I found two ways to solve this issue:
1) Trigger stopping of the current extension before invoking the other. This happens to work with the latest SmartWatch 2, but as far as I remember, it didn't work on the original SmartWatch.
What is safer to do, in case you're starting your own extensions:
2) Define a custom intent which the extension you want to start would receive (that's, of course, done in the Manifest file); then broadcast that intent from your other extension. I chose this way, also because it enables me to pass data to the extension.
Vote up, if you find this solution useful :-)