Shares of Namaste Technologies Inc. (OTCMKTS:NXTTF) received a significant boost on the cannabis company reporting record-breaking revenue for Black Friday and Cyber Monday. The company says it generated revenues of $1.24 million starting November 22, 2018, to November 26, 2018.
During the shopping festivities, the company’s global online platforms experienced an upsurge in customer traffic. Some of the most sought after cannabis items included vaporizer as well as smoking accessories. The sales mostly came from the company’s wholly owned subsidiary CannMart Inc., online portal.
CannMart has made a name for itself on the delivery of legal medical cannabis to patients from a wide array of licensed producers. The subsidiary experienced an uptick in orders during the holiday weekend, on launching same-day and rush order delivery in the greater Toronto area.
Buoyed by the record sales, Namaste is projecting strong revenue growth next year. The company continues to strengthen and expand its cannabis sales operations in Canada, as it eyes expansion into the U.K among other overseas markets.
“With an increasingly-diverse product selection, excellent customer service and a peerless user experience, Namaste is pleased to offer its customers improved value year over year. We’re excited to continue to grow and expand our offerings and services through 2019 and beyond,” said CEO Sean Dollinger.
Shares of Namaste have since bounced back above the $1 a share level, after coming under immense selling pressure. However, the stock faces an uphill task to continue powering higher given the underlying long-term bear trend.
The stock is down by more than 60% for the year on struggling to power through a key resistance level after a recent surge high. The stock has since formed a double top and double bottom and now looks set to continue trading in a range heading into the New Year. Namaste needs to stabilize above the $1 a share level to avert a further slide from a technical perspective, on continuation of the emerging downtrend.