One of the bigger stories from among cannabis stocks in the New Year is the continued rise of the Namaste stock. Namaste Technologies Inc (TSXV:N) (OTCQB:NXTTF) operates online e-commerce marketplaces meant for the cannabis industry and has grown considerably over recent months.
Over the course of the last five sessions, Namaste stock has managed to rally by as much as 60%. Hence, it is worthwhile taking a closer look at the company and checking out some of the latest developments associated with Namaste.
Legalization 2.0 Opportunity
One of the biggest events in the cannabis industry in recent times has been the legalization of cannabis derivatives in Canada, and experts believe that Namaste Technologies is well-positioned to ride that wave. Last month, the company made a major move with regards to the legalization 2.0 opportunity when its subsidiary CannMart Labs reached a deal with Phyto Extractions. By way of that particular agreement, CannMart will be allowed to use the Phyto trademark for certain products.
At the time of writing, Namaste stock is up 2% at $0.42 CAD.
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According to reports, some of those products include cannabis capsules, vaporizing pen cartridges, and cannabis tincture bottles, among others. It is already one of the biggest e-commerce destinations for cannabis, and the addition of Phyto-branded products is definitely a major development for Namaste Technologies.
The company has been making deals consistently and increasing the breadth of its offerings. Some weeks ago, it reached an agreement with TREC Brands, by way of which it is going to bring the highly sought-after WINK band of cannabis products to the platform. It is another significant development for Namaste and one that could have a long-term positive effect.
A few months ago, CannMart managed to get a key amendment in its license from Health Canada. Due to the amendment, the company will now be able to sell highly sought-after cannabis oil concentrates on its platform.
Namaste stock has gained over the past week with increased volume, as yesterday's volume of over 41.50 million shares was the highest since early September.
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