On Oct. 16, 2017, the Board of Directors for MassRoots (OTCQB:MSRT), a marijuana social media platform, ousted Isaac Dietrich as the company’s Chairman and Chief Executive Officer, as reported by Benzinga.
Rumors of Dietrich’s ousting hit social media before news outlets could confirm it, with Technical 420 tweeting at 11:09 a.m., “Hearing rumors that @MassRoots is cleaning house $MSRT.”
Dietrich founded MassRoots in 2013 and took it public in 2015, but Green Market Report’s Debra Borchardt has reported that the board was displeased when Dietrich decided Massroots would acquire CannaRegs, an online marijuana regulatory database, for $12 million.
As for the acquisition, “The deal with MassRoots is not closed yet, so I remain focused on CannaRegs,” said Amanda Ostrowitz, Founder and CEO of Cannaregs, to Benzinga. Ostrowitz also remained diplomatic on Dietrich’s termination. “I am not officially a member of MassRoots yet, so it’s not my quandary to solve.”
According to the Green Market Report, the new CEO of MassRoots is Scott Kveton. MassRoots acquired Kveton’s company Odava, a marijuana compliance platform, this past summer, at which point Kveton became the Vice President of MassRoots.
While Dietrich was chairman of the MassRoots Board of Directors, it appears that fellow board members Ean Seeb, Tripp Keber and Terry Fitch had the upper hand.
According to the Marijuana Index, MSRT dropped slightly more than 23% today, opening at $0.44 and closing at $0.33, with daily share volume logging in at 2.16 million.