It appears that Namaste Tech (TSXV: N) is about done with that of Choklat Inc, the firms 49% owned cannabis 2.0 edibles producer. The company announced this morning that Nasmate CEO Meni Morim has resigned from Choklat’s board of directors due to an apparent spat, but further details are unclear.
Whatever the disagreement may be related to, it was enough for not only Morim to resign from his post, but to also have Namaste subsidiary CannMart cancel an existing purchase order with the firm. Further, Namaste has the right to elect one member to the board of directors of the firm as a result of its minority stake, however it has opted to not name a replacement.
It appears that the spat may be in relation to revenues from the firm, which received its processing license in January, based on a comment at the end of the release with the company stating, “Namaste is constantly evaluating performance of all investments, particularly those non-revenue or not near-term revenue generating investments.”
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The company is also said to be “evaluating its next steps” with its relationship with Choklat, which may include strategic alternatives and the role of the firm within Namaste’s cannabis 2.0 strategy.
Namaste Tech last traded at $0.41 on the TSX Venture.
Information for this analysis was found via Sedar and Namaste Technologies Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
