For a long period of time, Namaste Technologies Inc (OTCMKTS:NXTTF) has been one of the more interesting companies in the cannabis space. The company is involved in cannabis e-commerce and operates its own online marketplace. Over the course of the past months, the company has been steadily adding new products to its online marketplace CannMart.
During the course of the past few months, the stock has not broken out though and has largely traded within a narrow range. It could however be worthwhile for investors to take a closer look at some of the recent events that have taken place with regards to the company’s business.
Back in August, the company announced the addition of another line of branded products to its online marketplace CannMart. Namaste announced the products from Indiva Inc are going to be added to its online distribution channel. It is a significant addition to the company’s growing online marketplace.
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Indiva is a fully owned subsidiary of Indiva Limited, which is involved in the manufacturing of cannabis-based edibles and other products. In its statement, Namaste stated that the company’s Bhang chocolates, CBD capsules, and soft gels and sour gummies are going to be made available in the B2C distribution channels that it operates.
Meni Morim, the current Chief Executive Officer of the company, stated that the considerable investments made by Namaste have now enabled it to make major inroads into the legal Canadian cannabis market. However, that was not the only important development with regards to Namaste in August.
The company announced on August 18 that it had filed a preliminary base shelf prospectus with the relevant regulatory authorities in all the provinces in Canada.
Once the base shelf prospectus is made final, then the company is going to be able to qualify its distribution through Namaste common shares, debt securities, warrants, units, and subscription receipts to the tune of C$90 million. Sign-Up below for our free updates and breakout alert newsletter.