Over the course of the past months, Namaste Technologies Inc (TSXV:N) (OTCQB:NXTTF) has managed to turn its business around considerably and has emerged as one of the leaders in the cannabis e-commerce space.
Agreement With Ignite International Brands
On Monday, the Namaste stock made considerable gains after the company made a major announcement. The company announced that its online marketplace CannMart had signed a new licensing agreement with IGNITE International Brands Ltd.
The products from the company are now going to be made available on the platform, and that triggered a strong rally in the stock. The Namaste stock rallied by as much as 12% on the back of the news and closed at $0.38, and it is likely going to be in focus today as well.
It is a significant deal for Namaste since it will now allow it to use IGNITE trademarks on the products that are going to be sold on CannMart. IGNITE is going to be paid in royalties. Namaste is also going to work with IGNITE’s quality control and product development personnel with the task of selecting dried flowers.
This will allow Namaste to add another brand to its growing portfolio and help IGNITE in becoming a better-known brand in the Canadian market.
New Brands To Its Cannmart Marketplace
The company has been adding new brands to its CannMart marketplace at a decent clip. Last month Namaste added Kief Cannabis Co to the list of brands in the online marketplace. Kief is a premium brand and will further diversify the offerings on CannMart. However, that is not all. The company also signed a supply agreement with Alberta Gaming, Liquor & Cannabis.
The agreement with AGLC is a significant one since it is currently one of the biggest cannabis markets in Canada and represents the fifth such deal that the company has signed with a provincial government. On the other hand, the addition of craft cannabis products maker Kief represents a major breakthrough for Namaste as well.
Namaste’s stock has fallen over 40% over the past year. 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.