Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
BNN Bloomberg Loves Namaste again
https://www.bnnbloomberg.ca/marijuana
Small sign of respect here. On their Marijuana News page they have a "Marijuana Stock Watchlist" which has ticker info for the top 13 MJ stocks and a "More Marijuana Stocks" list of 12 of what they must consider secondary level MJ stocks. Last fall/winter Namaste was always on the main list. I noticed they moved N to the secondary list on the very day Sean was removed. I always thought that was a petty move by BNNB. Volume wise N is often in the top 5 of all MJ stocks so I thought that may warrant being on the main list. Anyway, it's been that way until today. I see N is now back on the primary list. Sign that all is right in the world? BNNB staff buying back in?
Just think it's pretty interesting. Glad N back with the big boys.
Back to September
Yup, September was awesome. I'd love to see another jump like that although I'd still probably be too stupid or stuborn to cash out for a profit. Didn't sell then, probably wouldn't if it happens again this year. I'm still thinking longer term.
Again, good luck everyone.
Re: meima1955
Don't count out a quickie. I got one in August when I bought at 1.02 and 1.04 and it went to 2.96 USD in 2 months. Better that we go up gradually so we don't get violent sell offs. Just my stupid opinion. Anyway, it's all good. In the longer term we will be at a much higher PPS. Trying to stay focused and disciplined for the next 3 to 5 years.
Agree Agreg
I agree. More likely to take time (with hopefully steady growing sales) to move up significantly. What looked like a possible quick hitter in August/September has definitely turned into a much longer term play. Short term I can still envision a quick bump up to the early Feb price after the year end is released. It was around $1.20 US before the Dollinger/PWC news drove it down. It should return to that level quickly just on confidence that they can actually complete an audit. If 2019 Q1 numbers are impressive shortly after, a second boost up could occur. If Q1 good, a run up to $2.00+ not out of the question. If they have a good story to tell (and possibly the new CEO) at the AGM on June 25th, another bump up could happen. We'll learn a lot these next 4 weeks. That's my optimistic view at the moment. I'll keep my pessimistic view to myself. Anyway, my original target will take much longer to reach than I hoped. Still planning on holding long.
Good luck all. Hoping for some positive action this week and beyond.
Re: Agreg
Rockefeller jr; Unless we see some sort of emotional run my plan is to hold until oils and eatables are part of their income.
So I will be looking for a pay day next year.
But you never know. This next couple of weeks could be very entertaining.
I don't think you could have foreseen some of these events of the past year. Movie material.
What will this week bring?
A payday for Agreg! Enjoy.
DJ Rockerfeller Jr’s greatest hits on Kory Zellikson
Reposting my previous Kory thoughts.
Glad they’ve shaken the tree again. Nice to see it official that Kory’s out. Looks like all the dirty ones have been removed. Kids put to bed, adults have now taken control. Namaste stronger than they’ve ever been and ready for real growth.
Rockerfeller Jr Friday, 03/15/19 10:38:26 AM
Re: SweetSweetLove post# 25456
Post # of 26379
Kory = liar
Zellikson = Dollinger
This interview is a perfect example why I want Kory gone as soon as possible. Complete Dollinger BS. At 2:05 he gives the typical "We're anticipating reaching a run rate of 48 million by December of this year". That's vaporizers only he says. There's no way he's that ill-informed on the finances. He's so full of sh*t. Only missed it by 30 million. Flat out lie. Really Zellikson? 48 million? Based on what?
No more "Gee, that sounds a bit high but he must know something big I don't." He's a liar like Sean.
He should have been spending his time hiring more accounting staff to ensure the auditors have an easy job instead of pumping bogus numbers.
F him.
Glad to see David Hughes is no longer on the web site. Hopefully he's been quietly shown the door. You're next Zellikson.
He's not a good dude. Liar pumper. Lazy, trying to chill and do less instead of more. Stop working remotely. Put down the pipe and get in the office and make sure an audit gets done.
----------------------------
Rockerfeller Jr Friday, 03/08/19 06:51:31 PM
Re: Rockerfeller Jr post# 25364
Post # of 26379
Kelowna
Kelowna? Kelowna?
Really Zellikson? That's where you choose to live right now?
Get out.
