Namaste stock (TSXV:N)(OTCQB:NXTTF) packed on massive gains of 17% on Wednesday—hitting $0.65 USD on the OTC and $0.87 CAD on the CSE.
But unfortunately, increasing tensions in the US-China trade war culled any further momentum; on Thursday, the entire marijuana market plummeted 3.06% off the back of increasing tariffs in that trade war.
With all areas of business affected (and cannabis hardly immune) Namaste stock has corrected and is down 9.28% to press time on the OTC. Shares currently swap hands for $0.59 USD.
Namaste Stock - Soared On Wednesday
N stock soared on Wednesday, despite the e-commerce cannabis company not releasing any news. The company is still undergoing an audit of its 2018 financial statements, and things have been very quiet in recent weeks.
The only update investors got was a statement released last week:
"The audit of the 2018 annual financial statements is well underway, and the company currently continues to expect to file the annual filings by the end of May 2019."
Until the company's report is filed, and investors know the true state of affairs, Namaste stock has been expected to trade sideways.
But of course, Wednesday's sudden climb put that expectation to bed.
Delayed Audit
In early April, Namaste reported that it’s filing would be delayed. Much to the disappointment of investors, the company cited a change in auditors as the reason for the delay. Originally due on April 1st, management applied for a time extension so that its newly appointed auditor, Baker Tilly WM LLP, could undertake and complete its audit.
>>Tilray Stock Tumbles Despite Positive News
The online medical cannabis retailer has had a rough start to 2019. If the upcoming financial report is positive, there's every chance Namaste stock will see the resurgence it so sorely needs.
Shares tanked in late 2018 due to a Citron report that suggested fraud within the company. But prior to that, Namaste looked to be a strong cannabis play; it’s NamasteMD website grew over 300%, and the company reported revenues of $1.65 million.
Have you any idea why Namaste stock climbed so much on Wednesday 22nd? Let us know!
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