Cannabis stocks are up and down to start the week. Namaste Technologies Inc. (TSXV:N) is among the top cannabis stocks to see the most percentage share gains in 2019, but its shares are down today. Today, we'll take a closer look at Namaste stock and the company's latest announcements.
Namaste Stock Overview
The first day the market opened in the new year, Namaste shares shot up over 25%. The stock market took quite the beating on Christmas Eve, but investors flooded back in when talks of recession subsided on Wall Street. According to Yahoo Finance, Namaste stock is up 70% for 2019 already.
At press time, N stock is currently trading at $1.36 a share, down -$0.09 (-6.21%). Today, Namaste Technologies is leading the cannabis stocks on the TSXV for most percentage losses. It remains unknown at this time what the cause of the correction is all about. Namaste stock hit its monthly peak back on January 9th at $1.65 a share but has corrected ever since.
Namaste Investor Update
Three days ago, the cannabis e-commerce company provided an update to investors on its company. Namaste announced its entrance into a new consulting agreement with Incite Capital Markets. The agreement is still under the approval of the TSXV, but Incite will provide Namaste with investor relations and communication services.
The cannabis company is set to pay Incite $6,500 a month over six months. The money to pay the company will be taken from general working capital. After six months, Namaste will pay the company on a month-by-month basis. It seems unlikely that this will have any effect on Namaste stock.
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In addition to this announcement, the e-commerce cannabis company announced its Board of Directors has approved a new employment agreement with the company's CEO, Sean Dollinger. This new agreement started the first of the year, and Mr. Dollinger will receive a base salary of $300,000 USD per year and the issuance of stock options to acquire a total of 500,000 common share stock options of the company.
It remains unknown at this time what the cause of the Namaste stock correction is.
Featured Image: Canva
