Shares of Namaste Technologies, Inc. (OTCMKTS:NXTTF) have been on roll past week as the stock recovered almost 25%from its recent low.
Namaste Technologies, Inc. which operates a huge worldwide cannabis e-commerce operation that has a footprint in as many as 20 nations, has been struggling in the markets for quite some time. However, over the past week or so, the stock has shown some signs of recovery after struggling for much of 2018 due to adverse report from a short seller at an equity research firm. That being said, it cannot be denied that Namaste has quietly built up a business that has huge potential and all its recent troubles are now in the past. That could prove to be a huge boost for the stock.
Namaste Stock – Cinton Research
For a company that operates a cannabis e-commerce business of that scale, its stock should be soaring. More importantly, Namaste offers a huge range of products starting CBD products to recreational cannabis and accessories. Needless to say, it is a one of a kind company and one that has the potential to be a blue chip firm in the cannabis industry.
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In addition to that, Namaste stock has also developed its own technology to ensure that the customer experience is always top notch but its troubles started as soon as it declared its intentions of going for an initial public offering. Andrew Left, a short seller for Cinton Research published an adverse report regarding the company as soon as it was going to go public on Nasdaq. Allegations included those of stock protection and stock promotion.
The Fall and Rise
After the report went public, the company’s board lost some of its members and eventually Namaste was forced to conduct an enquiry of its own to look into the allegations. However, things eventually went from bad to worse as the chief executive officer was Sean Dollinger was sacked and the company started legal proceedings against him for malpractice.
The conduct of Dollinger and the allegations made in the report landed the company in a legal wrangle. However, all of that is now in the past and the case against the former CEO was settled in February this year. Now, the company can get back to what it does best and offer the best e-commerce platform for cannabis consumers. They have made some important changes that would further improve the service and the Namaste stock is expected to reflect it in the long term.