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Cannabis tech company Namaste Technologies Inc. has fired its chief executive and plans to commence legal action against him as it launches a strategic review process to examine its options.
The Toronto-based firm which operates an e-commerce platform and a portal that connects patients with doctors.
It said Sean Dollinger’s termination from the CEO’s position came after an investigation by a special committee of its board of directors, who looked into allegations raised in October by prominent short-seller Citron Research.
Namaste concluded there were breaches of fiduciary duty by Dollinger. It terminated his employment as CEO and says he’ll be removed as a director. Meni Morim has been appointed interim CEO of Namaste.
Dollinger couldn’t immediately be reached for comment.
Namaste says its board has initiated a formal strategic review to consider all “value-maximizing alternatives” which could include a sale of the company or other transactions.
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