Namaste Stock Up Following TREC Brands Partnership
Namaste stock is making gains on Wednesday after Namaste Technologies (TSXV:N) (OTCQB:NXTTF) announced a new partnership with TREC Brands, which will see the latter's range of WINK cannabis products sold on Namaste's CannMart site.
Namaste Stock Up Slightly on New Partnership
TREC, which is an acronym for Trust, Respect, Equality, and Compassion, offers a range of dried flower products, pre-rolls, oils, and vapes through its various subsidiaries, such as WINK, Blissed, and Thumbs Up. This fits in well with the portfolio of products available through Namaste Technologies' suite of cannabis e-commerce sites, the largest of which is CannMart. Namaste stock is up about 1.5% in Toronto following the news.
"We have developed expertise in the distribution of a highly regulated product which we will combine with TREC's unique brand in order to ensure high-quality products are distributed into protected brick and mortar marketplaces like Saskatchewan and Ontario," said Meni Morim, CEO of Namaste. He added, "We look forward to embracing our common goal of creating a culture of consciousness around the cannabis sector and driving sales into the adult-use marketplace." Namaste shares are currently trading for $0.35.
Earlier this month, the cannabis e-commerce firm confirmed that it had signed two supply agreements with the provinces of Ontario and Saskatchewan for the resale of its cannabis products through its CannMart website. Today's deal will provide TREC with access to those areas and is surely an attractive proposition for other smaller cannabis producers struggling to break into provinces with limited retail visibility. While Namaste stock has had a difficult year, these deals and the launch of the 2.0 market could be a major boost for investors in the New Year.
Despite suffering some heavy losses in the freshman year of legalization, due in large part to a slumping market and a scandal earlier in the year that led to the ousting of former CEO Sean Dollinger, Namaste Technologies looks to have put its troubles behind it under the new leadership of Meni Morim.
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