Ex-MassRoots CEO makes move to oust board, current leadership

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

MassRoots founder and former CEO Isaac Dietrich on Monday filed paperwork with federal regulators to call for a special meeting and new shareholder vote, an attempt to force his way back into the company and dethrone the other board members who fired him last month.

Dietrich – who owns 15.82% of the company’s outstanding stock – wrote in an email to Marijuana Business Daily that the shareholder vote would take place “within the week.”

The meeting would take place at the offices of the New York law firm Sheppard Mullin Richter & Hampton, according to the filing with the Securities and Exchange Commission.

The move is the latest in a power struggle over MassRoots that began with Dietrich’s Oct. 16 firing and escalated last week when the company filed a civil suit against Dietrich claiming he stole $250,000 and committed other “serious misconduct.”

Dietrich’s SEC filing asks shareholders to:

  • Remove board members Terry Fitch, CEO and founder of Drink Teck; Ean Seeb, co-founder of Denver Relief Consulting; and Vincent “Tripp” Keber, CEO and co-founder of Dixie Brands.
  • Replace them with Dietrich himself; Charles Blum, a former QS Energy CEO and MassRoots board member; Nathan Shelton, also a former QS Energy executive; and Cecil Kyte, CEO of Rightscorp.

“The nominees for the Board of Directors will make MassRoots’ top priority becoming a central technology platform in the California market by aggressively growing MassRoots’ market-share of businesses and consumers,” Dietrich wrote in the filing.