-------------------------------
Rockerfeller Jr Friday, 03/08/19 06:40:31 PM
Post # of 26379
Bye bye Kory
From: Meima1955
If Kory resigns we are screwed!!
Can’t say I agree with that one. I want Kory out (and David Hughes of course) as well. I think they’ll both “resign” very soon. That’s the next step. When you’re cleaning house, clean it well. All the trash goes out. As cofounder, don’t think Kory was unaware of the divesture deal and anything else going on around the company. He has the stink of Sean all over him. Have to blame the supposed number two man for the financials being delayed as well. In fact, from my perspective he’s already gone. He’s been distancing himself from Nam for quite a while now both literally and figuratively. His titles have been reduced from Chief Operating Officer to VP of Business Development to VP of Investor Relations. What cofounder demotes himself to Investor Relations? That’s a job you give to the cute new intern. Notice he’s not even doing that job now? Email investor relations. You’ll get a reply from Eric Negraeff of Incite Capital Markets. The pros have taken that over.
He also mentioned on one of his last interviews that he now lives in Kelowna. That’s about a 4.5-hour drive to Vancouver, where they were going to open a new office, and about a forty-hour drive to their headquarters in Toronto. Does that look like a guy who’s present and involved? Hell no. He quit months ago and just never told anyone. He’s either extremely lazy or just wants nothing to do with this company. I say both.
A good cofounder of a young company is in the office all day every day. They’re all over everything, especially when the other cofounder is flying around to Cuba and god knows where else.
He’s probably out on his boat right now on Okanagan Lake testing his Grizzly Guru and sending a work email or two to pretend to be busy. Waiting for his lawyer to tell him when and how he can sell all his shares.
Good guy Kory is no better than good guy Sean. Don’t be fooled again. I want him gone (almost as much as he want’s himself gone). The sooner the better.
Let’s get some hard working people in here who give a sh*t and want to work hard. Namaste doesn’t need people who want to work remotely or have their own reality show. Maybe get an exec or two that will actually go into the office to work. Crazy idea.
Kory – been good to know you. Thanks for getting this started. Now get out!
NamasteMD – Incredible? Amazing?
Thanks Greenwilow, these are indeed very interesting numbers. Very impressive that NamasteMD will have registered around 8% of the total of all Canada patients. Especially impressive considering that Canada has been registering patients for about 4 years and Namaste captured the bulk of theirs in only 6 months. I’d like to add a few more numbers here as well to show the incredible growth that appears to be occurring. I’m looking just at the 2018 projected numbers. Canada is on pace to register about 97,000 patients in 2018 (they’ve done 72,601 Jan-Sept) with Namaste conservatively capturing 30,000 of those, or 31%. Canada registered 11,759 in the third quarter (July-Sept) with Namaste reportedly registering near that number. Could almost 100% possibly have been registered thru NamasteMD in the third quarter? Canada is on pace to register about 36,000 patients in the second half of the year (July-Dec) with NamasteMD on pace to register at least 21,000 of those or 58%. Note that Canada reports a slow-down in the third quarter registration rate so fourth quarter registrations could decrease as well which would increase the Namaste registration percentages. Here are the 2018 quarterly registrations Canada reports; Jan-March 27,200, April-June 33,642, July-Sept 11,759. Could NamasteMD be registering 58% or considerably more of all new patients in the second half of the year? Is NamasteMD completely dominating all other avenues of registration? If NamasteMD press released numbers are accurate and not Dollingerized they may be. If so, NamasteMD may be far more successful than anyone could have ever imagined. Simply amazing if true. Simply incredible if true. If they can monetize a decent portion of these registrations a giant snowball should begin rolling downhill. Only a matter of time until this translates to great revenue. Only a matter of time until investors realize how amazing these figures are.
greenwillow Wednesday, 04/24/19 06:32:33 PM
Re: greenwillow post# 26150
Post # of 26379
Registered User counts & NamasteMD's Canadian medical market share estimates:
https://www.statista.com/statistics/603356/canadian-medical-marijuana-clients-registered-by-quarter/
As of 11/7/18 NamasteMD would have registered approx 7-8% of Canada's registered medical patients(chart is only thru Sept. 2018) in a 5 month time period. 28,000 "Registered Users"
At NamasteMD's last reported peak they were acquiring ~ 5,500 registered patients / month.
