Namaste Technologies Inc shares pop Monday on the back of first-of-its-kind medical cannabis licence

Namaste Technologies Inc (CVE:N OTCMKTS:NXTTF) popped higher, up 10.85% at C$3.78 in Toronto on Monday after the cannabis company announced it had received a first-of-its-kind medical cannabis license from Health Canada on Friday. Shares were up 9.2% at US$2.89 in New York. 

On Friday, chief executive officer Sean Dollinger sat down with Proactive Investors to talk about the significance of the news and what it means after Namaste’s wholly-owned subsidiary, Cannmart Inc, received its Access to Cannabis for Medical Purposes Regulations medical cannabis ‘sales-only’ license. 

“This is something our team has believed in and has worked so hard towards. We’ve been telling this message and we have such unbelievable investors and shareholders who believed in us for all this time,” said Dollinger in an interview. 

READ: Namaste Technologies gets first-of-its-kind medical cannabis license from Health Canada

Namaste operates the largest global online marketplace for cannabis consumption devices, with more than 1.5 million customers globally.

Cannmart will operate as an online marketplace for medical cannabis sourced from multiple licensed producers, which will offer patients a curated selection of medical cannabis strains in one location. Cannmart has secured more than 13 domestic and international supply agreements and will also focus on developing arrangements with micro-cultivators who will provide high-end craft strains, subject to the upcoming regulations of the Cannabis Act.

Cannmart’s goal is to offer the largest and most diverse selection of medical cannabis products available in the Canadian market.

On Sunday, Namaste connected with its investor and shareholder audience via YouTube, hosting a special Namaste 420 Live YouTube show.

“It’s been ups and downs but at the end of the day, Namaste — the whole team — knew that we just had to focus and keep our heads down and build the business,” said Dollinger. 

Story by ProactiveInvestors