With Isaac Dietrich back at helm, MassRoots dismisses lawsuit against him
Published: Dec 22, 2017, 1:02 pm • Updated: Dec 22, 2017, 1:37 pm
By Alicia Wallace, The Cannabist Staff
Marijuana social network operator MassRoots Inc. has dismissed a lawsuit against its founder Isaac Dietrich.
The dismissal comes a week after the company’s board of directors and interim chief executive resigned, and the 25-year-old founder was reappointed CEO and his trio of recommended board members were installed.
The company’s new board members authorized MassRoots lawyers to dismiss the lawsuit with prejudice and release all claims against Dietrich, the new CEO told The Cannabist via email.
The new board of directors consists of Charles R. Blum, 79, a former CEO of QS Energy, a Texas oil and gas technology firm; Cecil Kyte, 46, a former executive with Rightscorp, an L.A.-area copyright enforcement firm; and Nathan Shelton, 68, a former director of QS Energy.
The lawsuit was filed Nov. 14 by the company’s former board of directors, who in October had jettisoned Dietrich for alleged “serious misconduct” — claims of sex, drugs and misuse of funds.
Dietrich reclaimed the helm of the firm Dec. 14, according to a filing made with the U.S. Securities and Exchange Commission.
Just days after that transition, MassRoots received notice that it was facing eviction from its Lower Downtown Denver office space where its headquarters are housed.
MassRoots had not paid rent from Sept. 1 to Dec. 18, owing more than $39,000, according to the notice posted at its 1624 Market St, Suite 201, office.
Catch up on the entire MassRoots story
- MassRoots facing eviction from its Denver headquarters
- Ousted MassRoots CEO reclaims helm of marijuana tech firm
- Cannabis tech firms MassRoots, New Frontier team up on consumer data
- MassRoots founder initiates proxy battle to overthrow marijuana firm’s board, leadership
- MassRoots sues founder, former CEO, alleging “serious misconduct”
- MassRoots officials: “Right team and right plan” in place for growth
- MassRoots quarterly revenue tanks
- MassRoots shake-up: In wake of abrupt CEO switch, deal to acquire CannaRegs gets nixed
Topics: Colorado, Isaac Dietrich, massroots, Securities and Exchange Commission, tech
Alicia Wallace
Alicia Wallace joined The Cannabist in July 2016, covering national marijuana policy and business. In her 14 years as a business news reporter, her coverage has spanned topics such as the economy, natural foods, airlines, biotech, retail,…
