Namaste Technologies Inc. (CSE:N)(OTCQB:NXTTF)

A Canadian exploration stage company, Namaste Technologies Inc. is one of the mining outfits that have expanded to the marijuana industry. While the company retains its mineral exploration pursuits, it has become a diversified public company whose focus includes investing in the medical marijuana and industrial hemp sectors.

Namaste Technologies Inc. is known for its GreenRush Financial Conferences, hosted by its wholly owned subsidiary of the same name (GRFC). The GreenRush conferences put together speakers, exhibitors, and attendees to tackle business opportunities in medical marijuana, hemp, and alternative medicine. So far, there have been two of these events in Vancouver and Toronto, and the company intends to host more, including in the US.

Aside from the conference division, Next Gen Metals has two other wholly owned subsidiaries in the cannabis industry. The GreenRush Analytical Laboratories aims to be a leading cannabis testing firm in North America, and the GreenRush Business Brokerage offers business advisory, brokerage, and intermediary services.

Meanwhile, Namaste’s mining division primarily explores gold, silver, and base metals in North America. The company holds interest in an Alaska project called the Silver Chalice, which covers an area of 4,960 acres for epithermal gold/silver. Also with this division, Namaste Technologies Inc. is a member of the International Metals Group of Companies.

Namaste Technologies Inc. was founded and incorporated in 2005, and was known as CB Resources Ltd until 2009. It is now traded in the US OTC markets as NXTTF and in the Canadian Securities Exchange as N. The company’s market cap is pegged at USD 1.05 M. Its management team includes Harry Gordon Barr, Chairman, CEO, and President; Robert Guanzon, CFO; John Oness, COO; Dr. William Edward Stone, Executive VP of Exploration; and Tina Whyte, Corporate Secretary.


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Latest Financial News for NXTTF

Namaste Technologies Adds Seedo's Products to CannMart & EU Web Properties

TORONTO , Aug. 15, 2019 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N.V) (M5BQ.F) (NXTTF) today announced that it has signed a distribution and marketing agreement with Seedo Corp (SEDO) subsidiary Eroll Grow Tech Ltd ("Eroll Grow Tech") to market their Seedo home grow ("Seedo") product through the Company's online marketplace. The Seedo products are fully automated home grow devices, providing Namaste's global customer base with the opportunity to enjoy the benefits of growing plants in their own home.

Namaste Technologies Announces Changes to Board of Directors

TORONTO , Aug. 13, 2019 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N.V) (M5BQ.F) (NXTTF) today announced that Kenneth Ngo , the Company's Chief Financial Officer, has stepped down from the Board of Directors effective immediately. "I wish to thank Kenneth for stepping onto the Board of Directors in December 2018 as we reshaped the Company.  With the addition of Ken Jones and Andy Wilczynski , who can provide financial expertise to the board, Kenneth has decided to step down as a board member" said Meni Morim , Interim CEO of Namaste Technologies.

Namaste Technologies Provides Update on Strategic Investments

TORONTO, July 26, 2019 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N.V) (M5BQ.F) (NXTTF) today provided an update on in its investment portfolio including Choklat Inc. ("Choklat") and Pineapple Express Delivery Inc. ("Pineapple Express"). Choklat, in which Namaste acquired a 49% interest in March of 2019, has now completed and submitted its evidence package to Health Canada.

Namaste Technologies Announces Settlement Agreement in Class Action Lawsuit

TORONTO, July 25, 2019 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N.V) (M5BQ.F) (NXTTF) today announced that it has reached settlements, in principle, of the securities class actions that were commenced against it in Canada and the US in 2018. Namaste's contribution to the settlement amounts, which are principally being funded by Namaste's insurance, will be less than $500,000 US.

Should You Pull the Trigger on Namaste (NXTTF) Stock? Probably Not

At one point, Namaste Technologies (NXTTF) offered the promises of an online cannabis platform to serve the massive industry. Due to internal management issues and a market that hasn’t shifted online or away from illegal sources, the stock doesn’t offer investors any reason to play here. Weak FQ2 For FQ2 ended May 31, Namaste Tech actually managed to report a revenue decline from last year. The company only generated C$4.0 million in revenues, down from C$4.1 million last FQ2. Revenues peaked back in the February 2018 quarter at C$5.6 million despite a cannabis market that has grown substantially in the last year The company has reportedly updated the online platform and added equity positions in a delivery service along with a company focused on edibles. Neither move is enough of a catalyst to become interested in a money losing operation with an interim CEO. The main revenue drivers are Namaste Vapes and Australian Vaporizers that are in decline due to business shifts. The highly promoted CannMart and Namaste MD platforms combined to only generate quarterly revenues of C$0.23 million. For the quarter, gross margins remained flat at only 21% and the losses continued to mount. Namaste Tech reported a substantial C$8.6 million loss, or more than double the revenue total. Adjusted EBITDA was equally weak at a C$6.1 million loss and nearly doubled the loss from last year as the company spent far more cash on SG&A. Namaste Tech spent C$9.8 million on those expenses in the quarter and over C$8.7 million when excluding share-based compensation that doesn’t have a cash cost. The path to profitability seems highly questionable with far-flung operations around the globe in countries like Australia, U.K., Canada, Germany and others besides the U.S. Lack Of Leadership For a company in the position of Namaste Tech, a strong management team is needed to complete a turnaround. The company currently has an interim CEO after a nasty split earlier this year with the CEO. A new CEO might need to restructure their global operations in order for the small company to focus on the domestic online CannMart platform. The stock would likely struggle in such a scenario until the business returns to growth. The one positive is that Namaste Tech has a cash balance of C$55.9 million and a market cap of only $133 million with 322 million shares outstanding. The company burned $C22 million in the last six months of operating so the impressive cash balance will disappear quickly without a substantial cut in operating losses. Takeaway The key investor takeaway is that Namaste Tech still has more questions about the future of the company than solutions. The business promoted the most by the company is almost nonexistent and the wide global operations aren’t justified by the very weak revenue totals and high expenses. Investors should look elsewhere to find cannabis stocks with strong revenue growth and reasonable paths to profitability. Once the company hires a full-time CEO that completes a restructuring, the stock might be worth another look. Until then, investors should watch from the sidelines. See NXTTF's price targets and analyst ratings on TipRanks Disclosure: No position.