Ever since MassRoots Inc MSRT acquired CannaRegs for $12 million in stock, there has been speculation around CEO Isaac Dietrich being replaced.
That chatter intensified Monday, and two sources confirmed to Benzinga that Dietrich was "ousted" by the Board of Directors earlier this morning.
Benzinga also reached out to CannaRegs Co-founder and CEO Amanda Ostrowitz, J.D., who is expected to take over as MassRoots president as part of the deal.
"Everything is up in the air right now," Ostrowitz told Benzinga. "I'm allowing them to do what they need to do. I am not officially a member of MassRoots yet, so it’s not my quandary to solve. My duty is to watch and make sure that the best interest of CannaRegs is what I focus on."
"The deal with MassRoots is not closed yet, so I remain focused on CannaRegs. We are doing great, so we want to keep our heads down and keep doing our job,"Ostrowitz added
Green Market Report's Debra Borchardt tweeted that Scott Kveton will be named the new CEO of MassRoots, although Benzinga was not able to confirm.
Shares of the micro-cap OTC stock were trading down about 12 percent at $0.37 a share on Monday afternoon.
MassRoots has mobile applications that enable consumers to provide community-driven reviews of cannabis strains and products, enabling consumers to make cannabis purchasing decisions.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.