Namaste Technologies is Rebounding: Namaste Technologies Inc. (OTCQB:NXTTF) shares bounced back 17% in Wednesday trading after declining steadily since the beginning of the year. The cannabis company shares slid almost 70% since the start of this year due to higher valuations and broader market volatility. Its share price is currently trading around $1, with the 52-week trading range of $0.13–$3.47.
The market analysts are bullish on Namaste Technologies future fundamentals and expansion plans. It is considered as the global leader in medical cannabis delivery systems, with penetration in more than 20 countries.
Analysts see the dip in Namaste Technologies stock price as a strong buying opportunity. They claim its recent acquisitions and investments in growth opportunities are setting the path for robust sales growth in the days to come.
The cannabis company recently announced the acquisition of all Findify AB, a Swedish firm, for $12 million USD. Findify — a global leader in artificial intelligence (AI) and machine learning, is likely to boost the monetization and enhance revenue growth in both hardware and cannabis sales.
Namaste management believes that the Findify acquisition will also increase conversion rates, retention, average order value, and referrals.
Financial Numbers Tell us that Namaste Technologies is Rebounding
The growth in its financial numbers has also impressed analysts. The company reported a 192% quarter-over-quarter sales increase for the second quarter of 2018. Its gross profit rose 150% over the previous year quarter.
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It is likely to expand its sales growth in the second half of the year, supported by the Cannmart acquisition and the integration of its platform with Greenlane Canada Inc.
Commenting on future strategies its CEO said, ‘We feel that the Company is now positioned for significant growth going forward which will be achieved by accelerating patient acquisition, adding medical cannabis sales to our platform and by implementing new technologies to an already impressive platform.”
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