The above conversions were executed before they bought Buds2Go.CA, which could have significantly boosted NamasteMD registered user counts.
We're now 5 months away since the last report.
If they only continued to acquire 3,000 registered users / month since last reported, they would have added an additional 15,000 + 28,000 reported = 43,000 est. = ~ 10%-12% market share
4,000 adds / month = 20,000 + 28,000 = 48,000 = ~ 12%-14% market share
5,000 adds / month = 25,000 + 28,000 = 53,000 = ~ 14%-16% market share
6,000 adds / month = 30,000 + 28,000 = 58,000 = ~ 16%-18% market share
7,000 adds / month = 35,000 + 28,000 = 63,000 = ~ 18%-20% market share
We know they have 300 /day available, so max capacity/potential would be ~ 9,000 "registered users per month"
All back of the napkin calculations & estimates. Of course, we won't know until late may.
Final note. Aurora purchased MedRelief for $2B+. MedRelief had about 50,000 patients at the time.
Namaste closed today w/ ~ $160M market cap
Do the math, imo.
Watch out for those registered user counts....$$$$$$
Product adding on CannMart
They slowly keep adding strains to CannMart. Two new strains from Mediwanna, and one from Canna Farms this week. There has also been a handful of additional package size options added. Currently 30 different MJ strains with 58 SKUs, plus 8 SKUs on the vaporizer/accessory side. This is about a 50% product increase from the end of January.
Hey, it’s something positive.
Thanks Sweet one
SweetSweetLove
Again, thanks very much for always posting great information here. It's greatly appreciated. You're awesome. May the market gods smile upon you.
Kory = liar
Zellikson = Dollinger
This interview is a perfect example why I want Kory gone as soon as possible. Complete Dollinger BS. At 2:05 he gives the typical "We're anticipating reaching a run rate of 48 million by December of this year". That's vaporizers only he says. There's no way he's that ill-informed on the finances. He's so full of sh*t. Only missed it by 30 million. Flat out lie. Really Zellikson? 48 million? Based on what?
No more "Gee, that sounds a bit high but he must know something big I don't." He's a liar like Sean.
He should have been spending his time hiring more accounting staff to ensure the auditors have an easy job instead of pumping bogus numbers.
F him.
Glad to see David Hughes is no longer on the web site. Hopefully he's been quietly shown the door. You're next Zellikson.
He's not a good dude. Liar pumper. Lazy, trying to chill and do less instead of more. Stop working remotely. Put down the pipe and get in the office and make sure an audit gets done.
Good luck Lobster
You know I'm rooting for you.
Lobster007
100% well said..once NXTTF went public and got their bought deals everybody went to sleep on the ship and wanted to retire rich overnight until everything backfired and ship started sinking...some cashed out im sure...what a shame im only hoping we get new execs in there who can turn this company around i bought high in summer at peak $3 pps finally averaged down over the last several months hoping to recover my losses by end of year at $1.69
Kelowna
Kelowna? Kelowna?
Really Zellikson? That's where you choose to live right now?
Get out.
Bye bye Kory
From: Meima1955
If Kory resigns we are screwed!!
Can’t say I agree with that one. I want Kory out (and David Hughes of course) as well. I think they’ll both “resign” very soon. That’s the next step. When you’re cleaning house, clean it well. All the trash goes out. As cofounder, don’t think Kory was unaware of the divesture deal and anything else going on around the company. He has the stink of Sean all over him. Have to blame the supposed number two man for the financials being delayed as well. In fact, from my perspective he’s already gone. He’s been distancing himself from Nam for quite a while now both literally and figuratively. His titles have been reduced from Chief Operating Officer to VP of Business Development to VP of Investor Relations. What cofounder demotes himself to Investor Relations? That’s a job you give to the cute new intern. Notice he’s not even doing that job now? Email investor relations. You’ll get a reply from Eric Negraeff of Incite Capital Markets. The pros have taken that over.
He also mentioned on one of his last interviews that he now lives in Kelowna. That’s about a 4.5-hour drive to Vancouver, where they were going to open a new office, and about a forty-hour drive to their headquarters in Toronto. Does that look like a guy who’s present and involved? Hell no. He quit months ago and just never told anyone. He’s either extremely lazy or just wants nothing to do with this company. I say both.
