Namaste Stock Gains on Kief Cannabis Addition and Alberta Supply Deal

Namaste stock

Namaste stock is on the up today after Namaste Technologies (TSXV:N) (OTCQB:NXTTF) announced that it had added premium craft cannabis brand Kief Cannabis Co to its online marketplace CannMart, as well as news that it had signed a supply agreement with Alberta Gaming, Liquor & Cannabis.

Growing Demand for Premium Cannabis

Namaste Technologies is continuing its robust start to the new year by welcoming Kief to its marketplace. Namaste holds a minority position in the pure craft cannabis company, as well as certain product purchasing rights. Kief Cannabis has recently received a Health Canada license, and its products are expected to be added to the CannMart website for medical patients imminently. News of the deal has sent Namaste stock up 3% on OTC markets on Tuesday.

Through its CannMart subsidiary, Namaste Technologies has also announced that it has signed a supply agreement with Alberta Gaming, Liquor & Cannabis (AGLC), the agency responsible for regulating and distributing cannabis to Alberta’s licensed retailers. AGLC is also the only legal online retailer for recreational cannabis in the province. Alberta is the fifth provincial government to sign a deal with CannMart for cannabis product distribution and has more licensed retailers than any other Canadian province. Namaste stock is currently trading for $0.54.

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“We are committed to offering a diverse selection of cannabis products across the full spectrum of consumer segments throughout Canada and therefore we are very excited to be working with Kief and the province of Alberta,” said CEO Meni Morim. “The addition of Alberta is particularly important as we are seeing repeat orders from our provincial agency customers. The company believes that there is a growing demand for premium cannabis brands as consumers seek both the quality and consistency that is painstakingly cultured by the craft grower.”

Namaste Stock Doubles from Lows

After a disappointing slump in 2019, which saw Namaste shares fall from a peak of $1.14 in February to as low as $0.27 by mid-December, the cannabis e-commerce stock has been on a tear since and has doubled off the back of a string of positive announcements, including Chokat’s receipt of a Health Canada license. With investors beginning to realize the value in Namaste stock, 2020 is shaping up to be a big year indeed for Namaste Technologies.

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