Namaste Technologies Inc (OTCMKTS:NXTTF) continues to launch higher in successive breakouts. The company started to make big waves in the cannabis patch back in early November. And the story has heated up over the past month, with the stock powering as much as 400% in the past 5 weeks as catalysts continue to mount.
The latest from the company comes in the form of its announcement of a Letter of Intent with Supreme Pharmaceuticals Inc. (OTCMKTS:SPRWF). “The LOI, signed by Supremes wholly owned subsidiary, 7ACRES, and Namastes wholly-owned subsidiary, Cannmart Inc. (CannMart), provides that Supreme will supply CannMart with a premium range of high quality dried cannabis flower which will be offered in the Company’s medical marketplace.”
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.
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.”
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According to the release, “Supreme is focused on producing high quality cannabis through a commitment to carefully curated genetics, quality focused cultivation practices and a post-harvest process that includes a 14-day whole plant drying process and hand finishing of each flower. Under the terms of the LOI, Namaste has committed to work with Supreme as a preferred vendor as related to possible branded partnerships, in addition to supply for Namastes in-house branded medical cannabis. All Supreme cannabis will bear the 7ACRES producers mark. Namaste believes that Supremes Business to Business (B2B) distribution model fits well with Namastes focus on becoming Canadas leading online retailer for medical cannabis.”
Sean Dollinger, President and CEO of Namaste comments: “We are very pleased to be working with Supreme, who we believe to be one of the top Canadian producers of premium quality cannabis. Our goal is to create an online marketplace for our patients that will offer a variety of products sourced from various licensed producers in Canada and overseas. We believe that our relationship with Supreme will be of significant value as their business model fits well with ours. Thanks to Supremes management team for their support and we look forward to launching medical cannabis sales through CannMart in the early new year.”
Traders will note approaching 450% added to share values of the company over the past month of action. Market participants may want to pay attention to this stock. NXTTF has a history of dramatic rallies. What’s more, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running just under 540% above its longer-run average levels.
Earning a current market cap value of $310.8M, NXTTF has a bankroll ($471K) of cash on the books, which is balanced by 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%. As more color becomes clear on the name, we will review the situation and update our take. 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.