Namaste Technologies is in Red Despite NamasteCafé Announcement

Namaste Technologies

Namaste Technologies (TSXV:N) has had a bit of a whirlwind week on the stock market. N stock surged over the weekend and reached a high of $1.46 come Monday. Then it dipped again, shot back up again, and finally, dipped some more.

Yes, N stock is volatile at present, and it’s very hard to predict which way it is going to go. The stock is down a further 5% today, but this seems to be caused by a market-wide sell-off. There has been no dramatics coming from head office.

In fact, on the contrary, Namaste announced what could be one of the company’s biggest endeavors thus far in its short life.

Namaste Technologies Café

The online ‘everything’ cannabis retailer is doing a 180° reverse and is opening up its first brick and mortar cannabis café called NamasteCafé.

I don’t know about you, but I find this news to be really exciting.

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NamasteCafé

Expected to launch in early 2019, the NamasteCafé is described as a cannabis-infused take on the modern café. And where will it be?

Well, Namaste Technologies has yet to reveal the location. 

But the new venture is in conjunction with Montreal restauranteur Jonathan Dresner, the founder of the upscale burger joint Notre-Boeuf-De-Grâce, the Pigeon Espresso Bar, and plant-based quick service restaurant Kupfert & Kim. So, can we expect this new dig to be in Montreal?

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Growth

Wherever it starts won’t matter so much anyway because Namaste Technologies has a further 20 franchise locations pegged across Canada by the end of 2019. And the company is going abroad with the NamasteCafé too, with three overseas locations including one in the UK (should its law allow it).

Sean Dollinger, the company CEO, stated:

“Our intention is to offer the general public a safe space to ask open questions about cannabis, its benefits, risks, and topics people may want to cover.”

So the cafés will not only serve enjoyable beverages, they will also seek to promote a healthy view of marijuana use.

Namaste Technologies operates CannMart, an e-commerce platform for medical and adult-use cannabis. It is like Amazon (NASDAQ:AMZN), but not nearly as big (yet) and stocks cannabis and cannabis-related products.

Now, it may just take on the Starbucks (NASDAQ:SBUX) coffee crown with this latest business venture. 

Featured Image: Depositphotos/© aeydenphumi