Namaste stock is continuing its strong start to the year into February, gaining over 95% as the cannabis e-commerce firm prepares for the rollout of the cannabis 2.0 market. This impressive performance has led to some bullish recommendations from analysts on the prospects for Namaste Technologies (TSXV:N) (OTCQB:NXTTF).
Earlier today, TradingView’s Technical Analysis, which is based on the most popular technical indicators, such as pivots, moving averages, and oscillators, awarded a “BUY” recommendation for Namaste stock. This recommendation is being led by 11 indicators on its moving averages over the last 50 days.
Investing.com has reiterated this sentiment and has handed Namaste stock a “BUY” recommendation, with seven daily moving averages and five technical indicators offering the same rating.
Namaste Technologies Set to Be a Big Player in the Cannabis 2.0 Market
Namaste stock’s impressive start to the year has largely been fueled by a string of impressive moves as the company prepares to capitalize on the cannabis 2.0 market, with a whole host of derivative products, such as vapes and edibles, arriving on its flagship CannMart website.
A major boost for Namaste stock in recent weeks came in the form of Choklat Inc’s receiving a processing license from Health Canada on January 13. Namaste Technologies (TSXV:N) (OTCQB:NXTTF) owns 49% of Choklat, which has now been approved to produce a line of cannabis-infused chocolate bars, drink mixes, and infused sugar. CEO Meni Morim said he expects to see these products arrive on market as early as March, and believes they will address the “pent up demand” for cannabis edibles on a national scale.
Thus far in 2020, investors in Namaste stock have had plenty of cause for joy. Soaring from an opening price of $0.31 on January 1, this stock has nearly doubled in the four weeks since to its current price of $0.54, and those gains look only set to continue as consumers finally gain access to long-awaited 2.0 products, such as Choklat’s edibles. There really is no telling where Namaste Technologies (TSXV:N) (OTCQB:NXTTF) could go from here, but it’s certainly one pot stock making a strong case for itself.
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