This post first appeared on Micro Cap Daily
Namaste Technologies Inc. (OTCQB: NXTTF) stock price has recently seen the growth that once again took it well above $0.5 level. The company has seen a large decline of its price in late 2018, and while its stock struggled to grow in January 2019, it faced many difficulties that kept knocking the price back down. The decline was gradual and long, and it ended once the company’s stock price dropped to $0.4.
However, in the final days of April, the firm saw growth of its stock value, which reached the height of $0.7. This level currently acts as a resistance that once again rejected the price, causing a minor decline. However, the support at $0.5 should be able to prevent the price from dropping further down and provide it with the means of achieving new growth in weeks and months to come.
Who is Namaste Technologies?
Namaste Technologies acts as a major cannabis store, where many around the world can find pretty much anything cannabis-related that they might need. The company’s platform is massive, and easily the largest cannabis-based e-commerce platform in the world.
It features over 30 websites, and it is available in more than 20 countries, albeit under different brands. It offers anything, from vaporizers and glassware to CBD-based products and medical cannabis. Considering the size of the platform, the company shifted its focus to providing its customers with the best possible experience through the acquisition and development of various new technologies.
One of the best examples of this is the acquisition of Findify AB, which took place about a year ago. The firm specializes in the development of AI and Machine Learning, which is bound to help the Namaste’s customers have a memorable and pleasant experience.
The company also owns a platform known as NamasteMD.com, which is fully compliant with Health Canada. With modern and innovative technology, Namaste aims to improve its service and to continue its own evolution in years to come.
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Namaste’s difficulties and return to growth
As mentioned, Namaste’s stock price decline, as well as legal issues, started in late September, after a misleading article published by Lapresse.ca. The company was blamed for violations of Quebec laws regarding the sale of unauthorized recreational cannabis. The company responded by explaining that the information is false and misleading.
However, the damage was done, and numerous law firms started an investigation of the company, with the threat of class action lawsuits. The lawsuits eventually became a reality, and the company saw its stock price continuously drop. However, this did not stop it from continuing to expand its business as well, and amid all the issues, the company announced the launch of recreational dispensaries throughout Cannmart and Infinite Labz.
The challenges were many, but so were the company’s victories, and many had hoped that the situation would be better in 2019. But, even after many projects, such as the launch of Namaste Cafe Model and H.E.A.L. branded food products, Namaste faced its largest issue yet — the termination of its CEO, Sean Dollinger.
The decision came as a response to investigation results of the Special Committee of the Board of Directors, and the company even commenced legal action against Dollinger. However, the entire affair ended in February with a settlement with the former CEO. The company also saw several board of directors resignations, which led to a new assembly, and a new beginning for Namaste.
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With the growth of cannabis shares and the revolution of the industry at hand, Namaste is bound to grow again. Its internal issues appear to be resolved or at least getting close to it. With that done, the company will be able to focus on expansion and improvement once again. Meanwhile, forward-looking investors might want to consider taking advantage of the current situation and purchase the company’s stock while the price is still down. Namaste is bound to reach the old heights again, and potentially even exceed them, so now is the time to invest. 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