Namaste Technologies (TSXV:N) (OTCQB:NXTTF) is no longer riding high from last week’s announcement of adding Seedo Corporation’s products to its product line. Big and exciting news for the two companies; but Namaste stock can be seen trading in the red a week later.
Here’s what we know.
Namaste Stock Down Despite Entering into Agreement with Seedo
On August 15, the Toronto, Canada-based company announced that it signed a marketing and distribution agreement with a Seedo Corp subsidiary, Enroll Grow Tech. The agreement has given Namaste Technologies the right to market the Seedo home grow product on the Namaste online marketplace.
“This innovative and ground-breaking product is a great addition to Namaste’s marketplace,” Interim CEO Meni Morim said. “Our goal is to create the most unique and personalized experience for users seeking innovative devices, and Seedo’s home grow unit is ready for European [sic] now and expected to launch on Namaste’s Canadian properties very soon.”
It is not just good business for Namaste and Seedo—CEO Zohar Levy says they are excited to work with them—but it is a massive deal for the Namaste Technologies’ global customer base. According to the press release, with the Seedo products being automated home grow devices, customers can now experience the benefits of growing their own cannabis plants at home. “This relationship will introduce European consumers to automated growing technology, and will give them the capabilities to grow their own plants – hemp, vegetables, fresh herbs, and flowers – at home.”
But you wouldn’t think of any of this when you look at where Namaste stock is sitting on the OTC market today, August 23.
According to Yahoo Finance, as of 11:49 AM EDT, Namaste stock is down 3%. Meanwhile, on the TSXV, Namaste stock is down 1.25%.
Maybe the cannabis stock will find its way back into the green next week. Or maybe not. What do you think? Are you going to purchase any Seedo products? Let us know in the comments below.
Featured image: PixaBay