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Namaste Technologies shares skyrocket as it names Kenneth Jones director; unveils operational improvements

Namaste shares skyrocketed as it revealed a new board director and issued an update on corporate strategy
Namaste is an e-commerce cannabis group

Shares in Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF), the cannabis e-commerce group, skyrocketed on Thursday as it revealed that Kenneth Jones had been appointed as a board director and the group also issued an update on corporate strategy.

Shares in Canada raced up nearly 29% to stand at $0.95 on the day.

WATCH: Namaste Technologies addresses recent challenges as they look to grow in the future

Jones has also become the chair of the audit committee, the firm said.

Jones' experience includes being a partner at PWC (PricewaterhouseCoopers) as well as progressive roles with a Fortune 500 company.

He has a proven track record of implementing sustainable benefits across a variety of sectors including manufacturing, research, public sector institutions and health care. He is a skilled leader of change in complex organizations, the firm said.

Namaste also revealed it expects to establish an advisory board to help provide additional expertise and strength to the firm and its current board.

"We are focused on making changes internally and delivering results externally. We expect that these changes will have a positive impact in the short, medium, and long-term outlook of the company," said Meni Morim, interim CEO of Namaste.

Namaste also said it continued to invest in technology and infrastructure to position it to cater to domestic and international licensed producers, cultivators, micro-growers and ancillary device producers who may wish to distribute products via Namaste's proposed marketplace, which is currently under development.

At Namaste MD, which connects medical cannabis clients with health care practitioners, it said it had implemented several improvements, including extended compatibility for more devices, improved video experience and improved efficiency.

In addition, Namaste said it was reviewing its entire patient care model and aiming to introduce a more robust operating environment for its nurse practitioners with a greater focus on follow-up visits and data collection.

Important improvements

Namaste also believes it has introduced several important improvements to its CannMart website which is the main distribution channel for the firm's cannabis products.

In addition, CannMart has completed the last steps necessary for the amendment to its license to permit it to offer for sale cannabis oil concentrates on its platform and awaits Health Canada's approval.

On Cannmart Labz, it has completed and submitted its application for oil extracting and processing through its CannMart Labz subsidiary, in which it has a majority interest.

On staff matters, Kory Zelickson, the group's vice president of Investor Relations and Business Development, said he intends to assume a new role as CEO of a start-up licensed producer, with effect from June this year.

Namaste expects to continue working with Zelickson to expand opportunities for Namaste in his new role.

On Thursday, Namaste also said it had expanded its relationship with a major Canadian merchant account provider, which has arranged domestic and international payment solutions.

This expansion depends on final sign off from certain banking partners, which Namaste expects to receive.

Contact Giles at [email protected]

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