Connect with us

Hi, what are you looking for?

World News

Snoop Dogg cannabis group critic halves stake

Lawyer: rapper Snoop Dogg - real name Calvin Broadus Jr

Cannabis group critic Snoop Dogg halves his stake: Gavin Sathianathan cuts his stake in Oxford Cannabinoid Technologies to 4.4% from 8.1%

Lawyer: rapper Snoop Dogg - real name Calvin Broadus Jr

Lawyer: rapper Snoop Dogg – real name Calvin Broadus Jr

A fierce critic of a medicinal cannabis group backed by rapper Snoop Dogg has cut his attendance after losing a bitter dispute in the boardroom.

Gavin Sathianathan nearly halved his stake in Oxford Cannabinoid Technologies (OCT) to 4.4% from 8.1%, according to stock filings.

It comes several months after Sathianathan, who co-founded the company, unsuccessfully tried to oust the chief executive, chairman and several non-executive directors. Among them, its co-founder Neil Mahapatra, who is the main shareholder of OCT.

The company, which also counts tobacco giant Imperial Brands among its investors, uses cannabis extracts to develop a range of pain relief products.

OCT is one of many companies to have received backing from Casa Verde, a venture capital fund co-founded by rap artist Snoop Dogg – real name Calvin Broadus Jr – who is a vocal advocate for the legalization of cannabis use in the United States.

OCT, headquartered in Oxford, was valued at £48million when it was introduced in London last year. He’s only worth £5.3m now.

Sathianathan accused the board of being ‘obstructive’ in the face of ‘continuing and worsening value destruction’ and wanted to address what he described as ‘serious governance and ossified management issues’. .

It scaled back its stake before OCT began its first clinical trial in January.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Business

When you apply for a personal loan, lenders first determine your credit score to know how credible and reliable you are. This means that...

Health

It’s fun to be a student, especially if you’re motivated to achieve. However, it’s getting harder for students to focus in today’s busy society....

Finance

Loans against property are a common option for people needing high-value cash. Given that its interest rates are almost 3% to 4% more than...

Business

Zion Market Research has released a new report that projects the Endotracheal Tube Securement Devices Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2018-2025. The year...