This post first appeared on Micro Cap Daily
Namaste Technologies Inc. (OTCQB: NXTTF) stock price currently still sees growth, albeit rather small. NXTTF price has been growing by only 1.05% in the last 24 hours, with its price currently being at $0.55. However, this is still an important effort that should be noted, as the price shows clear intention to leave its support level at $0.5 behind and achieve greater heights.
The company’s price has seen stability for months back in the mid-2018, but things started to change when a surge arrived in late August and early September of last year. Until then, the price was mostly fluctuating between $1 and $1.5, but in late August, a new surge came, bringing the price up to $3 by late September. However, that is where it peaked, and it started dropping from there on. By late December, the price was down to $0.5, and while it did experience a surge to $1.25 in the first half of January, it kept gradually dropping ever since. In late April, the price saw a small surge to $0.7, followed by a return to $0.5. Now, another growth is coming, and it is starting very modestly. However, that does not mean that it won’t pick up the pace in days and weeks to come.
Who is Namaste Technologies?
Namaste Technologies acts as a massive platform, powering the ultimate online customer experience for various kinds of cannabis-related products, including medicinal cannabis. The company integrated various telemedicine applications, starting with NamasteMD.com, and through it, it connects clients with health care practitioners in order to issue and renew cannabis prescriptions quickly and easily, all through online channels.
The company is also the first holder of the Canadian Medical Sales-Only License, and it owns several other firms, most of which feature new and innovative technologies. One such firm is Findify AB, an AI and Machine Learning firm which was acquired by Namaste in May 2018. The company uses this technology to improve and personalize customer experience on its platform, which spans throughout 30 websites and over 20 countries around the world.
Namaste also owns Cannmart.com, which acts as ‘everything cannabis store,’ and offers customers a large variety of strains for filling their prescription needs. Further, Namaste’s AI engine is also incorporated in its platforms, as well as related Uppy App, which finds the right product for individual customers. The company currently provides anything, from vaporizers to accessories.
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Namaste’s difficulties and recovery
As mentioned earlier, Namaste had seen a significant drop in its stock price following the surge in August and September. The drop came after Citron Research published a series of research reports which accused the company of securities litigation. The reports led to multiple investigations by various law firms, which reflected badly on Namaste’s price.
The company, however, responded to the reports by Citron Research, claiming that they are false and misleading. The fact that Citron Research is known for releasing such reports in an attempt to control the stock price of fast-growing firm and profit from the resulting reaction also works in Namaste’s favor.
Of course, as mentioned, the investigations still came, and Namaste itself started conducting one, in order to determine whether or not there is any truth to Citron Research’s claims. The investigation resulted in the termination of the company’s CEO, Sean Dollinger, and Namaste also commenced legal action against him. The issue resulted in a settlement with Dollinger in mid-February.
Since then, Namaste has been trying to get back on its feet by making new appointments in regards to its executive team, but the firm also made some good business moves, such as the acquisition of Pineapple Express Delivery. Since the company started its recovery, its’ stock price started acting up as well, indicating that it is ready to grow back to its proper heights. With that in mind, investing in Namaste now might be the last opportunity that the investors might get to purchase the firm’s stock while the price is low.
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While the price’s past performance does not appear particularly reassuring at this point, it is still showing signs of stability, but also the desire to go up, In any event, it is unlikely that anyone investing in Namaste will experience losses anytime soon, and the company is definitely worth considering. We will be updating on Namaste when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Namaste.
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Disclosure: we hold no position in Namaste either long or short and we have not been compensated for this article.
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This post first appeared on Micro Cap Daily