The disgruntled co-founder of Snoop Dogg-backed cannabis firm Oxford Cannabinoid Technologies has failed in his quest to unseat most of its board despite significant support.
Around 23 per cent of voting shareholders backed proposals by Gavin Sathianathan that included unseating its chief executive, chairman and several non-executive directors from the board. Around 76 per cent of those voting opposed the measures.
The boardroom battle saw Sathianathan – who owns an 8.1 per cent stake in the firm through his vehicle GHS Capital – accuse the OCT board of being ‘obstructive and intransigent in the face of ongoing and worsening value destruction.’
Liberal: Snoop Dogg – real name Calvin Broadus Jr – is a fierce advocate for legalising cannabis use in the US
After the result of the vote on Wednesday, OCT chairman Julie Pomeroy said the board was ‘naturally delighted’. A source close to GHS lamented that the outcome was ‘disappointing, though sadly not all that surprising’.
OCT is one of several companies backed by Casa Verde, a venture capital fund co-founded by 50-yearold rapper Snoop Dogg – real name Calvin Broadus Jr – who is a fierce advocate for legalising cannabis use in the US.
The Mail on Sunday revealed last month that 11 per cent shareholder Imperial Brands had thrown its weight behind OCT’s board in the run-up to the vote.
Imperial’s corporate development director Richard Hathaway sits on the OCT board and was one of the directors in Sathianathan’s crosshairs – which may have helped to explain the tobacco firm’s decision.
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