Namaste fires CEO, starts strategic review of the cannabis tech company
The termination follows an investigation into allegations raised in October by prominent short seller Citron Research
TORONTO, United States – 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 which 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.