Namaste Technologies Inc (OTCMKTS:NXTTF) has shown some relative weakness over the past week after announcing that it has pushed for more funding by entering into a letter of engagement with Eight Capital, under which Eight Capital has agreed to purchase, as co-lead underwriter and joint bookrunner with Canaccord Genuity Corp., 15,000,000 units of the Company, on a “bought deal” basis pursuant to a filing of a short form prospectus, subject to all required regulatory approvals, at a price per unit of $3.00 for gross proceeds of $45,000,000.
The move lower in the stock is approaching a test of important support at paired rising moving averages, where we often see institutional support come into strong trending assets on pullbacks. In other words, we could have some interesting action ahead.
Namaste Technologies Inc (OTCMKTS:NXTTF) is running on a strong balance sheet, with less than $500k in debt pulling down on total current assets of nearly $39 million.
The next big cannabis story to hit North America is Phoenix Life Science International (PLSI), traded in the US, but with the largest global production based in the tropics and a license to distribute worldwide. Take a look at Phoenix Life Science International PLSI), Its currently trading under $18 dollars per share on the OTC markets. Learn More Now!
That sets the table for the top line, which has been growing by leaps and bounds, up over 170% over the past year, leading to $3.1M reported in sales in its latest quarterly report. The stock is still up over 25% during the past month, and well over 50% in the past six weeks.
The company just announced that it has pushed for more funding by entering into a letter of engagement with Eight Capital for a bought deal financing for gross proceeds of $45,000,000.
Funding the Expansion
Namaste Technologies Inc (OTCMKTS:NXTTF) operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands.
According to its latest release, “The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the Units at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional approximately $6,750,000 will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be approximately $51,750,000.”
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.
According to company materials, 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
Moreover, the company describes itself as “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.”
Pushing the barriers for global distribution, Phoenix Life Science International (PLSI) is the next cannabis play. Just think Canopy x 100, that is how big their plantation in the tropics will be. No lights, no green houses, just maximum growth + minimal cost = home run. Learn More Now!
Cronos Group Inc. (NASDAQ:CRON) Pops On Altria Acquisition Talk After Q3 Net Loss Disappointment
Cronos Group Inc. (NASDAQ:CRON) is skyrocketing up the charts having emerged it is an acquisition target of Marlboro cigarette-maker Altria...
American Green Inc (OTCMKTS:ERBB) Kicks Off December On Rough Patch
American Green Inc (OTCMKTS:ERBB) seems to have started the month of December on a rather dull pace after closing the...
HempAmericana Inc. (OTCMKTS:HMPQ) Due For A Bounce Back As Sentiments Turn Bullish
HempAmericana Inc. (OTCMKTS: HMPQ) might as well have served groundbreaking catalysts set to trigger a rally from the current lows....
Hemp Inc. (OTCMKTS:HEMP) Surging On Massive Opportunity In Hemp Sector
Hemp Inc. (OTCMKTS:HEMP) bounce back after a steep pullback is gaining momentum. The stock could as well break out of...
Why Medmen Enterprises Inc (OTCMKTS:MMNFF) Could be Set to Rip
Medmen Enterprises Inc (OTCMKTS:MMNFF) has been beaten down soundly over the past 6 weeks. The stock continues to set up...
Can Green Thumb Industries Inc (OTCMKTS:GTBIF) Get Some Traction Following Primary Data?
Green Thumb Industries Inc (OTCMKTS:GTBIF) is another cannabis player to hit the wires with its quarterly financials. This comes at...
Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) Hits the Wires with Q Data as Farm Bill Readies
Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) just announced financial results for the third quarter and nine months ended September 30, 2018....
KushCo Holdings Inc (OTCMKTS:KSHB) Beats Single Analyst Estimates on Q3 Numbers
KushCo Holdings Inc (OTCMKTS:KSHB) just announced financial results for its fiscal year 2018, for the period ended August 31, 2018....
OrganiGram Holdings Inc (OTCMKTS:OGRMF) Looks to Solidify Support on Expanding Supplier Status
OrganiGram Holdings Inc (OTCMKTS:OGRMF) has been an interesting outperformer in the cannabis space for most of the year. However, shares...
Growlife Inc (OTCMKTS:PHOT) Could be Flying Under the Radar
Growlife Inc (OTCMKTS:PHOT) has been grinding lower over the past 10 months, which represents some clear underperformance relative to the...