|Bid||0.00 x 2200|
|Ask||0.00 x 1200|
|Day's Range||7.03 - 7.44|
|52 Week Range||1.38 - 11.04|
|Beta (5Y Monthly)||2.27|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Continued validation of CannMart.com as a platform for Canadian medical cannabisTORONTO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, is pleased to announce the expansion of its product range to Canadian medical customers at CannMart.com with the addition of leading licensed producer: Hexo Corp (“HEXO”) (TSX: HEXO; NYSE: HEXO). Canadians registered at CannMart.com can expect new products from HEXO to become available in March 2021 on an ongoing basis, or until such time as the agreement is terminated by either party. “Working with established players such as HEXO expands our product range within the medical cannabis market, while allowing our partners to focus on their business of producing and marketing their cannabis products,” said Meni Morim, CEO of Namaste. “It is important that we continue to offer our medical customers increased access to a wider range of medical cannabis products for home delivery across Canada. We recently announced the addition of Auxly and The Green Organic Dutchman (TGOD) to CannMart.com’s offering and the addition of HEXO products illustrates continued validation of our platform as a growing distribution channel for cannabis in Canada.” “We are pleased to welcome HEXO to CannMart.com as we continue to leverage our marketplace platform technology, VendorLink,” said Chad Agate, Chief Technology Officer and Vice President, Marketplace. “We look forward to working closely with our new partners to expand their reach to Canadian cannabis consumers.” For licensed producers looking to expand their presence on our marketplace platform please contact us via the following link: https://cannmart.com/sell-on-cannmart About HEXO Corp HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. The Company serves the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis and Original Stash brands, and the medical market under HEXO medical cannabis. For more information, please visit hexocorp.com. About Namaste Technologies Inc. Headquartered in Toronto, Canada, Namaste Technologies is a marketplace platform for cannabis and wellness products. At CannMart.com, the Company provides Canadian medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators and will provide US customers with access to smoking accessories and hemp-derived CBD. The Company also distributes licensed and in-house branded cannabis and cannabis derived products in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales online in Saskatchewan. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions. Information on the Company and its many products can be accessed through the links below: NamasteTechnologies.com NamasteMD.com Cannmart.com For more information please contact:Namaste Technologies Inc.Meni Morim, CEOEdward Miller, VP Investor RelationsPh: 647-362-0390Email: email@example.com FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen. The forward-looking information contained herein, including, without limitation, statements related to the expected timeframe for the availability of new products on CannMart.com, is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time, including, without limitation, Namaste’s technological abilities to make available for sale new products on its CannMart marketplace in a timely manner as well as the ability of its new partners to fulfil orders for those same products, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the inability of the Company to bring on new products for sale on its CannMart marketplace from March 2021, risks relating to the Company’s ability to execute its business strategy and plans and the benefits realizable therefrom and risks specifically related to the Company’s operations. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
There’s further consolidation in the Canadian cannabis industry. Following the recent announcement of a merger between Aphria and Tilray, the next tie-up is between Hexo (HEXO) and Zenabis Global. Hexo is acquiring the fellow Canadian weed producer for C$235 million in an all-stock deal. Going by Zenabis’ 20-day VWAP (volume weighted average price), the purchase suggests a 19% premium for Zenabis shareholders. The transaction is expected to close in 2Q21. HEXO said that within one year, the combined entity could start yielding annual synergies of $20 million, while by sales, the company will become a top three player in Canada’s recreational cannabis market. At the same time, the deal will allow Hexo to gain a foothold in the European medical cannabis market; Zenabis has a partner based in Malta, which supplies