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Namaste fires CEO following breaches of fiduciary duty


February 4, 2019
By The Canadian Press

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Namaste Technologies operates an online platform that provides cannabis products

Cannabis tech company Namaste Technologies Inc. has fired its chief executive and plans to commence legal action against him as it launches a strategic review process to examine its options.

The Toronto-based firm operates an e-commerce platform and a portal that connects patients with doctors.

It said Sean Dollinger’s termination from the CEO’s position came after an investigation by a special committee of its board of directors, who looked into allegations raised in October by prominent short seller Citron Research.

Namaste concluded there were breaches of fiduciary duty by Dollinger. It terminated his employment as CEO and says he’ll be removed as a director. Meni Morim has been appointed interim CEO of Namaste.

Dollinger couldn’t immediately be reached for comment.

Namaste says its board has initiated a formal strategic review to consider all “value-maximizing alternatives” which could include a sale of the company or other transactions.