According To Reporting From Green Market Report , The Board Grew Dissatisfied With Dietrich After He Revealed The $12 Million Acquisition Of Cannabis Tech Company Cannaregs.

MassRoots Impact of Dietrich’s removal from MassRoots Dietrich was the founder of MassRoots and a major voice in the path of the company up to this point. According to reporting from Green Market Report , the board grew dissatisfied with Dietrich after he revealed the $12 million acquisition of cannabis tech company CannaRegs. The reporting indicated internal turmoil between the leading powers at the company. Scott Kveton, Medical marijuana who joined the company after his own firm Odava was acquired by MassRoots, has been named the new CEO. “Kveton supposedly had been very much against the CannaRegs acquisition and the idea of [current MassRoots president Amanda] Ostrowitz potentially becoming CEO,” Green Market Report wrote. Support from shareholders couldn’t save Dietric Forbes reported once Dietrich became aware of the not-yet-announced decision, he asked for support from shareholders. An unnamed shareholder told the publication Dietrich had gained a majority of shareholders to vote and let him stay put, removing the board instead. “However, there seems to be some disagreement over whether a formal vote took place. A source close to Dietrich said a vote did take place to remove the board, but there is no communication from the company to confirm this, which would take the form of an 8-K filing. The board seemed to beat Dietrich to the punch and fired him before he could fire them.” This 8-K filing was eventually published on Wednesday (October 18). Through it, first reported in New Cannabis Ventures , the company revealed it would pay Dietrich four month’s worth of salary in addition to four months of paid premiums.

To read more visit https://investingnews.com/daily/resource-investing/agriculture-investing/cannabis-investing/massroots-ceo-fired-following-poor-stock-performance/

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