Feb 20, 2020 Ankit Singhania

Namaste Stock Consolidates After Gaining Momentum in January

Namaste stock

Cannabis e-commerce company Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has managed to engineer a remarkable rebound over the past months. In that time, Namaste stock has managed to generate gains of 50%, and in such a situation, it is perhaps worthwhile to take a closer look at what's going on.

Here is a look at some of the latest developments that potential investors need to keep in mind.

Major Triggers

Last week, the company announced that CannMart Inc, Namaste's wholly-owned subsidiary, is all set to add premium cannabis to its offerings.

The premium cannabis brand is Kief Cannabis Co. Namaste Technologies has a minority stake in the craft cannabis firm and also has some purchasing rights. Kief was awarded its license from Health Canada recently, and its premium leaf cannabis products are going to be offered to CannMart’s medical cannabis customers.

Namaste stock is down 1% at $0.36.

>> Cannabis Stocks Facing Possible 2020 Delisting from NYSE and NASDAQ

CannMart also announced that it has inked a supply arrangement with Alberta Gaming, Liquor & Cannabis. Additionally, the company revealed that it has made significant progress in improving financial performance and operational efficiency in its business.

In January, Namaste Technologies emerged as one of the best performing cannabis stocks in January after it rallied by as much as 88%. The rise in Namaste stock is primarily tied to the announcement from mid-January about Choklat, in which Namaste has a 49% stake. It was announced that Choklat had been awarded the necessary license from Health Canada, allowing it to produce cannabis chocolates and cannabis-infused drink mixes.

Considering the fact that cannabis derivative products generally generate higher margins, the announcement resulted in a lot of positivity surrounding Namaste Technologies and Namaste stock.

Things seem to have really turned around for Namaste. Will progress continue to bloom?

What do you think?

>> Read More Namaste News

Featured image: Canva

Please See Disclaimer

If You Liked This Article Click To Share

STOCKS YOU MAY LIKE


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on my research and understanding of the sector.

2) The Article was issued on behalf of a third party, Namaste Technologies Inc. Market Jar Media Inc. has or expects to receive one hundred and twenty-eight thousand, six hundred Canadian dollars from Namaste Technologies Inc.’s agency of record Native Ads Inc. for 122 days (85 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.’s terms of use and full legal disclaimer as set forth here.. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PotStockNews.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PotStockNews.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.