A good cofounder of a young company is in the office all day every day. They’re all over everything, especially when the other cofounder is flying around to Cuba and god knows where else.
He’s probably out on his boat right now on Okanagan Lake testing his Grizzly Guru and sending a work email or two to pretend to be busy. Waiting for his lawyer to tell him when and how he can sell all his shares.
Good guy Kory is no better than good guy Sean. Don’t be fooled again. I want him gone (almost as much as he want’s himself gone). The sooner the better.
Let’s get some hard working people in here who give a sh*t and want to work hard. Namaste doesn’t need people who want to work remotely or have their own reality show. Maybe get an exec or two that will actually go into the office to work. Crazy idea.
Kory – been good to know you. Thanks for getting this started. Now get out!
27 on Cannmart
Thanks again slacka
One more from Mediwanna, Passion Fruit. Keep em coming Meni.
Now 26 products
One more from Mediwanna added overnight on Cannmart. CBD Skunk Haze.
Up to 25 products
Thanks slacka, looks like Blueberry from Mediwanna is the latest addition. Smoke em up Canada.
Yup, Hippd has flippd
Att_for_life
Cognitive dissonance...
You're talking to a wall.
But I remember when u were on the other side of that wall, making fun of me.
My, my.. how people flip:)
Now Hippd believes Sean
Sooo, you say on multiple 4:20's Sean has never had any idea how much money they had, ever. But you decided to accept that his 30 - 40 mil statement on one video is now accurate? .....Interesting.
I see they reported on the last quarterly they had 34 mil at the end of August. They added another 52 mil in October. I know they spent a bit acquiring more Pineapple Express, Buds2go, and CannMart UK. Not saying for sure it didn't happen, but obviously I missed the rest of the wild spending spree you're reporting.
Since your public knowledge is much better than mine, please enlighten me to the amount they'll post on the next quarterly report ending November 30, 2018. And then help a brother out and tell me what they have left now? Thanks.
Hippd
At the rate they are going through their money they will need another finance deal this year. They had 90 mil. In a video months ago Sean flat out said they had between 30 - 40 mil. That means, minimum he said they had burned through 50 million. Why am I even explaining this? You guys should all know this, yet for some reason it's like I'm defending something that I thought was public knowledge.Look at their increase % wise on their share count past couple years. This is nothing new.
Namaste cash
We’ll, I agree that Sean was throwing out crazy numbers most every time he spoke. I don’t remember what he said regarding cash on hand but I do recall his run rate and revenue numbers often being way off base.
Anyway, we have new improved management in place. Time to turn the page.
With Sean gone, it’s not fair to assume the current leadership is not aware of their cash position. I’m sure Meni and the rest know exactly how much they have. Meni is not Sean. If Meni says they are in a strong cash position I’ll believe him. Unless he starts saying things that don’t add up I’ll give him the benefit of the doubt.
To Agreg’s point, as long as they spent on the things he mentioned and on MJ inventory for Cannmart I’m ok with it. They got the money so they can invest to create growth. Nice that they have cash now but you want them to spend on things that can create value down the road. Hopefully there's a minimal amount spent otherwise.
We’ll see the end of November number soon enough. I’ll guess over 60 mil still on hand. Do you care to make a guess?
Hippd
They are not guesses. Every 420 Sean announced or asked how much money Namaste had, he would start by saying he didn't know and then throw out a different number every time. Then when others were asked same thing. Different from Seans or 10 mil ballpark. Now they say we have a large cash position. Fing hilarious. I watched every piece of media on Namaste in real time from October 2017 till now. They NEVER knew how much they had. Was comical when they talked about it. Heck, sometimes in an interview the interviewer would say how much money they had and they would smile and nod. Too funny. I know how much money I have.
Agreg
If they have spent a bunch of cash then I would look at what they spent it on. Were they buying back shares at under a dollar, great! Did they buy more of Pineapple, great! Did they invest in Israel, nice!
Maybe they have been making a ton of cash selling pot on Buds2go and Cannmart. They might have most of the cash in the bank. NO ONE KNOWS UNTIL THE NUMBERS ARE RELEASED!
Anyone who says they do are lying and trying to scare people.
Haha. Hopefully it's the last one.
Scout72
maybe its 120,000 or 1,200,000.
