Namaste Technologies Inc (OTCMKTS:NXTTF) continues to positively launch higher, with shares powering as much as 900% in just the past 6 weeks on a number of strong catalysts. The strength is part of an industry-wide move, but this has clearly been one of the most explosive names in that space over the relevant period. The latest push has been fueled by news that the company, in the form of its wholly owned subsidiary Cannmart Inc., has signed a Fulfilment Services Agreement with Greenlane Canada whereby Greenlane will provide exclusive order fulfillment and warranty services for Namaste’s Canadian websites.
According to the release, “under the terms of the Agreement, Greenlane will fulfill orders for all products set forth in Greenlane’s product offering as well as products which are marketed and sold under brands controlled by Namaste and other third-party products as specified by Namaste. The Agreement represents a strategic decision to further align the Company with the industry’s leading business-to-business distributor, while Namaste will benefit through a significant reduction of inventory and operational expenses, bringing the company closer to profitability.”
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.
The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
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According to company materials, “Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.”
Sean Dollinger, President and CEO of Namaste comments: “The signing of this agreement may very well be one of the most important initiatives Namaste has implemented to date, and may be the final piece of the puzzle in helping Namaste achieve profitability. The agreement itself represent months of negotiations which has culminated with an amazing partnership with easily the most influential business-to-business distributor in the space. Our decision to partner with Greenlane was directly correlated to their amazing range of products, and proven track record in securing exclusive distribution rights for the hottest new products ahead of the competition. In addition, we believe Namaste will capture market share in the extremely exciting pre-filled hardware space by leveraging Greenlane’s exclusive access to closed system products from the leading brands. This competitive edge will be instrumental in allowing Namaste the ability to offer our customers the latest products within the Canadian market.”
Traders will note a bit more than 290% during the past month in terms of shareholder gains in the stock. This is emblematic of the stock. NXTTF has a track record that includes a number of dramatic bounces. What’s more, the name has seen interest climb, with an increase in recent trading volume of greater than 490% above its longer-run average levels.
Earning a current market cap value of $491.1M, NXTTF has a chunk ($471K) of cash on the books, which compares with virtually no total current liabilities. 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.