Namaste Technologies reaches settlement with former chief executive following abrupt firing
TORONTO — Namaste Technologies Inc. has reached a settlement with its former chief executive who had taken legal action against the cannabis company over his abrupt firing earlier this month.
The Toronto-based firm, which operates an e-commerce platform and a portal that connects patients with doctors, says as part of the agreement Sean Dollinger has withdrawn his application for an injunction against the company.
Dollinger, who is also a co-founder of Namaste, has agreed to step down from all formal roles within the company, including as director, but will act as an adviser.
He says the deal is in the best interest of Namaste stakeholders, and during his advisory period he will provide resources and skills to contribute to the company’s “future success.”
Earlier this month, shares of Namaste plunged after it announced Dollinger’s firing, plans to take legal action against him and a strategic review process to examine its options including a sale.
Dollinger then moved to prohibit his termination without a “proper process” and called for the company and certain board members to retract a news release announcing his firing.