This post first appeared on Micro Cap Daily

Namaste Technologies, Inc. (OTCQB: NXTTF) stock price has been seeing decline ever since the year had started, due to various issues which started affecting the company in the second half of 2018. However, the company was working hard on its recovery, and the results are finally showing. Namaste’s stock price has started a rapid surge — one that allowed the price to rise by 45.95% in the past 24 hours.

The surge has only started, and the growth is quite large, so it likely won’t last for a longer period, and a slight correction is expected to follow. However, it serves as a signal for willing investors that the company’s recovery is underway, and that the time for investing is now.

About Namaste Technologies

Namaste Technologies, Inc. is a major cannabis e-commerce platform that operates in over 20 countries around the world. The firm controls more than 30 websites under many different brands, and it offers numerous different cannabis-based products.

Among them are vaporizers, glassware, CBD products, accessories, and even medical cannabis, which is currently only offered in Canadian markets. The company has a strong presence in Canada, and one of its innovative technology platforms, NamasteMD.com, became Canada’s first Health Canada-approved telemedicine application.

Considering the size of Namaste’s ecosystem, the company also dedicates a lot of its efforts to helping its customers find their way around and improving their buying experience. It does that through development and acquisition of advanced new technologies. One great example of this is the acquisition of Findify AB. Namaste acquired this company in May 2018, with the intention of utilizing the smaller firm’s AI and Machine Learning technology.

This type of innovation is fairly usual for Namaste, which is one of the reasons why the firm successfully grew to this size, and why its business survived the difficulties it had faced in the past.

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Namaste’s downfall and recovery

Namaste was doing rather well throughout 2018, with its success reaching its peak in September. However, as a fast-growing cannabis company, it soon attracted the attention of an industry’s “shark,” Citron Research. This is a company known for targeting rapidly-expanding firms and making false accusations in order to manipulate other firms’ stock price, and then profit when the price starts to drop.

Citron’s reports have caused a number of investigations, lawsuits, and other legal issues for Namaste. Soon enough, the company found itself in trouble with various law firms, but it attempted to continue its business as usual. However, the company’s Board of Directors launched its own investigation as a response to Citron’s allegations, which resulted in the termination of Namaste CEO, Sean Dollinger. The firm also commenced legal action against Dollinger, which ended with a settlement in February 2019.

The company also announced several resignations after this, including the one of its auditor, as well as several board members.

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After the “cleansing,” however, the firm did not fall apart, but it managed to start anew. It entered the edibles market through the acquisition of Choklat, which was followed by the acquisition of Pineapple Express Delivery. Now, it seems that the company’s efforts are paying off, as it finally started seeing a growth of its stock once again. While its price was still quite far away from its all-time low, months of decline were discouraging for investors who wanted to purchase the firm’s stock. Now that the price is seeing a correction, the situation is expected to change once again. 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

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