Namaste Technologies Inc (OTCMKTS:NXTTF) has been back in bounce mode following what appears to possibly be a successful technical test of the stock’s 200-day simple moving average earlier this week. A move back above the $1.25/share level could represent a major technical signal for prospective bulls. This is also a company very much on the move in terms of catalysts.
As a couple cases in point, the company just announced that further to the April 5th announcement of an LOI with 2624078 Ontario Inc., it has signed a Share Purchase Agreement to acquire 51% of the outstanding shares of 2624078 Ontario Inc. and has agreed to finance the construction of Infinite Labz’s facility in Etobicoke, Ontario. In addition, and just before, the company also announced that it has signed an exclusive drop-shipping supply agreement with Ample Organics Inc. Ample Organics is Canada’s leading seed-to-sale software platform, currently used by the majority of Canada’s licensed producers of medical cannabis.
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.”
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John X. Prentice, President and CEO of Ample Organics comments; “This partnership represents a substantial value-add for Ample Organics’ clients and their patient customers. It will simplify inventory management and fulfillment for LPs, while ensuring that medical cannabis patients across the country have access to a substantial catalogue of vaporizers and cannabis accessories at great prices. We are excited to continue the development of our relationship with Namaste and look forward to advancing the industry in new and innovative ways together.”
Sean Dollinger, President and CEO of Namaste comments; “We are very proud to be partnered with Ample Organics on this project. It’s been very rewarding to collaborate with the management team, on what we believe is an important initiative for all those involved, most importantly of which are the medical cannabis patients of Canada. We are incredibly excited to be associated with Ample Organics and to have the opportunity to provide healthier, more affordable options for medical patients to consume cannabis. Our commitment to developing a platform with easily accessible products and services for the cannabis industry is what inspired the opportunity to work with Ample Organics. We’re looking forward to completing the integration and to further enhancing the patient experience.”
Now commanding a market cap of $291.8M, NXTTF has a stash ($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.