For those who only recently started watching the cannabis space, the complexities involving the Namaste Technologies Inc (OTCMKTS:NXTTF) story are daunting to say the least. The main point to appreciate is that this is a former momentum play with tremendous potential, some genuine risk on the credibility side, and a ton of built-in skepticism.
To further flesh out the narrative, the company just announced that the company’s wholly-owned subsidiary, Cannmart Inc., has signed a product acquisition agreement with AgMedica Bioscience Inc., whereby Cannmart will purchase medical cannabis from AgMedica to offer in its online platform. According to the release, AgMedica is a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, who hold a cultivation and sales license.
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.”
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As noted above, NXTTF just announced that the company’s wholly-owned subsidiary, Cannmart Inc., has signed a product acquisition agreement with AgMedica Bioscience Inc., whereby Cannmart will purchase medical cannabis from AgMedica to offer in its online platform.
In all, recent action has seen -2% stripped out of shares during the trailing week, What’s more, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 56% beyond its prior sustained average level.
Sean Dollinger, President, and CEO of Namaste comments: “We’re pleased to announce this supply Agreement with AgMedica. Our team from Cannmart had the pleasure of visiting their facility and we were impressed with the quality of their product and we look forward to offering it to our patients. We expect to develop a long-term relationship with AgMedica and would like to thank their management team for their hard work and for choosing Cannmart as a strategic partner.”
Earning a current market cap value of $410.79M, NXTTF has a chunk ($471K) of cash on the books, which compares with 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.