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.
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.
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?
Featured image: Canva