With the passage of the MORE Act through the House Judiciary Committee, and the arrival of cannabis edibles and derivative products to stores across Canada next month, the cannabis industry has a lot to look forward to. This is doubly true for pot stocks that address important needs in the industry, like Namaste Technologies (TSXV:N) (OTCQB:NXTTF).
Headquartered in Toronto, Namaste is an online platform for cannabis products, accessories, and responsible education. It provides smart solutions for the burgeoning cannabis space, facilitating industry growth with its corporate strategies.
Today, Rich explores how Namaste is well-positioned to capitalize as pot stocks across the sector pick up steam. This is one of the few companies exploring the cannabis e-commerce space, so it’s preparing to control an increasingly important market.
CannMart: An “Everything Cannabis Store”
Namaste’s flagship solutions is CannMart.com. The platform provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators.
Through CannMart, Namaste Technologies owns more than 30 websites in over 20 countries under a variety of brands.
“All I’ve heard is good things about CannMart,” he says. “I think it’s a great platform, it’s the real deal, and it has a chance to be absolutely huge.”
As Rich explains, the platform facilitates sales for third parties, so Namaste Technologies isn’t spending resources growing or selling its own cannabis. This means the company avoids many of the difficulties currently facing other cannabis companies, like oversupply and falling retail prices.
At the end of September, CannMart signed several sales and marketing agreements with CannTx Life Sciences Inc. These agreements greatly expanded the platofrm’s product offerings. It now carries CannTx’s flagship medical brand, BOWER, which is being sold under CannMart’s consignment sales model.
Namaste Technologies Signs Supply Agreement for CannMart
As CannMart’s product offering increases, so does its reach. It is accomplishing this through a series of agreements with provincial government agencies in Canada.
The Ontario Cannabis Retail Corporation, the Saskatchewan Liquor & Gaming Authority, and the Province of British Columbia have all made supply agreements with CannMart within the last month.
The Ontario Cannabis Retail Corporation runs the only legal online retailer for recreational cannabis in Ontario. As Canada’s most populous province, this market provides a huge opportunity for CannMart and for Namaste Technologies.
“This is a real, growing business, so I think the upside on Namaste is fantastic,” says Rich. “It’s already very popular in Toronto, so I think it’s got a lot of potential.”
Shares in the company are currently at a two-year low.
What do you think? Is Namaste providing the kind of solutions that the cannabis industry needs right now? Let us know your thoughts on this stock. Also, if you liked this article, check out Rich’s top ten pot stocks to watch in November 2019.
Featured image: Canva