Cannabis penny stocks can bring great risk, a result of which can be a great reward.
And when one of those companies mimics the business model of the worlds biggest e-commerce company, you can’t help but wonder will it become the behemoth of the cannabis e-commerce world.
Under the spotlight today is the penny stocks company, Namaste Technologies (TSX:NWT)(OTCMKTS:NXTTF).
Cannabis Penny Stocks: Namaste – the “Everything” Cannabis Store
Namaste considers itself an ‘everything’ cannabis store; with offerings of marijuana products from vaporizers, CBD products, glassware, accessories and anything you can possibly think of that is related to cannabis.
It does this with over 30 different websites in over 20 different countries.
That is not a bad reach for a small company. Quite cleverly, it is establishing a global footprint, meaning it has a presence wherever legalization of marijuana — either medically or recreationally — may suddenly lift off.
The company is listed on the Toronto Stock Exchange in Canada and the OTC market in the US. It is still relatively small with a market cap just shy of $300 million.
So not quite Amazon just yet, but from small acorns grow the biggest oak trees, and the marijuana industry is set to become a forest.
Making strides in the right direction, Namaste officially received its medical cannabis production license in March allowing it to become a licensed producer through its wholly owned subsidiary CannMart. Through this, it will distribute cannabis through its Toronto location but this will extend to its multiple websites where it will begin to sell medical marijuana where allowable by jurisdiction.
Huge Upside Growth Potential
As the legalization of medical and recreational marijuana continues to expand, NXTTF is a company with global reach and this puts its stock in a very healthy position.
And as further proof of its potential, let’s look at how Namaste performed in one year. For the nine months that ended May 31, 2018, revenue came in at $14.6 million. This was an increase of 106% from the same nine-month period the year prior.
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