Avoid Namaste (TSXV:N) Stock at All Costs
Adam Othman, 13 August 13 2019
Namaste Technologies (TSXV:N) seemed like the company to promise an online cannabis platform that could cater to the needs of the increasingly massive cannabis industry. The reality of the situation is far away from the potential the company had.
The cannabis-centred e-commerce technology company fired its CEO, Sean Dollinger, earlier this year, following Citron Research’s report that put a sizable dent in the share price of Namaste. The company was accused of making fake claims of a Nasdaq listing in order to get investors to buy stock. The company’s board sprang into action to form a special committee to investigate the claims.
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Houston, Pot Stock Namaste Technologies Has a Problem
Sean Williams, 07 February 2019
On early Monday morning, Feb. 4, Namaste Technologies (OTC:NXTTF), a small-cap cannabis company known best for selling vaporizers and starting up a medical cannabis portal known as NamasteMD, issued a press release that announced the termination of its CEO Sean Dollinger, with cause. Before we get to the specifics of this press release and why Dollinger was relieved of his leadership role, it helps to have some background on why this press release was necessary.
Back in October, noted short-seller Citron Research, which is headed by Andrew Left, released a report alleging that Namaste Technologies was a “complete fraud.” Left accused Namaste of making a “fake claim of a Nasdaq listing to get investors to buy the stock” and, more importantly, claimed to have uncovered a related party sale tied to the company’s divestiture of Dollinger Enterprises in Nov. 2017.
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Short-seller Andrew Left’s Citron Research says surge in cannabis company Tilray is ‘beyond comprehension’
Lenore Fedow, 19 September 2018
Tilray Inc (NASDAQ:TLRY) set the cannabis space ablaze following an interview with CNBC’s Jim Cramer, sending its shares surging double digits. But short-seller Andrew Left’s Citron Research had some harsh words to share about the Canadian cannabis company.
Citron Research was previously bullish on Tilray following Constellation Brands Inc‘s (NYSE:STZ) additional US$4bn investment in its rival Canopy Growth Inc (NYSE:CGC, TSX:WEED). Left had said it could be the next marijuana company to get a “white knight at a premium to market.”
The short-seller has cast doubt on other cannabis stocks via Twitter Inc (NYSE:TWTR) as well, including Cronos Group Inc (NASDAQ:CRON, CSE:CRON) and Namaste Technologies Inc (CVE:N, OTCQB:NXTTF). Shares of Tilray soared nearly 50% to US$232 in Wednesday pre-market trading.
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