This is an exciting time for people watching or investing in Namaste Technologies (TSXV:N) (OTCQB:NXTTF).
At the start of this week, the Toronto-based e-commerce cannabis company announced that Choklat Inc—an Alberta-based craft chocolate manufacturer and chocolatier in which Namaste holds a 49% equity position—received a processing license from Health Canada.
The news not only indicates a major opportunity for Namaste to capitalize on Legalization 2.0, it’s also driving the company’s shares value after it plateaued the week before.
Namaste Technologies stock is currently trading at $0.44. That’s an increase of 27.1% from this time last week and 64.82% over the last month.
Choklat’s License and New Product Line
On January 13, Namaste Technologies (TSXV:N) (OTCQB:NXTTF) announced that Choklat was granted a processing license from Health Canada.
The license allows the company to produce a line of cannabis-infused dark, white, and milk chocolate bars, chocolate-based beverages, and infused sugar. When they are ready to hit the market, these new product formats will be added to Namaste’s e-commerce website CannMart.com, and offered through provincial cannabis stores in authorized markets.
Meni Morim, the CEO of Namaste Technologies, said of the new product line:
“We believe there is pent up demand for cannabis-infused edible products on a national scale. Choklat is one of the first food processors in Canada to receive its processing license from Health Canada and we expect their products to be on shelves in March, allowing for the Health Canada notice period.”
Morim also discussed Namaste’s equity position in Choklat and its partnership with that company’s CEO, Brad Churchill.
“We invested in Choklat not only to maximize the significant market opportunity for cannabis-infused edibles but also because we see Brad as a true craftsman in his trade and the quality of his products speak for themselves.”
Namaste Technologies Awarded BUY and STRONG BUY Ratings
The news about Choklat’s processing license reignited a spark in Namaste Technologies (TSXV:N) (OTCQB:NXTTF) stock. After substantial gains in the first week of January, N shares were beginning to stagnate. In the wake of Monday’s press release, however, investors have been showing their confidence in Namaste.
And it’s not just investors—stock analytic websites are returning positive recommendations for this cannabis stock. The technical analysis for Investing.com awarded Namaste a “STRONG BUY” recommendation based on 12 moving averages and 10 technical indicators. This represents a unanimously positive recommendation from this site’s analysis.
Likewise, the technical analysis for TradingView had returned a “BUY” recommendation for Namaste Technologies.
This analysis is based on three positive oscillators and 14 positive moving averages. The moving averages alone show an impressive “STRONG BUY” rating, representing N’s recent gains.
This is good news for anyone holding Namaste stock, and a good indication for pot stock watchers that, if you’re considering a position in this company, now’s a good time to buy.
There’s no telling where Namaste Technologies (TSXV:N) (OTCQB:NXTTF) goes from here, but keep your eyes on this space for more updates.
Featured image: Canva