Silly commas
Hippd - blowing through 50 million
Hippd, why do you keep saying that you think they have blown all their money? And from below, why don't you think they know how much they have? What are you basing your guess on? When has anyone from Namaste said they don't know how much cash they hold?
Last report from Sean he said they have 60, 70 million. Meni and co. have mentioned in both recent press releases they are in a strong cash position.
I assume they do have plenty of cash on hand based on that, but I really have no idea. Just wondering, what actual information do you have that makes you doubt?
Thanks
Hippd
"They are going to show less than 20 mil in sales for 2018 and will probably show them blowing through 50 million out of their last two finance deals building out. How will people react? No clue. I'm always skeptical if someone doesn't know "exactly" how much money they have at all times. I know how much money I have. Do you?"
Sean's skills
First off, Sean’s no longer with Namaste so it doesn’t really matter at this point. But since you keep asking over and over and over, and over, I’ll throw a few out here.
Skill 1)
Making you completely fixated by him for months and months. Obviously, he has you hypnotized. He’s sucked you in with his charm and charisma and you don’t know how to quit him. ??
Skill 2)
Vision. He’s taken a small hardware/accessory company and made it a major MJ and technology company.
Skill 3)
He’s a great deal maker. Started with nothing, made distribution deals with all the major vaporizer companies. Many MJ distribution deals, partnerships, etc.
Skill 4)
Time management. He doesn’t spend countless hours seven days a week on message boards bashing away at stocks he doesn’t own. He builds positive things that have and will benefit a great many people.
Skill 5)
Promotion. The Namaste name is well known because of Sean.
Skill 6) Making money $$$. Maybe the most important skill a man can have today. If you find a way to make cash, you can have yourself a pretty awesome life. He’s done that. He’s set. He has 20 million shares of Namaste worth about 17 mil today. 40 mil when it hits $2.00. 60 mil when it hits $3.00. 100 mil when it hits $5.00.
How much are you going to be worth when this hits $5.00?
Now he doesn’t even have to work. Gets to sit back and chill watching the money grow. Genius.
Obviously, he has many more skills to make it as far as he has. I don’t know him so you might need to ask his momma for the complete list. It’s not easy to build a company from scratch and become a multimillionaire. He’s done it. How about you? I’m sure you’re worth hundreds with your skill set.
Att for life
So, what are Sean’s skills?
Thanks greenwillow
Appreciate you breaking out the calculator. Very interesting possibilities. Add in Cannmart traffic and you can really see a huge snowball starting to roll even if they only capture 1%. Let’s hope they’re converting well.
Getitgogone conspiracy investigative reporting
Per your comment below, yes, this actually is a game where companies can pick and choose what and how information is presented. Welcome to publicly traded companies. This was a “press release” that was indeed distributed to the press and was and still is readily available (all over the internet) for the public and investors to read. It never was on the Namaste website nor should it be. Optics is part of the game. This is negative news. Foolish to play it up on the site. It’s not a conspiracy, just a wise move and good business. This is exactly why you hire a professional investor/public relations firm. I’m glad Namaste finally has one.
Company websites are not designed to give the world the ultimate truth, they are designed to hi-light company strengths and attempt to attract more investors. Why do you think that every release by every company in the world has multiple paragraphs at the bottom explaining that the release has “FORWARD-LOOKING INFORMATION”? Go look for the press release on the Aphria website announcing that CEO Vic Neufeld and co-founder Cole Cacciavillani are stepping down amidst their allegations of wrong doing. I’ll save you the time, it’s not there. You can find it in multiple articles all over the internet but not on their site. That’s how it’s done.
I have more confidence now that their hired investor/public relations firm (Incite Capital Markets) is handling company business professionally and much smarter than before. I agree with the pros, it shouldn’t be on the site. If you no longer have confidence in Namaste, then you might want to go invest instead in all the other super honest companies whose websites are full of “honest” negative news. I’m sure you can find many great ones out there.
I just see this as another sign that Namaste is becoming more professional as they grow. A weakness is becoming strength. Thanks for pointing out their progress. Go Namaste!
From: Getitgogone
“Why are they hiding it? Why isn’t it on their website? Why should I have any confidence at ALL of their “other” Prs are on the website?”
“This is not a game where as management of a multi-million-dollar company you get to pick and choose what news releases you will make available to investors and the public and which ones you won't !!!”
