest in technology; this will allow it to better service licensed producers, cultivators, and micro-growers.
Highlights in the report also included that the company is focusing on strengthening the company from the inside, which will eventually translate externally, allowing the company’s business operations to grow.
“We’re making the necessary changes to strengthen our business, our Board of Directors and the foundational technology upon which the Company was built,” explained Meni Mortim, Interim CEO of Namaste Technologies. “We expect that these changes will have a positive impact in the short, medium, and long-term outlook of the Company.”
The Namaste corporate update came out on April 25. Twenty-four hours later, a bull run kicked off (which is very different from the bears taking hold earlier that week); Namaste stock jumped 24% on the TSXV.
Today, Namaste stock is in the green again.
According to Yahoo Finance, N stock is trading at $0.74, which puts the cannabis stock up 2.78% on the TSXV. Meanwhile, on the OTCQB, NXTTF stock is up 1.82%.
Do you think Namaste stock might be experiencing a bull run? Let us know what you think in the comments below!
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