Namaste stock is trading in the red Wednesday despite the Toronto-based company releasing positive results from yesterday's Annual Shareholder Meeting. At the time of writing, Namaste stock is down nearly 5%.
Here's everything we know.
Namaste Stock Moves Lower
On June 25, in Toronto, Ontario, Namaste Technologies (TSXV:N) (OTCQB:NXTTF) held its 2019 Annual Shareholder Meeting. The meeting was successful, with shareholders approving the appointment of Baker Tilly WM LLP as Namaste's auditors, as well as the election of five nominated directors. These directors include Lauren Feenstra (97.8% in favor), Kenneth Jones (98.0% in favor), Branden Spikes (97.8% in favor), and Kenneth Ngo and Andrew Wilczynski.
Still, the approval of Namaste Technologies' auditors and directors didn't have an impact on Namaste stock. Or maybe it did; maybe the meeting didn't go as some expected, sending the cannabis stock down. That, however, seems unlikely, considering Namaste stock has corrected 30% in June, and it was only yesterday as well that the company announced its partnership with True Leaf Brands, sending the stock up. In terms of today's trading, Namaste stock might just be feeling the impact of the broader markets faltering.
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According to Yahoo Finance, as of 1:07 PM EDT, Namaste stock is trading at $0.60 in Toronto trading; this puts Namaste stock down 4.76%. Meanwhile, on the OTC market, Namaste stock is down 3.36%.
For Those Who Don't Know
Namaste Technologies is known for its unique online customer experience for medical cannabis, in addition to other cannabis-based products. The company connects medical patients with practitioners, and with its Cannmart.com, the company holds the first Canadian Medical Sales-Only Licence.
Takeaway
What do you think about the Namaste Technologies 2019 Shareholder Meeting? Did it go as you expected? Why do you think Namaste stock is trading down nearly 5% today?
Let us know your thoughts in the comments below and don't forget to see where the cannabis stock ends the week!
Featured image: PixaBay
