Since the start of June, Namaste stock has been correcting while the broader market has shown signs of slowing down. And today is no different. While several cannabis stocks continued to fall Tuesday, Namaste Technologies (TSXV:N) (OTCQB:NXTTF) managed to shine for the second day in a row.
Here's what we know.
Namaste Stock Stands Out From the Crowd
Namaste Technologies is trying to earn back market trust, and while it's been a tough road so far—Namaste stock has nose-dived in past months, while investors are still in the dark about various performances on the financial front—things are looking respectable now. At least, this week they are.
On Monday, June 24, Namaste Technologies and True Leaf Brands (CSE:MJ) joined forces, signing an agreement to distribute the latter's pet products through Namaste Technologies' online platform.
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"Partnering with a leading brand like True Leaf is an excellent way to enhance our consumer product offering and scale our vendor experience," explained Meni Morim, Interim CEO of Namaste Technologies. True Leaf Brands is just as excited, with the company saying the following: “We’re confident Namaste’s customers will embrace our products to improve the quality of life of their pets, just as they do with the medicinal cannabis products that improve their own quality of life."
Of course, with optimism like that, it's no wonder the news sent Namaste stock up Monday. And it's not surprising this optimism has run into today.
According to Yahoo Finance, as of 1:13 PM EDT, Namaste stock is trading at $0.63; this puts the cannabis stock up 3.28%. Meanwhile, Namaste stock is up 1.38% on the OTC market.
Takeaway
What do you think about Namaste stock jumping on news of the company partnering with True Leaf Brands? Is it the business move the company needs to turn itself around?
Let us know your thoughts in the comments below!
Featured image: PixaBay
