OHHHH…the NASDAQ is going to have a field day with this rejection.
Namaste Will Never Get a Nasdaq Listing; target $0.25 cents (updated 9:35am)
***UPDATE*** 9:35am Pacific
New information has come to Citron’s attention and its important. New target price $0.25.
The French Presse has spoken and a credit to them. Quoting the head of Quebec Cannabis, Linda Bouchard has spoken. The takeaway is “A situation ‘totally unacceptable’”. It goes on to say, Quebec is to investigate Namaste and the article quotes “in violation of several sections of the Quebec and Canadian laws that formally prohibit the promotion of recreational cannabis products.” The College of Nurses of Quebec even imply that NamasteMD might be illegal (source).
Tilray has now dropped Namaste too – let the hangover begin (source).
Just when you thought you’d seen it all. Two nights ago, in Montreal, Namaste culminated its three-month long pledge challenge with a party featuring Snoop Dogg. This is a $1 billion company that does not grow cannabis, rather they sell vape pens and have a website that did a paltry $46k in revenue last quarter as they lost $9 million.
This is the type of euphoria, hype and promotion that the SEC has been warning investors about.
The last few weeks have been strong for Cannabis stocks that trade in the US and investors have gone feverishly wild in creating bubble like valuations.
While you can’t blame real companies like Aphria and Canntrust on hoping to join the party through a NASDAQ listing, you have to expect some party crashers to show up.
In this case, all we have is a complete stock promotion that purports to to attain what has become an illustrious US listing, but only to dupe investors.
Not So Fast
On Jul 23, 2018, Namaste announced its submission of its application to list on the Nasdaq. The stock is up 125%+ since – congratulations! However, today we will show you how unlikely it is for Namaste to get a Nasdaq listing and why this pledge party will end in a hangover.