Toronto, Ontario, Canada – June 17, 2020 Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), an online platform for cannabis products, accessories, and responsible education, today announced that Mr. Meni Morim has resigned as a director of Choklat Inc. (“Choklat”), a private company in which Namaste holds a 49% equity interest.
Pursuant to its initial investment in the company in March 2019, Namaste was granted the right to appoint a director to the board of Choklat.
Mr. Morim resigned due to disagreements between Mr. Morim and management of Choklat. While Namaste retains the right to appoint a director to the board of Choklat to replace Mr. Morim, Namaste has elected not to exercise such right at this time. Additionally, Namaste’s subsidiary, CannMart Inc., has delivered notice to Choklat advising that it has terminated its existing purchase order with Choklat.
The Company is evaluating its next steps including but not limited to its ongoing investment in the company, strategic alternatives, and the role of Choklat as part of Namaste’s broader and diverse Cannabis 2.0 strategy. As part of its commitment to invest capital with discipline, Namaste is constantly evaluating performance of all investments, particularly those non-revenue or not near-term revenue generating investments, and their alignment with Namaste’s core values and ability to contribute to Namaste’s long term success.
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in both B.C. and around the globe, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The company’s ‘everything cannabis store’, CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. 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:
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
For Meni Morim, CEO
Email: [email protected]
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 is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management’s perceptions of Namaste’s standing in the online marketplace for cannabis products and the potential for Namaste to appoint a director to the board of Choklat in the future, the Company’s evaluation of its next steps, including its continued investment in Choklat and Choklat’s role as part of Namaste’s Cannabis 2.0 strategy .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 their 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: risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom, risks specifically related to the Company’s international operations, and risks relating to the market price of Namaste common shares. 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.
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