Pot Co. That Partied With Snoop Settles Investor Suit For $5M

Law360 (July 29, 2019, 6:39 PM EDT) -- Cannabis e-commerce company Namaste Technologies announced it had reached settlements totaling nearly $5 million in proposed securities class actions in the United States and Canada.

If approved by a federal court in Manhattan, the Toronto-based company will pay out $2.75 million to U.S. shareholders and the equivalent $2.15 million in American dollars to its shareholders in Canada, Namaste said Thursday.

Only $500,000 of the payouts will come from company coffers: $4.4 million of the settlement money will be furnished through an insurance policy the company holds, it said.

The terms of the agreement do not require admission of wrongdoing from Namaste, or...

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