Namaste Technologies Inc (OTCMKTS:NXTTF) Bulls Regain Control

Namaste Technologies Inc (OTCMKTS:NXTTF) is back on the fold as the signing of supply agreements continue to revitalize investor confidence in the stock. The stock is back to winning ways as it plots a comeback following a pullback from this year’s highs.Namaste Technologies Price ActionAll indication is that the stock will continue to climb high at the back of high turnover in traded shares which continues to accelerate the upward momentum. A breach of the $1.40 mark has essentially opened the door for the stock to rally to the $1.80 mark, seen as the next substantial resistance level. NXTTF Daily ChartA surge followed by a close above the $1.80 mark should mark the end of the bear run that had engulfed the stock. Above the $1.80 mark, the stock should be on its way to 52-week highs of $3.47. On the downside, Namaste faces immediate support at $1.40 mark, below which the stock remains susceptible to further declines to the $0.90 mark. Below the $0.90 mark, short sellers could push the stock to 52-week lows.However, with the sentiments in the overall cannabis market showing signs of improvement after a rollercoaster in the first half of the year, Namaste Technologies looks set to continue powering high.About Namaste Technologies.Namaste Technologies casts itself as a Your Everything Cannabis Store as it operates one of the largest global e-commerce platforms. The platform plays hosts to over 30 websites in 20+ countries. In addition, the company is engaged in the business of selling vaporizers, glassware, accessories and CBD products through its wholly owned subsidiaries.Why is Namaste Technologies a Break out Stock?Recent price action activity points to a potential break out as Namaste Technologies continues to bounce back after a recent pullback. Investor confidence in the stock has also inched higher in recent weeks on the company signing groundbreaking agreements that are set to strengthen its cannabis product pipeline as well as revenue streams in the cannabis industry.Namaste Technologies is fresh from signing a definitive revenue-sharing agreement with leading business technology company Canvas Medtech Inc. Under the terms of the agreement, the two are to build and deploy technologies with a view of driving customer integration and value-added services in their individual platforms.The two companies are to share any revenue generated from co-branding and marketing efforts on Namaste’s cannabis patient portal as well as Cannvas.me education platform.

"With the legalization of cannabis in Canada only a few short months away, forming a long-term partnership with an education platform furthers Namaste's commitment to its patients around the safe and responsible use of cannabis,” said Kory Zelickson, Co-Founder and VP of Business Development for Namaste.

The Canvas Agreement came just a day after Namaste had signed a wholesale supply agreement with Bonify Inc. Bonify operates a large-scale cultivation facility, from which Namaste Technologies is to purchase bulk cannabis products as it looks to strengthen its pipeline of cannabis products.Namaste is to work with Bonify on the development of private-label strains of cannabis products for sale in medical and recreational markets. In July, Namaste signed an e-commerce and technology services agreement with Bliss Cannabis Corp, pursuant of which it is to provide services including access to its technology platforms and e-commerce services.The company is also to leverage its proprietary technology platforms in coming up with an innovative online marketplace to be used to enhance BlissCo’s patient experience. Namaste has made a name for itself on the development of industry-leading technology platform that continues to generate significant value in the cannabis industry.In addition to the signing of supply agreements, the company also appears to be making progress on its online patient portal and mobile app. Over the past two months, the company has registered over 14,000 users that it intends to monetize as it continues to strengthen its revenue streams.What Next For Namaste TechnologiesThe signing of a string of supply agreements underscores the company’s commitment towards securing strong cannabis supply chain as it looks to service a much wider list of patients in the industry. The agreements also underline how the company remains focused on executing its strategy of becoming one of the largest online retail cannabis platforms.Namaste Technologies should reap the full benefits of the agreements, once the recreational cannabis market comes online in October, expected to result in a broader target market. The stock surging high highlights growing investor confidence in the company’s long-term growth prospects.That said, the recent pullback in share price presents a good buy opportunity on a stock that has a lot of room to run, on the upside, as sentiments in the industry improve.We will be updating our subscribers as soon as we know more. For the latest updates on NXTTF, sign up below!Disclosure: We have no position in NXTTF and have not been compensated for this article.