TORONTO, June 17, 2020 /PRNewswire/ - 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.