Cannabis penny stocks company Namaste Technologies Inc. (TSXV:N) received another green light today. The announcement could see the share price for cannabis’ online ‘everything store’ increase once again.
What’s going on? Let’s take a look.
Cannabis Penny Stocks Get Another Green Light
Namaste’s wholly-owned subsidiary, Cannmart has been given the green light from Health Canada to buy pre-packaged, labeled, and tested cannabis products.
The news is a big deal for Cannmart as it will no longer need to test and re-package bulk orders. This will greatly reduce overhead costs for the company and, by default, increase gross profit margins.
Cannmart is an online e-commerce and technology specialist, dubbed the ‘Amazon’ of the cannabis industry. Now it will be able to focus on what it does best—sourcing and offering the best of the best cannabis products and ancillary products through its website.
Cannmart’s sole focus is on the sale and distribution of cannabis and cannabis products in Canada. This update from Health Canada supports Licensed Producers such as Cannmart by allowing its business model to flourish by greatly reducing the backlog of testing and packaging product at the Cannmart facility.
President and CEO of Namaste, Sean Dollinger, commented on the news:
“This is amazing news for Cannmart which will completely eliminate the need to buy bulk cannabis, test, unpack, weight and repack before it hits the shelves. We believe that this will allow us to maximize our output and profitability through Cannmart. We are thrilled to have received this update from Health Canada which only supports our business model and strategy in developing Canada’s most innovative e-commerce platform to offer a curated selection [of] medical cannabis products and the best user experience possible.”
About Namaste Technologies Inc.
Namaste Technologies has been an exciting and market-leading cannabis penny stocks company. It announced month-on-month growth for August this year, along with a 50% growth in its global cannabis e-commerce platform.
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