Connect with us

Business

Why Namaste Technologies Inc (OTCMKTS:NXTTF) Should be on Your Radar Right Now

Published

on

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.

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.”

Trading Symbol

OTC: MJMD

The Next Big Global Cannabis Trade




FEATURED STORIES

Business7 hours ago

Is it Time to Move Back into Hexo Corp (OTCMKTS:HYYDF)?

Hexo Corp (OTCMKTS:HYYDF) is one of the most interesting names in the cannabis space. There are only a few plays...

Business1 day ago

Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) Should Be on the Radar

Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) shares closed last week by dipping under the key 50-day simple moving average to finish...

Business1 day ago

Will Auxly Cannabis Group Inc (OTCMKTS:CBWTF) Start to Play Catch-up?

Auxly Cannabis Group Inc (OTCMKTS:CBWTF) is an interesting play. The company has a massive stockpile of cash but hasn’t been...

Business1 day ago

Expansion Continues for Aphria Inc (OTCMKTS:APHQF), With Strong Catalysts Likely Ahead

Aphria Inc (OTCMKTS:APHQF) remains one our favorites primarily because it likely has some interesting catalysts ahead. It’s plausible to imagine...

Business2 days ago

What’s the Story Behind the Launch in Puration Inc (OTCMKTS:PURA) Shares?

Puration Inc (OTCMKTS:PURA) shares have been racing higher over the past month, and none of the catalysts contained in company...

Business2 days ago

How Medmen Enterprises Inc (OTCMKTS:MMNFF) is Positioned to Win on US Reform

Medmen Enterprises Inc (OTCMKTS:MMNFF) represents perhaps the cannabis company most likely to benefit the most from an eventual shift toward...

Business2 days ago

Hemp Inc (OTCMKTS:HEMP) Forges on as US Hemp Laws Progress

Hemp Inc (OTCMKTS:HEMP) recently announced that it applauds California’s commitment to agriculture, industrial hemp specifically, with the passing of SB...

Business3 days ago

Is New Age Beverages Corp (NASDAQ:NBEV) Setting Up for Some Interest From Above?

New Age Beverages Corp (NASDAQ:NBEV) is, as we see it, a very logical possibility for some kind of strategic interest,...

Business3 days ago

Why Aurora Cannabis Inc (OTCMKTS:ACBFF) is Set to Benefit from the Narrow US Market

Aurora Cannabis Inc (OTCMKTS:ACBFF) continues to be the top dog in the cannabis space as we see it. Capacity will...

Business4 days ago

Will Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) Evolve From Prey to Predator?

Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) has an extremely strong balance sheet at this point, with cash levels at $261.8M...

Crop Infrastructure

 

Trading Symbol

OTC: CRXPF

CSE: CR0P

For The Next Big Wave In Marijuana Profits 

 

Big Profits From The Cannabis Land Rush