One stock that certainly kicked off the new year in style in the cannabis patch was Namaste Technologies Inc (OTCMKTS:NXTTF). Shares ripped 30% higher to start 2019 following news that the company announced a corporate update that includes the appointment of Neil Kothari as its Chief Legal Officer, the resignation of Fern Glowinsky from the board of directors, and the appointment of Kenneth Ngo to fill her vacancy on the board of directors. This story has been defined by contention since August, which suggests a window for some added value through leadership changes, as we are seeing at this point.
According to the release, “In addition, the Company is pleased to announce that Meni Morim has agreed to act as the Company’s first Chief Product Officer subject to board approval. The Company is announcing these new appointments to allow it to focus on the information technology infrastructure to support its broad product base and to add a stronger emphasis on governance and legal risk management across the organization.”
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 a corporate update that includes the appointment of Neil Kothari as its Chief Legal Officer, the resignation of Fern Glowinsky from the board of directors, and the appointment of Kenneth Ngo to fill her vacancy on the board of directors. In all, the chart shows 19% tacked on to share pricing for the company in the past week.
In addition, the company has seen interest climb, with an increase in recent trading volume of 12% over what the stock has registered over the longer term.
Sean Dollinger, President, and CEO of Namaste comment: “We are very pleased to announce the new appointments. The Company looks forward to having Meni Morim join as CPO. Meni has contributed a great amount of value to the Company thus far and we believe that his new position will enhance the impact of his efforts to support the Company’s vision going forward. Likewise, we are delighted that Neil has joined the Namaste family to bring his experience working in complex regulatory frameworks, capital markets and international jurisdictions to lead our legal function. Neil will enhance our leadership team and we believe will add a pragmatic and important voice at the table as we embark on our efforts to build relationships in the cannabis industry and evolve globally.”
Currently trading at a market capitalization of $236.87M, NXTTF has a bankroll ($471K) of cash on the books, which stands against 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%. As more color becomes clear on the name, we will review the situation and update our take. 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.