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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Canada's cannabis firm Namaste & # 39; s stock slides 20% after the company's burning CEO for cause

Canada's cannabis firm Namaste & # 39; s stock slides 20% after the company's burning CEO for cause



US listed shares by Canadian medical cannabis company Namaste Technologies Inc.

NXTTF, -15.54%

dropped 20% in early trading Monday, after the company said it fired its chief executive for cause and began a formal review of its strategic opportunities. Toronto-based Namaste said it dismissed Sean Dollinger after examining a special board and removed him as director with immediate effect. The investigation was triggered by allegations made by a named card seller. "The only one who was substantiated and required action, as recommended by the Special Committee, concerned the sale of Namast's US subsidiary, Dollinger Enterprises US Inc. in 201

7 and subsequent transactions with its assets and companies, with Sean Dollinger and Namaste's marketing manager David Hughes having a beneficial interest, as well as violations of Sean Dollinger's voluntary duties and evidence of self-trading, "said the company in a statement. Namaste has initiated lawsuits against Dollinger for damage and disgorgement, the statement said. Meanwhile, it has appointed Meni Morim as interim managing director. Morim has since May 2018 served as Chief Product Officer and Director of AI when he acquired Findify AB, a company he inherited and led as CEO. The strategic review comes after a recent interest interval and can result in a sale of the business. The shares reached 52% in 2019, while ETFMG Alternative Harvest ETF

MJ, + 4.21%

has won 49% and S & P 500

SPX, + 0.16%

has become 8%.

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