Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) shares rose on Monday after the firm said it has appointed Meni Morim as the Canadian cannabis e-commerce platform company’s permanent chief executive officer.
The job is not new to Morim, who has been the company's interim CEO since February 4, and its chief product officer since May 2018.
READ: Namaste Technologies looks to become the ‘Amazon of cannabis’ with its integrated, intelligent cannabis experience
Namaste shares closed 12.5% higher at C$0.45.
In a statement, Branden Spikes who is the chairman of Namaste Technologies said: "Meni has led Namaste through a period of significant change where difficult decisions were required while preserving the key attributes that make it an exciting company. After a thorough review process, the board has concluded that Meni is the right leader to execute on the company's strategy and to proliferate its online marketplace.”
“Meni has an in-depth knowledge of the products, technology, and the vision to see where and how the company will be able to grow its presence and revenue and rebuild its shareholder value," added Spikes, who was the former chief information officer at Elon Musk’s SpaceX.
Former CEO Sean Dollinger and head of marketing David Hughes were ousted in February. On February 19, Namaste said that it reached a legal settlement with the former CEO.
"As interim CEO, I took the helm at a critical moment facing intense scrutiny and change but with the same passion and confidence that attracted me to Namaste when I joined in 2018," Morim commented.
He said that in the last six months the company has increased its focus on the “right business units and markets.”
“We made significant progress in settling outstanding class action lawsuits, announced an array of new licensed producers, added key staff and board members to help us grow our business, and made key acquisitions to support Namaste's expansion plans and go-to-market strategy,” said Morim.
“I will continuously look at ways to strengthen the company's performance and management team. With the majority of these challenges behind us, I am excited about the future."
The Toronto-based company, which has been described as the “Amazon of cannabis,” operates the largest global cannabis e-commerce platform with over 30 websites in more than 20 countries under a variety of brands.
In addition to its product offerings of vaporizers, glassware, accessories and CBD products, the company is also involved in the world of medical cannabis, through its licensed subsidiary CannMart Inc, not to mention its efforts in artificial intelligence, cannabis strain research and a global telemedicine app, as well as sales of medical cannabis from its facility in Toronto.
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