Clever Leaves deal
Wow. That's awesome news. Great deal for Namaste. Hopefully the testing goes well and they can get permission to get a shipment for Cannmart soon.
Thanks SweetSweetLove.
https://www.potnetwork.com/news/colombian-company-clever-leaves-begins-global-exports-medical-marijuana-bringing-latin-american?fbclid=IwAR2yN-s16R4noH6eAau8hgWfWM3vuXDl_fuw-2Lg7u0sbR5YXnfKwU_PkvE
Excellent! Keep them coming.
Cannmart up to 8 supliers now 23 SKQs available.
One more take (vent) on Sean
I’m embarrassed that I fell for Sean’s nonsense and gave him the benefit of the doubt for so long. He’s a likeable, enthusiastic guy and I appreciated the way he wanted to be different and give good access to a CEO. I was being entertained and thought I was getting good company info watching the 4:20 videos. After the Citron article I gave Sean the benefit of the doubt on the US divesture because I knew Andrew Left’s allegation on the NASDAQ listing was shady. While Sean was stupid in how he presented being accepted, he did always follow up with the fact that the share price had to go above $3.50 for final acceptance. The video that Andrew Left posted was edited to leave out Sean’s share price comments. Andrew Left trying to manipulate the truth in that instance made me question all parts of the Citron report and left me hoping all claims were unfounded. Now I see that Left and Sean are no different. Left bending the truth or flat out lying to bring a stock price down, Sean bending the truth or flat out lying to encourage you to buy or hold. Hard to believe anything either one says. Obviously now it’s clear Sean exaggerated (or lied about) many things he said. Many times, he mentioned high “run rate” numbers that didn’t coincide at all with the reported revenues. His future revenue estimates are overstated and off base as well. His CannMart product numbers never materialized. He looked straight at the camera and said “I won’t let you down”. I guess I believed because I wanted to believe our good buddy Sean. No more. If you’re still believing in Sean’s honesty, you’re probably fooling yourself. He fooled me. I’m more upset with his constant B.S. inflating numbers than the divesture scenario he’s caught in now. If the things he said were true we’d be over $3 now. Just can’t trust what he says.
He’s just a dude with a huge ego who craves the spotlight and loves to play the big shot role. Always pumping himself and the company up to be more than he/it is. Show’s over. I’m glad he’s out.
I hope Meni can right the ship and get CannMart rolling.
Here’s to Meni shooting straight to investors and selling some weed!
Link
r clarke, here's the link and article from The Globe And Mail
https://outline.com/wjcNBB
Fired Namaste CEO disputes dismissal, seeks injunction to retain role
FEBRUARY 08, 2019
The recently fired chief executive officer of Namaste Technologies Inc. is contesting his dismissal, alleging in a lawsuit filed this week that he was hastily and improperly removed from the cannabis company he co-founded in 2014.
Sean Dollinger is alleging that he was wrongly ousted from his roles as CEO and director of Vancouver-headquartered Namaste after repeated, but unsubstantiated threats from other directors that Namaste’s auditor, PricewaterhouseCoopers LLP, would resign if Mr. Dollinger wasn’t dismissed, according to court documents filed Tuesday with an Ontario court. He says he was told that his termination was “the lesser of two evils.”
Mr. Dollinger is fighting back. He is asking a judge to issue an injunction stopping the board or any committee of the board from terminating his employment. He wants the courts to declare that he is, in fact, still CEO and a director of Namaste, a company that sells cannabis accessories in more than 20 countries and is licensed to sell medical cannabis produced by other growers in Canada.
For its part, Namaste has already moved on. It named a new interim CEO to replace Mr. Dollinger and is now weighing a sale after it says an interested buyer emerged.
Since Mr. Dollinger’s firing Monday until midday Friday, shares of Namaste had taken a nosedive, losing more than $140-million in value. Meni Morim, Namaste’s interim CEO, then tried to calm the market by assuring investors and employees that it’s business as usual. In a letter to shareholders posted Friday afternoon, Mr. Meni said the company has a “strong, talented management team in place” that is focused on running and growing the business.
The stock had been down 10 per cent Friday and spiked after the letter was published to finish the trading session up 11 per cent to $1.13. The company’s stock is now worth $347-million.
