By Namaste Technologies Inc on Thursday, 25 July 2019
Category: Technology Platforms

Namaste Technologies reaches settlement agreement on class action suit

viewNamaste Technologies Inc

The settlement payout is $4.9 million between Canada and the US, of which Namaste will pay less than $500,000

The group said the payments themselves do not constitute any admission of liability

() (OTCMKTS:NXTTF), the online cannabis retailer, has agreed in principle to settlements in the securities class actions levied against it in 2018.

The resulting payments have been set at US$2.15 million for the Canadian settlement and $2.75 million for the US one, of which Namaste will contribute less than $500,000. The payments themselves do not constitute any admission of liability.

READ: Namaste Technologies adds two more licensed producers to CannMart cannabis marketplace

"Settling these class action lawsuits removes a major business and capital markets distraction, while clearing our path ahead to increase resources and focus on what will grow the company," Interim CEO Meni Morim said.

"We're on track to becoming the world's most customer focused cannabis marketplace, and this settlement is a win-win for Namaste shareholders and business partners alike."

The lawsuits originated in October, alleging that Namaste had made false or misleading statements about and/or failed to disclose the sale of its US subsidiary to an executive of the company.

Contact Andrew Kessel at [email protected]

Follow him on @andrew_kessel

TSX-V:N

Market: TSX-V
Market Cap: $160.26 m
Follow

View company profile

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Namaste Technologies Inc named herein, including the promotion by the Company of Namaste Technologies Inc in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Deep dive

Namaste Technologies looks to become the ‘Amazon of cannabis’ with its...

Most read

Full interview: Namaste subsidiary Choklat receives processing licence from...

Namaste (CVE: N) CEO Meni Morim joined Steve Darling from Proactive in Toronto with news that Choklat, which Namaste holds a 49% interest in, just received approval from Health Canada for a processing licence.   Morim telling Proactive what is unique about Choklat how they feel creating...

on 01/14/2020

2 min read

Related Posts