Namaste Technologies, Inc. (OTCQB: NXTTF) stock price saw a massive decline during the late 2018 market crash. The drop continued until the end of the year, but the start of 2019 brought another change. The price started its recovery which lasted until February when another decline took place. However, a new period of recovery might start very soon, now that NXTTF stock price found its bottom at $0.5.
About Namaste Technologies
Namaste Technologies is what the ultimate cannabis store looks like. The company operates the largest cannabis e-commerce platform in the world, and it has around 30 different websites in over 20 countries around the world. These websites operate under various brands, but they are all part of Namaste’s ecosystem.
The company uses its subsidiaries to offer various cannabis-related products, such as accessories, vaporizers, medical cannabis (in the Canadian market), glassware, as well as CBD products. For a long time now, the company’s practice was to acquire innovative technology through partnerships and purchase of various platforms. It even owns NamasteMD.com, which is the first Health Canada compliant telemedicine application.
Additionally, the company acquired a leading e-commerce AI and Machine Learning company, called Findify AB. The company uses these technologies to further optimize the users’ buying experience.
Because of such moves, Namaste became quite well-known for acquiring cutting-edge tech, with the focus on improving user experience on its platform, and the company has not shown signs of stopping this practice, meaning that the quality of its service can only improve in the following years.
Namaste on the road of recovery
While Namaste did make some great moves in 2018, such as the acquisition of Findify AB, there were also a few incidents that negatively affected the firm’s stock price.
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The accusations were made by Citron Research, the public face of short-seller Andrew Left, who is infamous for trying to interfere with companies that see rapid growth in stock for the benefit of Citron Research. The company announced that it takes all accusations very seriously and that it will conduct a thorough investigation to either prove them wrong or deal with the issues.
Soon after the Citron’s accusations, Namaste removed its director and CEO, Sean Dollinger, appointing its CPO, Meni Morim, as Interim CEO. This is another reason why the company’s stock price declined, as investors became uncertain of what is to come. However, the Citron report continued to damage the company’s reputation further, which eventually dragged the stock price down to its current levels.
However, under new management, Namaste used the rest of 2018 to start resolving its issues and start growing once again in 2019. Ties with former CEO, Sean Dollinger were tied, and the company commenced legal action, which eventually resulted in a settlement. The company saw additional issues, such as auditor resignation, and two more resignations from the board of directors.
While events such as these did have consequences on the stock price, Namaste is finally ready to start rebuilding, and it did so by entering the Edibles market, with the 49% acquisition of Choklat, as well as by improving its service through the acquisition of Pineapple Express delivery.
To put it simply, Namaste saw a number of problems in late 2018 and early 2019, which reflected heavily on its stock price. But, they also served as a way for the company to eliminate bad actors and influences, and start anew. With advanced technology, strong new acquisitions, and high-quality service over the vast number of different regions, Namaste is ready to grow, and so is its stock price.
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At the time of writing, the firm’s stock price sits at $0.51, while its market cap remains above $156.6 million. With the stock price at the bottom, NXTTF is ready to start moving up, and acquiring its stocks at a low price like this is a unique opportunity to invest in a resilient and capable company which knows how to survive tough times, as well as flourish when the times are good. We will be updating on Namaste Technologies when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Namaste Technologies.
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Disclosure: we hold no position in Namaste Technologies either long or short and we have not been compensated for this article.