In the last two days, Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has almost doubled its share value. At the time of writing, Namaste stock is soaring up 24%, continuing the bull run that started on Wednesday, when shares swapped hands for 50 cents on the TSXV.
Now, Namaste stock has crossed the 9o cents threshold and looks to be heading towards $1.
The bull run is attributed to the cannabis e-commerce group’s recent announcement. The troubled company unveiled Kenneth Jones as its new board director and at the same time updated investors on its next corporate strategy aimed to put Namaste Technologies back on track.
Can Jones improve the future prospects of Namaste stock? He has a lot of work to do, but his experience speaks volumes. A partner at leading auditing firm PWC (PricewaterhouseCoopers), Jones has also held progressive roles at a Fortune 500 company. He will become the board director, but also the chair of the audit committee.
The firm cemented its belief in his leadership by saying he is “a skilled leader of change in complex organizations” with a proven track record of “implementing sustainable benefits across a variety of sectors.”
To further strengthen its board, Namaste Technologies will soon establish an advisory board to provide additional expertise. As Meni Morin, the interim CEO of Namaste said:
“We are focused on making changes internally and delivering results externally. We expect that these changes will have a positive impact in the short, medium, and long-term outlook of the company.”
Namaste Stock and Operations
News about strategic operational improvements has also helped to bolster Namaste stock. The company’s online e-commerce portal Namaste MD, which connects medical cannabis clients with health care practitioners, is under construction. The company is implementing several improvements that should affect the access and overall usability of the platform. This includes extended compatibility for more devices, improved video experience, and improved efficiency.
The company is also adapting its site to create a “more robust operating environment for its nurse practitioners;” with a focus on increasing the number of follow-up visits along with data accumulation.
Further, on its main distribution channel for its cannabis products, the CannMart website, the company said that it has made the necessary steps to amend its license to allow it sell cannabis oil concentrates on the site. It is now awaiting approval from Health Canada.
What Happened Namaste?
Namaste stock has reacted so positively to this news, it’s possible that investors were almost begging for a reason to support these shares.
The company has been one of 2019’s worst performers. Rocked by a controversy surrounding former CEO Sean Dollinger, investors lost trust in management and Namaste stock tanked dramatically. It has found it difficult to turn things around since last October.
But today’s market reaction is showing there’s light at the end of this dark tunnel. Is Namaste Technologies finally on the road to recovery? What do you think?
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