Namaste’s Chakras Are Still Unbalanced

OHM

Breathe in.

Take a comfortable position.

Let’s try to explore the perpetual downward dog that is Namaste Technologies without having a pain body attack. I actually forgot this stock existed until someone sent me a meme recently.

There hasn’t been a company we have been more critical of on this site, maybe aside from Wayland who also needs to do some heavy soul searching. Back in 2018 my digging into Namaste’s former CEO Sean Dollinger’s past was picked up by Citron Research and later lead to an investigation which saw him exit the company he had started from a laptop somewhere.

I feel like nothing better exemplifies Sean’s tenure as a CEO better than this inspirational yoga quote:

I had a part in Sean’s demise, but in return Sean has also ruined yoga for me with this cringy ‘Namaste’ prayer poses at the end of his livestream. Until the end of my life whenever an instructor clenches their hands in prayer pose and utters those words, that top-notted manlet’s attention seeking face will be burned into my soul.

According to Sean’s LinkedIn, he is now the President & CEO of New Spark Media, a company who makes widgets and does content marketing stuff. It’s highly unlikely he will work in the cannabis space again.

Breathe out.

First mover advantage?

Namaste Technologies continues to dive deeper into obscurity, even as the vaping segment of the cannabis industry continues to expand. As first movers in this space it’s shocking how far down they have slid. The once $4.00 stock hasn’t been able to crack $1.00 in over 3 months as the market is still wisely sceptical of this company.

Attention and focus is quickly moving away from smokable flower products and into oils, edibles and vapes. Vaping has become one of the most popular methods in consuming cannabis, here in Vancouver it seems like all of the dispensaries are being shut down, while the vape shops are constantly opening up new locations.

Namaste was always doomed to fail, no matter what the market did. They drop ship cheap plastic from China and were at one point run by two dudes in a garage who tried to rope in guys like me into doing affiliate marketing scams with Namaste MD.

The fact that they were dropshipping their products was the first red flag for me, as a guy who lived in Thailand during the fidget spinner craze, some of my friends were doing $300,000 a month selling that stuff and I saw first hand what dropshipping really is. 9/10 the people behind it are sketchy.

Stay present to the moment

Sometimes during hot power yoga classes staying present to the moment can be difficult. But just like a seasoned yogi, Namaste must stay in the present moment and right this ship if they want any kind of longevity for their company and shareholders/bagholders.

The truth is, investors who bought around $3-$4 are definitely not thrilled at around $1.00 will probably hold for now without much buying, while newer investors are terrified from a basic Google search – it’s a weird spot to be in, even after the company released decent financials recently. But, before those financials were released the company’s auditors famously resigned, another massive red flag.

Last week Namaste was caught using their patient’s data¬†to sell to a third party. When the news broke¬† I wasn’t the least bit surprised based on my own interactions with them. I had their entire management team back in 2017 on an email thread talking about giving me tracking pixels to make money per patient I could get into their app.

Even after Dollinger’s exit the company continues to struggle.

For an update on what the company is up to now here is Namaste’s current interim CEO Meni Morim on an interview released today. The amount of uncomfortable laughter is enough to give you the douche chills, but try to stay the course and make it through to see what Namaste is up to these days.

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