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Namaste evaluating its 49% stake in Choklat after its nominated director resigns and CannMart cancels purchase order

Meni Morim has resigned as a director due to disagreements between him and the management of Choklat

Namaste Technologies Inc - Namaste Technologies Inc says Meni Morim has resigned as a director of Choklat Inc, a private company in which Namaste holds a 49% equity interest
The cannabis company said it will not exercise its right to name another director to the Choklat board at this time

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) announced Wednesday that Meni Morim has resigned as a director of Choklat Inc, a private company in which Namaste holds a 49% equity interest.

As part of its initial investment in Choklat in March 2019, Namaste was granted the right to appoint a director to the Choklat board. The group said Morim had resigned due to disagreements between him and the management of Choklat.

The cannabis company said it will not exercise its right to name another director to the Choklat board at this time as it evaluates its investment in Choklat, a craft chocolate manufacturer that has a processing license from Health Canada to produce a line of cannabis-infused chocolate bars, drink mixes and sugar. 

READ: Namaste Technologies sees highest quarterly revenue in two years as strategy shift starts to bear fruit

Additionally, Namaste's subsidiary, CannMart Inc, has delivered notice to Choklat advising that it has terminated its existing purchase order with Choklat.

Namaste said it is evaluating the next steps including but not limited to its ongoing investment in Choklat, 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,” the Toronto-based company said in a statement. 

Contact the author: [email protected]

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