Namaste Technologies Inc (OTCMKTS: NXTTF) To Resume Uptrend After Positive Corporate Update - MJ Global Report
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Namaste Technologies Inc (OTCMKTS: NXTTF) To Resume Uptrend After Positive Corporate Update

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Namaste Technologies

Namaste Technologies Inc (OTCMKTS: NXTTF) has had its fair share of controversies but appears to be coming through, if recent price action activity is anything to go by. The stock has posted tremendous gains in recent weeks on the Company announcing plans to invest in technology and infrastructure to cater to domestic and international licensed producers.

Namaste Technologies Price Analysis

The company has also made a string of changes, mostly targeting the management, as it seeks to strengthen the business and the foundational technology upon which it was built on. An advisory board has already come into place, tasked with the responsibility of providing additional expertise and strength to compliment the board of directors.

Shares of Namaste Technologies have since jumped from lows of $0.39 to highs of $0.72 in recent sessions. While the stock has pulled lower, the pullback appears to be a minor correction pending further movements on the upside.

NXTTF Daily Chart

Standing in the way of the short-term momentum turning bullish, in the wake of the recent crash, is the $0.72 resistance level. Namaste Technologies needs to rally and find support above the resistance level to affirm its break out credentials further.

Above the $0.72 mark, the stock would be well positioned to make a run for the $1.20 level, which is the next resistance level. A rally followed by a close above the 1.20 level should bring to an end a sell-off wave that had threatened to plunge the stock to all-time lows.

What Does Namaste Technologies Do?

Namaste Technologies operates as an e-commerce Company mostly focusing on cannabis products. The company’s core business revolves around connecting medical clients with health care practitioners for the issuance or renewal of cannabis prescriptions.

Why is Namaste Technologies Bottoming Out?

Namaste Technologies has started showing signs of bottoming out after issuing a corporate update with respect to management appointment as well as echoing a new corporate strategy.  The company has been under immense pressure in recent weeks on failing to post audited financial results for the fiscal year ended November 30, 2018.

The company has since applied and secured a management, cease trade order that bars the CEO and CFO from trading the company’s shares until such a time financial results are made available.

Corporate Update

The management reiterating the corporate strategy as well as confirming a new appointment to the board of directors and providing corporate updates continues to revitalize investor sentiments in the stock.

Namaste Technologies has since confirmed the appointment of Kenneth Jones, an experienced business leader, to chair the audit committee. The appointment follows the formation of an Advisory board that the company hopes will provide additional expertise and strength to the board of directors.

“We’re making the necessary changes to strengthen our business, our Board of Directors and the foundational technology upon which the Company was built. Ken brings a wealth of experience and financial knowledge to enhance Namaste’s overall practices and governance as chair of the Audit Committee. We are honored to welcome Ken to our Board of Directors,” stated interim CEO Meni Morim.

Corporate Strategy

The Chief Executive Officer has also confirmed they are in the process of making changes internally to deliver results externally. The management expects the changes to have a positive impact on the company’s short term and long-term outlook.

In relation to the corporate strategy, Namaste Technology continues to invest in technology and infrastructure all in the effort of catering to the needs of licensed cannabis producers, cultivators, and ancillary device producers.

Namaste Technologies has also made several important changes to its CannMart website as it looks to strengthen the primary distribution channel for its cannabis products.

Bottom Line

While Namaste Technologies remains engulfed in a long-term bear trend, it has started showing signs of bottoming out. Market sentiments have inched higher in response to the recent corporate update that suggests the management is working round the clock to reinvigorate the company’s long-term prospects

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Disclosure: We have no position in NXTTF and have not been compensated for this article.

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Hexo Stock (NYSE:HEXO): Is It A Buy Now?

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Hexo stock

A selloff in the broader cannabis sector that kicked off in earnest in summer has finally brought Hexo Stock (NYSE:HEXO) down to its lowest price in two years. Several factors contributed to the selloff in Canadian cannabis stocks in recent months.

One of them was uncertainty over Canada’s national election. Some investors feared Justin Trudeau would lose his re-election bid and herald difficult times for the cannabis industry.  The Trudeau administration has been very supportive of the cannabis industry in Canada.

The slow development of Canada’s regulated cannabis market weighed down by slow rollout of cannabis shops in provinces like Ontario also spooked investors, sparking a selloff in Canadian cannabis stocks. Hexo has no doubt been a victim of the selloff. But now the stock has bottomed out and looks poised for a powerful rebound.

Hexo stock closed up 14.5% in the last session, reversing a downtrend witnessed in the several previous sessions. Hexo’s gain in the last session came on big volume too, showing growing investor interest in the stock.

History repeats itself

Hexo stock has a history of bouncing back from the bottom. In late December of 2018, Hexo was trading at one of its lowest price levels at around $3. But the stock soon reversed course and sprinted to $6.10 by the start of February 2019, delivering a 103% return in a space of a little over one month.

By April,…

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GrowLife Stock (OTCMKTS:PHOT) Primed For Breakout And Here’s Why

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GrowLife stock

GrowLife stock (OTCMKTS:PHOT) has dropped significantly and currently trades at one of its lowest price levels in more than three years. At $0.002, the stock is 96% off its 3-year peak. The decline that has brought GrowLife this low kicked off in July and gained momentum in September.

If we look at GrowLife’s investor relations site and go to the press release section, we see that GrowLife has issued several updates on its business activities and developments since July. On July 11, GrowLife announced that it secured a patent for the design of its commercial cloning unit in Canada. GrowLife stated that the patent affirms that its commercial cloning design is not only effective but innovative and proprietary. GrowLife believes its patented commercial cloning design will greatly expand its growth opportunity given the increasing demand for hemp and cannabis clones amid ongoing cannabis legalization.

On August 12, GrowLife released its financial results for the first half of 2019 in which it revealed 82% year-over-year revenue growth. On September 13, GrowLife updated on its CBD hemp clone sales strategy. GrowLife intends to start selling clones next year.

However, none of these positive updates from GrowLife helped halt the slide in its stock. GrowLife stock now looks to have bottomed…

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Canopy Growth Corp (TSX:WEED) (NYSE:CGC) Charts Scream Buy Now

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Canopy Growth Corp

Canopy Growth Corp (TSX:WEED) (NYSE:CGC) is currently trading at one of its lowest price levels in two years. The decline in Canopy stock to the current lows can be attributed to two major issues: Canadian politics and the company’s financial performance in the latest quarter.

Investors generally shunned Canadian cannabis stocks in the run-up to the country’s national election in which incumbent Justin Trudeau faced a tough re-election challenge from a conservative candidate. Investors worried that a win for the conservatives could result in the rollback or a slow rollout of cannabis-friendly regulations. Since coming into power in 2015, the Trudeau administration has been supportive of Canada’s cannabis industry. That resulted in Canada becoming the first developed country to legalize cannabis for recreational use a year ago. Trudeau won the tough re-election contest last month, bringing reprieve to cannabis investors. However, Canadian cannabis stocks like Canopy are still trying to recover from the selloff sparked by fears over Canada’s national election.

As for Canopy, in particular, lackluster fiscal 2020 second-quarter results released last week added to the downward pressure on the stock. That saw the stock take a big plunge to its 2-year low last Friday (November 15).

About Canopy Growth Corp

Canopy is one of the top cannabis companies in Canada. It also has a presence in the hemp market. Moreover, Canopy boasts a significant international footprint in the regulated cannabis industry. Canopy…

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