That said, the court filings paint the picture of a frenetic weekend at Namaste leading up to Mr. Dollinger’s firing, revealing a tense battle for control and an ongoing fight over whether proper corporate governance procedures were followed.
Namaste is one of several marijuana companies that have been targeted by activist short-sellers who have criticized governance practices and company valuations amid a steep rally in share prices. Other firms that have been attacked include Aphria Inc., Aurora Cannabis Inc., Tilray Inc. and Cronos Group Inc.
Mr. Dollinger filed his application with the courts on Tuesday, a day after Namaste said in a press release that it was firing him after an internal investigation found alleged wrongdoing related to recent deal-making. The probe was conducted by a special committee of two directors – whom Mr. Dollinger has also named in his lawsuit – after a short-seller took aim at Namaste in two reports alleging fraud and self-dealing. Namaste’s special committee, which was advised by Miller Thomson LLP and Ernst & Young LLP, found that Mr. Dollinger had allegedly breached his fiduciary duty to the company and improperly enriched himself.
Darren Seed, a spokesman for Namaste, said the company can’t comment on the matter because it is before the court. Mr. Dollinger said he was travelling Friday and was not available for an interview prior to publication. A PwC spokesman said in an e-mail the firm doesn’t comment on clients or work it performs on their behalf. An e-mail to Jay Hoffman, a lawyer at Miller Thomson who advised Namaste’s special committee, wasn’t returned.
In its Monday press release, Namaste said it would be filing a lawsuit against Mr. Dollinger for damages and disgorgement of any profits the company says Mr. Dollinger improperly earned. Mr. Seed said a lawsuit hasn’t been filed, as of early Friday.
In mid-October, Namaste struck a special committee to review claims made by an activist short-seller against the company and some senior employees, including Mr. Dollinger. At first, it was a committee of one board member – Branden Spikes. A second director – Laurens Feenstra – was added last month.
Mr. Spikes said in an e-mail that Mr. Dollinger’s “version of events is false.”
The matter came to a head last Friday, when the special committee said it was ready to present its findings to the other directors. According to court documents, Mr. Dollinger says he was told after the meeting that the special committee had decided to terminate his employment, but would give him 96 hours to decide whether he’d rather resign instead. Mr. Hoffman, the lawyer for the special committee, originally gave Mr. Dollinger until Tuesday to decide, but Namaste’s press release announcing his firing was published early Monday morning. E-mails were being sent from both sides of the dispute late Sunday night and into the morning.
In the court filing, Mr. Dollinger argues that the special committee doesn’t have the authority to fire him and remove him from the board. He also claims that half of that board meeting last Friday was held with too few directors to meet the company’s definition of quorum. He says he and two other directors were bullied into agreeing to recuse themselves from the second half of the meeting. Mr. Dollinger also claims that another board meeting was held Sunday that suspended the authority of the special committee. The two directors on the special committee dispute this.
Namaste hasn’t fully explained why Mr. Dollinger was fired. It did take issue with one transaction the company completed in 2017 to sell two Web domains that served the U.S. market for US$400,000. That sale allowed the company to list its shares on the TSX Venture Exchange. (The TSXV doesn’t permit cannabis companies that violate U.S. federal laws from listing their stock on the exchange, even if the companies comply with state law.)
Among the allegations published in a report last year, activist short-seller Citron Research claimed that the U.S. entity – named Dollinger Enterprises US Inc. – was sold to a related party when Mr. Dollinger said on a conference call it was an arm’s-length buyer from Europe. Mr. Dollinger denies Citron’s allegations, calling them “spurious and without merit.”
The company filed audited financials for 2017 last January; it has yet to file audited financials for 2018.
Dollinger = idiot
If Sean thinks he can go on Facebook and round up shareholders with over 150,000,000 shares to vote him back in he's even more stupid than I thought, not to mention desperate. Google those who had a part in removing him:
PricewaterhouseCoopers
Ernst & Young LLP
Miller Thomson LLP (Jay Hoffman)
These are some of the most respected firms in the world. The board members had no choice but to remove Sean on advice from these firm's investigations. Of course Sean is guilty as charged. You think these powerhouse firms made a mistake and got this wrong? Not a chance. Good luck trying to beat them in a court case.
