Namaste Technologies Inc (OTCMKTS:NXTTF) has been a simply extraordinary story of stock market success over the past 6 weeks. Shares were priced at just $0.20 each back in mid-November. Then the company got things rolling on two fronts – inking a deal to sell vaporization parts through Aurora and getting CannMart going on the regulatory front. The story has been in overdrive ever since, launching as much as 1400% in the meantime in one of the most dramatic moves seen on the OTC all year.
The latest from the company comes in the form of its announcement that it has signed a Letter of Intent (LOI) with BRLev AGRICULTURAL CROPS LTD (BRLEV), under its wholly owned subsidiary, Cannmart Inc. (Cannmart), whereby BRLEV will supply Cannmart with high-quality medical cannabis, to be imported by Cannmart from Israel and offered in the Company’s online marketplace. According to the release, “BRLEV is Israel’s largest licensed producer of medical cannabis, with over 40 years of experience in commercial agricultural production and export. BRLEV will work with Namaste to export medical cannabis to the Canadian market, which will fall under Canada’s Access to Cannabis for Medical Purposes (ACMPR) guidelines.”
Namaste Technologies Inc (OTCMKTS:NXTTF) promulgates itself an emerging leader in vaporizer and accessories space. Namaste has 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution.
NXTTF is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
According to company materials, “Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.”
Find out when $NXTTF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
According to the release, the LOI and the proposed medical cannabis supply agreement that we pointed out above suggest Namaste’s clear intentions of becoming a serious player in the online retailing space for medical cannabis products in Canada “by focusing on importation of high quality medical cannabis from industry-leading countries like Israel.”
It’s clear that management believes the deal solidifies Namaste’s global supply chain space in the Canadian cannabis market.
Sean Dollinger, President and CEO of Namaste comments: “While the Canadian market continues to be a leader with regards to the production of high quality cannabis, Namaste remains of the opinion that Canadian consumers will demand other high-quality products from markets abroad. Through our partnership with BRLEV, Namaste fully intends to meet that demand. This transaction represents the first of many partnerships by which Namaste intends to create the largest and most diverse marketplace for Canadian cannabis consumers. We are very pleased to have signed this LOI and are looking forward to working with the BRLEV Group. Namaste believes this represents a strong partnership based on BRLEVs credentials and experience in cultivation and agricultural export. The BRLEV management team have exceptional talents for cultivation and production of the highest quality medical cannabis in the Israeli market. We look forward to working with BRLEV and their team in creating the most diverse offering of medical cannabis in the Canadian online retail marketplace.”
At this time, carrying a capital value in the market of $550.4M, NXTTF has a bankroll ($471K) of cash on the books, which stands against virtually no total current liabilities. NXTTF is pulling in trailing 12-month revenues of $5.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 173.1%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $NXTTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $NXTTF, either long or short, and we have not been compensated for this article.