For many pot stocks who have had to survive through an MMJ strategy, the coming of legal recreational pot in Canada in a few weeks is a scary proposition because the whole game is changing. Namaste Technologies Inc (OTCMKTS:NXTTF) is confronting this head-on in a way we want to highlight here. The company just announced its “new corporate strategy related to its position in the Canadian recreational cannabis marketplace”, which is a nod to exactly this problem.
According to the release, “Due to much uncertainty surrounding both federal and provincial roll-outs of recreational cannabis, Namaste remained focused solely on the medical cannabis market until such time that a more transparent framework was established. Fast forward to today and it is clearly evident that there has been significant progress made with regards to the rules and regulations outlining the sale and distribution of recreational cannabis. As such, Namaste has made the decision to take a more proactive approach in an attempt to capitalize on several key areas of the recreational market.”
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 Technologies is Your Everything Cannabis Store. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste’s product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada. Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada’s first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer’s on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.”
Find out when $NXTTF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
Sean Dollinger, President, and CEO of Namaste comments: “Over the past year we’ve been very quiet as it relates to the recreational cannabis industry. We have taken our time to see how the legislation progresses province by province. Although we are not a cultivator, we do see significant market share for the Company in providing highly valuable technology platforms to the recreational market. Furthermore, through strategic partnerships with Licensed Producers we will certainly be developing our own brand that will be sold through medical and recreational channels. As we progress towards official legalization Namaste has never been better positioned to capitalize on both markets.”
As noted, the company just outlined how it plans to manage its transition from being an MMJ-centered company to a more general cannabis player as Canada embarks on nation-wide recreational cannabis legalization this October.
Mr. Dollinger continued, “Now that we have proven that our platform works, with the acceleration of our medical patients we can now work on utilizing our technology to become a leader in the recreational space. We are very excited to see our strategy coming together and unfolding before our eyes. We’d like to thank all of our shareholders for their support and hope to see everyone at the Pledge Party September 12th.”
Earning a current market cap value of $445.44M, NXTTF has a store ($471K) of cash on the books, which must be weighed relative to about $1.1M in total current liabilities. One should also note that debt has been growing over recent quarters. 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%. This may be a very interesting story and we will look forward to updating it again soon. 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.