We’ve kept a sharp eye on Namaste Technologies (TSXV:N) for a while now. This cannabis penny stocks company shows incredible potential; it has more than doubled its revenue from the same period last year (the nine months ending May 31st), and it has extended its reach with over 30 different websites in over 20 different countries.
The e-retailer is setting up shop around the globe readying for cannabis legalization wherever it may pop up suddenly.
Now, the company is taking another stride toward bigger things—uplisting to the Nasdaq exchange.
Namaste Shares are Climbing Fast
In the last week, Namaste shares have skyrocketed; climbing from $2.76 last Friday, to $3.55 at yesterday’s close. (Could it be the company’s new signing with Kief Cannabis Company that has caused the spike in share prices?)
Because of this recent success, the Vancouver-based company is now closer to meeting requirements to list on the Nasdaq exchange. And true to form, the company is pressing ahead to do so.
Nasdaq requires a minimum share price of $4.00 USD to list, so Namaste is running very close to the target.
Confidence
Namaste’s management is confident its shares will reach this price target and possibly even sooner than imagined. The catalyst for skyrocketing shares was pinned on cannabis legality across Canada, starting on October 17th. However, the shares look like they might hit the benchmark almost a month ahead of time.
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Organic sales are already increasing and should do so further. According to Namaste management:
“Based on the company’s current share price, and the anticipated increase in sales through the launch of its Access to Cannabis for Medical Purposes Regulations sales license, the company currently intends on reaching the share-price target organically without any share consolidation.”
If Namaste can up-list to the Nasdaq, the company will gain exposure to a broader audience of investors across the globe. Who knows then what limits its stocks could reach.
This cannabis penny stocks company may not remain a penny stocks company for very long. Keep your eyes on Namaste Technologies!
Featured Image: DespositPhotos /© Fotofabrika
