Namaste Technologies Inc (OTCMKTS:NXTTF) just announced that Choklat Inc., an Alberta-based craft chocolate manufacturer and chocolatier in which Namaste holds a 49% equity position, has received a processing license from Health Canada to produce a line of chocolate bars, drink mixes and infused sugar.
“Receiving the processing license from Health Canada is a significant achievement and milestone,” said Brad Churchill, CEO of Choklat. “We look forward to introducing our cannabis infused product line, products with a pure chocolatey taste with no aftertaste, across Canada leveraging the extensive B2B sales channels that CannMart Inc. has built. Our high-quality cannabis infused bars and beverages will be based on our own chocolate recipe made from a special cocoa bean sourced from the jungles of South America. This is an exciting time for Choklat, CannMart and Namaste as we enter the competitive cannabis 2.0 landscape.”
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 Choklat Inc., an Alberta-based craft chocolate manufacturer and chocolatier in which Namaste holds a 49% equity position, has received a processing license from Health Canada to produce a line of chocolate bars, drink mixes and infused sugar.
Traders will note 43% tacked on to share pricing for the company in the past month. In addition, the company has seen interest climb, with an increase in recent trading volume of just under 130% beyond what we have been seeing over the larger time frame.
“Brad Churchill is a true pioneer when it comes to the actual production of chocolate, and he is now applying his extensive experience and passion to produce high quality cannabis-infused chocolates,” said Meni Morim, Chief Executive Officer at Namaste Technologies Inc. “We believe there is pent up demand for cannabis-infused edible products on a national scale. Choklat is one of the first food processors in Canada to receive its processing license from Health Canada and we expect their products to be on shelves in March, allowing for the Health Canada notice period. We invested in Choklat not only to maximize the significant market opportunity for cannabis-infused edibles but also because we see Brad as a true craftsman in his trade and the quality of his products speak for themselves.”
Currently trading at a market capitalization of $119.5, NXTTF has a significant war chest ($55.9M) of cash on the books, which is balanced by about $5M in total current liabilities. NXTTF is pulling in trailing 12-month revenues of $17.9M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -1.7%. We will update the story again soon as developments 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.