pharmaceutical products to the European market. Furthermore, Hexo will more than double its cultivation space, with the addition of Zenabis’ 2.7 million square feet of cannabis growing facilities. Jefferies analyst Owen Bennett, however, is not entirely convinced. “While the near-term financial benefits of this deal are significant, we wonder whether these have clouded judgement around longer strategic benefits and value creation,” the analyst said. For one, Bennett believes that where the Canadian market is concerned, Hexo is “not really acquiring any brands of value,” given Zenabis’ most successful brand is “in value.” On top of questioning value brands’ “long-term sustainability,” Bennett also thinks the European aspect is being overplayed. The European market is increasingly competitive, with other players better positioned, in what in any case is a market far off reaching maturity. Bennett thinks the real opportunity lies elsewhere. “We think Hexo would have been much better placed looking to do something in the US,” the analyst summed up. “After all, it is US optionality which will be critical to maintaining current Canadian sector multiples, not Canada and Europe.” Based on the above, Bennett sides with the bears. The analyst rates HEXO an Underperform (i.e. Sell), and his C$2.78 ($2.19) price target suggests a sharp 74% downside from current levels. (To watch Bennett’s track record, click here) Overall, analyst are not ready to take the gamble on this ‘show me’ story. HEXO's Hold consensus rating is based on 5 Holds and 1 Buy and Sell, each. At C$8.00 ($6.29), the average price target suggests downside of ~26% over the next 12 months. (See Hexo stock analysis on TipRanks) To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Hexo Corp’s shares soared more than 22.2% on Feb. 16 as the cannabis company announced the acquisition of Zenabis Global in an all-stock deal valued at C$235 million. According to the terms of the transaction, Zenabis shareholders will receive 0.01772 of Hexo shares in exchange for each Zenabis share. Shares of Zenabis Global (ZBISF) closed 18.3% higher on Feb. 16. The stock exchange ratio for the transaction implies a premium of 19% based on a 20-day volume-weighted average price of Zenabis shares and Hexo shares on the Toronto Stock Exchange (TSX) as on Feb. 12. Hexo’s (HEXO) CEO Sebastien St-Louis said, “Zenabis has built solid relationships and they share HEXO’s vision of bringing exceptional branded cannabis experiences to adults everywhere, in Canada and abroad.” St-Louis added, “We are proceeding with this transaction because we believe it should be accretive for our shareholders, and it also positions HEXO for accelerated domestic and international growth while supporting near-term requirements for additional licensed capacity. HEXO’s growth strategy includes expanding our global presence, and this acquisition is an important step in that direction.” Hexo expects the combined company to be among the top three licensed producers when it comes to recreational cannabis sales in Canada. The acquisition will also give Hexo immediate access to the European medical cannabis market. Hexo expects to generate annual synergies of C$20 million within one year following of the closure of the acquisition. (See Hexo Corp stock analysis on TipRanks) Following the deal announcement, Oppenheimer analyst Rupesh Parikh assigned a Hold rating on the stock. Parikh said, “For some time we have called for consolidation in the Canadian cannabis space. Key highlights of the transaction include: 1) stronger domestic market share; 2) a foothold in Europe; 3) accretive synergies; and 4) a capacity boost to help HEXO sustain growth rates.” “At this point we are making no changes to our estimates (awaiting deal close). HEXO management has been executing quite well lately, in our view, and we continue to monitor the company’s progress in driving toward profitability,” the analyst added. The rest of the Street is sidelined on the stock with a Hold consensus rating. That’s based on 1 analyst recommending a Buy, 5 analysts suggesting a Hold, and 1 analyst a Sell. The average analyst price target of $3 implies 67.1% downside potential to current levels. Related News: Kar Auction Services Tanks 16% After Posting Quarterly Loss Cornerstone Pops 16% After-Hours As Quarterly Earnings Blow Past Analysts’ Estimates ACI Teams Up With Auriga For Self-Service Banking Platform; Street Says Buy More recent articles from Smarter Analyst: Kar Auction Services Tanks 16% After Posting Quarterly Loss Cornerstone Pops 16% After-Hours As Quarterly Earnings Blow Past Analysts’ Estimates Analog Devices Ramps Up Dividend By 11%; Street Is Bullish Sabre Incurs 4Q Loss As COVID-19 Hurts Sales