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
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.