Namaste Technologies (TSXV:N.V, OCTMKTS:NXTFF) is pressing ahead with its plan to up-list to the Nasdaq.
Thanks to an expected jump in sales and an increase in its share price, the Vancouver-based company says it is closer to meeting the New York market's listing requirements.
Shares in Namaste added nearly 11% to climb to US$2.69 in Tuesday’s afternoon session, which is short of the US$4.00 level required for a Nasdaq listing.
But Namaste's management are confident its shares can reach this price target organically as sales improve on the back of a key license and cannabis becomes legal across Canada, starting on October 17.
“Based on the company’s current share price, and the anticipated increase in sales through the launch of its Access to Cannabis for Medical Purposes Regulations sales license, the company currently intends on reaching the share-price target organically without any share consolidation,” Namaste said in a statement.
By up-listing to the Nasdaq, Namaste hopes to gain exposure to a wider audience of retail and institutional investors in the US and around the globe.
Namaste now operates an online platform that markets cannabis-related products in 20 countries and via 30 websites.
The company’s wholly-owned subsidiary Cannmart is also set to receive an Access to Cannabis for Medical Purposes Regulations sales license which will pave the way for Namaste to introduce a medical cannabis platform.