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Namaste Technologies reaches settlement agreement on class action suit

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

Gavel on a stack of money
The group said the payments themselves do not constitute any admission of liability

Namaste Technologies Inc (CVE:N) (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 Twitter @andrew_kessel

Quick facts: Namaste Technologies Inc

Price: 0.385 CAD

Market: TSX-V
Market Cap: $124.65 m

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