Namaste Technologies Inc. (TSXV:N) is rebounding on the TSXV today after a rough week of trading red. The Vancouver, Canada-based cannabis e-commerce company saw record-breaking share prices back in September of this year, but its share prices have since tapered off.
Namaste Technologies Rebounds
Since cannabis became legal across Canada on October 17th, many of the dominant Canadian cannabis companies have seen their share prices fall. Major industry-wide sell-offs occurred on legalization day, as investors began dumping cannabis stocks in both the US and Canadian markets.
Despite the sell-offs, cannabis companies began rebounding towards the end of October, Namaste Technologies included.
The past five days, Namaste has been dropping, but today the cannabis stock is seeing green. According to Yahoo Finance, N shares are currently trading at $1.47 a share, up +$0.05 (+3.52%). For the week, Namaste shares are down -0.675%, and for the month, its shares are down -26.86%.
Namaste Technologies Updates
This morning, the Canadian cannabis company announced that its wholly-owned subsidiary, Cannmart Inc, signed an Asset Purchase Agreement with 1181530 BC Ltd. Cannmart has now acquired the domain Buds2go.ca. Cannmart purchased the domain for $300,000.
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The reason for the acquisition has to do with the high-ranking organic search results that came up surrounding Buds2go.ca. Currently, this domain received 400,000 site visits per month, with an average visit duration of around six minutes and a bounce rate of only around 30%.
Sean Dollinger, President and CEO of Namaste, said:
"We're very excited about this deal. Buds2go.ca has some of the best SEO and natural search traffic we have ever seen. This brings an immense amount of value to our vision of becoming a leading [sic] in the sale of medical cannabis online. Our goal is to enhance the user experience and incorporate innovative technology like our AI and machine learning platform [...] We're looking forward to expanding the product offering and have received a lot of positive feedback on our Craft Cannabis Program which we believe will drive growth for Buds2go.ca and Cannmart.com in the future."
Cannabis stocks and major stocks, in general, are all trending upward today, but Namaste's announcement today might have just pushed up investors' confidence in Namaste.
Featured Image: Depositphotos/© BrianAJackson
