Cannabis Penny Stocks: Namaste Technologies Stock is on the Up

Penny Stocks

Cannabis penny stocks are showing green today. Namaste stock is up 4.42% and is selling for $1.89. Let’s have a look at what Namaste Technologies (TSXV:N) has been up to.

Cannabis Penny Stocks: Namaste Technologies

Namaste stock has had a rough few weeks. But then, so has the entire cannabis market.

In fact, this cannabis penny stock company has had only positives to report and today’s gains are a welcome reflection of that. 

Firstly, the UK is on the verge of legalizing medical marijuana. Making sure to stay at the fore of that massive market, Namaste will be launching a UK version of its innovative telemedicine application—NamasteMD. This is a website or app that provides patients with consultations and product advice for the purpose of acquiring medical cannabis prescriptions.

Currently, the North American app is available on the Apple Store, on Android, and online at NamasteMD.com. The UK version will be available in November 2018.

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Cannabis Penny Stocks: Will Cuba Grow Namaste Stock?

As alluded to, Namaste Technologies stock has not been reflecting the company’s good news. Last week, Namaste announced that it had raised $51.7 million CAD in a financing deal. It will use the funds for supplies, expansion of the e-commerce platform, and customer acquisition.

But further from that, the company is looking to Cuba for more opportunities. Can this country bring further growth to this cannabis penny stock?

On the company’s YouTube feed, in the ‘Namaste 420 Live’ video, Sean Dollinger, Namaste CEO, said the following:

“I work countless hours, I’m traveling the world—I haven’t even heard anyone speaking about the opportunities in Cuba, meanwhile, Namaste is here, on the ground—exploring, researching, and looking for unique opportunities.”

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Is Namaste Stock Reflecting Q4 Results?

Most likely, Namaste stock is green because of the company’s Q4 report it released yesterday.

The company showed that over the year ended August 31st, 2018, it took in revenue of $18.6 million. This, when compared to the same period through 2017, is a massive increase of 69%. That shows exponential grow not only for the company but across the cannabis industry as a whole. 

The company attributes this increase to organic growth within the key markets, such as the United Kingdom, Canada, Brazil, and Germany.

So things may be changing out there in the cannabis penny stocks market.

Featured Image: Depositphotos/© miflippo