We recently called for a squeeze in shares of Namaste Technologies Inc (OTCMKTS:NXTTF). We saw a strong rally to close out last week in the stock, with shares retaking the 200-day moving average on solid volume. All of this in spite of the continued pressure from law firms looking to press class action suits against the company based on allegations (unproven) that were levied against it in September by Citron Research and noted short-seller Andrew Left.
To further develop the story, the company just announced that, subject to the proposed legislation outlined by the Province of Ontario, the Company intends to launch recreational cannabis dispensaries through its wholly-owned subsidiary, Cannmart Inc. and through its partnership with 2624078 Ontario In (aka “Infinite Labz”).
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.
As noted above, NXTTF just announced that, subject to the proposed legislation outlined by the Province of Ontario, the Company intends to launch recreational cannabis dispensaries through its wholly-owned subsidiary, Cannmart Inc. and through its partnership with Infinite Labz.
Recent action has seen -7% stripped out of share pricing for the listing in the past week. Moreover, the name has witnessed a pop in interest, as transaction volume levels have recently pushed a bit over 130% over what the stock has registered over the longer term.
Sean Dollinger, President and CEO of Namaste comments: “We’re looking forward to launching recreational dispensary locations in both facilities. Cannmart and Infinite Labz will each have unique product offerings that will provide value for both medical patients and recreational users. With our location being so close to the airport, we anticipate seeing a strong demand for a recreational dispensary model. While we have been focused on developing our online marketplace for medical cannabis, we recognize and intend on taking advantage of strong opportunities in the recreational market.”
At this time, carrying a capital value in the market of $462.31M, NXTTF has a store ($471K) of cash on the books, which is balanced by 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 is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.