Namaste Technologies Inc (OTCMKTS:NXTTF) has been locked in a corrective wave since the stock notched its high following an astounding rally that took NXTTF up over 2,000% during November and December. Since that high pivot, shares have stalled and slid back about 50% in sympathy with the broader cannabis patch. But recent action may be suggesting an inflection is taking hold. The company just hit the market with news that the Company’s wholly-owned subsidiary, Cannmart Inc. (Cannmart), has submitted its Affirmation of Readiness (AOR) and video evidence package to Health Canada.
According to the release, “Cannmart is a late-stage applicant for a medical cannabis sales-only license under Canadas Access to Cannabis for Medical Purposes Regulation (ACMPR). The purpose of the AOR is to provide evidence to Health Canada that Cannmart has completed construction and fit-up of the facility as per the application. Having submitted the AOR, the Company anticipates Health Canadas review of the evidence package in due course and issuance of its ACMPR production license shortly thereafter. The AOR represents a significant milestone for the Company in completion of the construction of Cannmarts facility.”
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.
As noted above, we’ve watched this momentum high-flyer cede some ground over the past two months, sliding back about half its value as the cannabis space corrects to start 2018. However, we are also seeing some signs of constructive action in the stock in recent days, aided by news that its Cannmart subsidiary has submitted its Affirmation of Readiness (AOR) and video evidence package to Health Canada.
Sean Dollinger, President and CEO of Namaste comments; We are very pleased to have completed construction of Cannmart and submission of the AOR. Namaste is looking forward to launching Cannmart and following through with our strategy to become Canadas leading innovator in medical cannabis online retail. Thank you to the management team at Cannmart for seeing this project through to completion and were looking forward to receiving follow up from Health Canada soon.
We’ve witnessed 20% during the past week in terms of shareholder gains in the stock. This is emblematic of the stock. NXTTF is a stock with a past that has featured a litany of sudden rips to the upside. Moreover, the stock has seen interest climb, with an increase in recent trading volume of 10% over the long run average.
At this time, carrying a capital value in the market of $353.1M, NXTTF has a stash ($471K) of cash on the books, which is balanced by 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.