Meni Morim - Smarter than you. (Video)
Check out this YouTube video with Meni Morim. Very impressive. He definitely knows his stuff. What a great representative he'll be for the new improved Namaste Technologies. Can't wait for him to be out on interviews spreading the good word. We'll get many green days from Meni.
Thanks Scout72
Thanks for keeping things positive and always providing excellent information. I appeciate your here.
Haha
Well, you do seem to to have a special knack and talent for it.
Jam on JamCracker.
Sean's message
Not sure I'd use the word "sorry" to open my statement of innocence if I had in fact been wrongly terminated. Slip up admission of guilt I think. I hope his delusion of continuing on in this company in any capacity passes quickly. Sorry Sean, it's over. You messed up. If you really want to help the shareholders as you said in the Midas Letter interview, then move along quietly.
I am deeply sorry and disappointed that this day has arrived after having devoted years and countless hours to build Namaste Technologies Inc. (TSXV.N) into a successful company alongside co-founder Kory Zelickson. What saddens me most is that for the time being, I will not be able to continue steering the incredible journey of growth for the company's wonderful shareholders and investors, who believed in me and what we were creating. I intend to begin setting the record straight and clearing any misconceptions caused by the inaccurate allegations levelled against me. In the meantime, I continue to be committed to the company as a director on the board and as its largest shareholder. I also support the newly appointed chief executive and chief strategy officers. I will not be making any further comments.
Sean Dollinger
Easy now JamCracker
Your arteries must be close to exploding. Just looked at your past posts, 19,000 of pure anger and negativity. Intense. Stock trading might not be for you. You can find something to relax you on Cannmart. Tell the NamasteMD nurse I sent you.
Thank you SweetSweetLove
Thanks very much for all the great info you post here. I really appreciate it.
Pineapple Express in the US
Looks like several Pineapple Express companies operating in the US already.
Los Angeles has a MJ company. I see Manhattan Beach, CA and Idaho have Pineapple Express delivery companies. Likely others as well. They may have different rights ownership to the name in Canada and the US unfortunately.
http://pineappleexpress.com/about-us
https://www.yelp.com/biz/pineapple-express-delivery-manhattan-beach
I'll still give Sean the benefit of doubt
He's done a lot in the last couple of years to get the company to a good point. I believe he's about to deliver great results in 2019 and 2020.
The share price may not have been any higher with any other CEO. The entire sector and the entire world's stock prices are down. That's not his fault. Apple, Amazon, Facebook, Google, Netflix, Berkshire Hathaway, and about 90% of every other company in the world is down significantly since September. Should all those CEO's be replaced? Are they all doing a bad job? Of course not. This is just a bad period for all stock investors. He's just a guy with a small company trying to sell a bit of weed and some vaporizers. When the world's companies all take a dive, of course his will as well.
As far as selling some of his shares I don't see it as a major issue. I have no idea what his yearly salary is. It may be smaller than I think and stock may be a large portion of his compensation. Maybe he's purchasing a new home, cars, kids tuition coming up, paying other debts. Who knows? I'd rather he didn't sell but life happens for us all. We don't know what his personal situation is. CEO's got to eat too. I appreciate him purchasing shares in September more than I resent him selling now. He needs to live his life. Every officer at every company will sell at some point and bank a little cash. That's life. I hope he takes his family on a nice vacation. He deserves it.
I'm invested in his vision and I like the moves they've made in the last 12 months. I'm down way more than I'm comfortable with but not ready to place blame on him at this point. Macro circumstances holding this down way more than micro company decisions. I'm just going to be patient as possible and hope this can run up at some point. Nobody really knows what will happen with share price but I'm still hopeful of their potential and believe in Sean.
Sean still has 18,634,814 shares
Looks like there are 2 separate pools that he sold shares from. One that started with 14+ million and one with 6+ million. After the recent sale he has 12,592,157 left from the larger pool and 6,042,657 left from the smaller. The larger pool started with 14,495,357 shares issued when they went public on 2/26/16 and the smaller pool looks to be a combination of options and warrants granted since that time as well as shares he purchased independently with his own funds. Note the small pool share amount increased to 6,495,990 after his private purchase of 1,138,000 shares ($3,368,480) on 9/19/18.
https://ceo.ca/api/sedi?insider=&symbol=N&date=&transaction=&amount=&undefined%5Bcompany_symbol%5D=N