Quite possibly the most ridiculous begging bowl pitch we’ve seen in 6+ years of publishing daily on cannabis business. Especially as Chairman of the board, Sefi Dollinger was flogging off shares May 14 at the same time they were spruiking this ridiculous idea. So much for the pandemic changing predatory capitalism.
Before you read (try not to snigger please) this piece about Namaste’s plan to save their stock do remember what happened to Steve Rubell & Ian Schrager the men behind Studio 54 and how he “managed” his money.
It started like this
and ended like this
At least compared to Namaste Technologies there was glamour, art & class in the chaos !
Earlier this week Namaste announced an initiative called “The Pledge”. Any investor who pledges not to sell their Namaste shares within the next 90 days will win themselves an invitation behind the velvet rope to a party thrown by the company at an undisclosed location. The pledge runs from May 14th to May 18th and so far 40% of shares outstanding have been pledged to the cause with more than half attributable to company management and insiders, by our calculations.
INSIDERS WERE SELLING EVEN AS THE PLEDGE WAS ANNOUNCED
In a twist that you can’t even make up if you tried, the Chairman of the board, Sefi Dollinger, was selling shares on May 14th, at the same time the pledge was being pushed around the internet. We guess he decided not to go to the party.
“The Pledge” is just another example of investors’ complete lack of focus on the fundamentals of the marijuana companies they are buying. Many investors made money during the stock price run-up in early 2018 and are convincing themselves the same thing will happen again in the future. They point to the uncertainty around the future of the marijuana market as a signal of unlimited potential and sky high share prices.