Its been a pretty impressive start to the year for investors in Namaste stock. After rocketing over 85% since the beginning of the month, Namaste Technologies (TSXV:N) (OTCQB:NXTTF) looks set to extend that rally as the cannabis e-commerce firm gears up for the launch of the cannabis 2.0 market—and analysts are feeling bullish too.
Over at Investing.com, Namaste stock has received a “STRONG BUY” recommendation. Daily moving averages indicate 12 "buy" recommendations while the site's technical indicators have found 10 "buy" recommendations. Namaste received one "neutral" actions and no negative ratings.
Meanwhile, TradingView has also offered a “STRONG BUY” on Namaste stock for the same one-day period, driven by a massive 15 moving average "buy" recommendations. Just two averages gave a "neutral" rating.
TradingView also found two positive oscillators, while eight remained "neutral".
Namaste Technologies All Set For Cannabis 2.0 With Choklat Processing License
These ratings, gathered over the last 24 hours, are a clear indication that there is substance backing Namaste Technologies' (TSXV:N) (OTCQB:NXTTF) impressive start to the year. The Toronto-based firm is a market leader in the cannabis e-commerce space, offering an extensive portfolio of products from oils and flower to vapes and edibles. As Canada gears up for the rollout of cannabis 2.o products, Namaste is set to be on the front line to address consumers' needs in the next phase of the cannabis market.
One major boost for Namaste stock this month has been Choklat Inc's receipt of a processing license from Health Canada on January 13. Choklat is 49% owned by Namaste Technologies (TSXV:N) (OTCQB:NXTTF) and has now been approved to produce a line of cannabis-infused chocolate bars, drink mixes, and infused sugar. Namaste's CEO Meni Morim said he "believe(s) there is pent up demand for cannabis-infused edible products on a national scale" and expects them to be on shelves by March.
These products will be available on Namaste's flagship CannMart.com site, an “everything cannabis store” that provides customers with a broad selection of cannabis products from federally licensed producers located across Canada.
As we've mentioned, investors in Namaste stock have had quite the start to their year. Surging from a January opening price of $0.31, this stock has nearly doubled in the four weeks since to its current price of $0.58, and those gains look only set to continue as we enter the eagerly awaited cannabis 2.0 market. There really is no telling where Namaste Technologies (TSXV:N) (OTCQB:NXTTF) could go from here, but it's certainly one pot stock that's hard to ignore.
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