MassRoots makes technology for the marijuana industry.(
Onetime Portland tech executive Scott Kveton is the new chief executive of a Denver company, MassRoots, that’s developing technology for the cannabis industry.
The website Green Market Report said MassRoots’ board replaced CEO Issac Dietrich as the company’s cash balance dwindled and its stock price deteriorated. In August, MassRoots bought another startup, CannaRegs, for $12 million.
MassRoots acquired Kveton’s Portland startup, Odava, in July in a deal worth about $1.6 million, primarily in MassRoots stock. At the time, MassRoots shares were trading around 50 cents.
They closed Monday at 33 cents and slid another 26 percent early Tuesday, to 25 cents, following word of the CEO change.
MassRoots did not announce the leadership change or submit a regulatory filing to disclose it. Kveton did not immediately return a message seeking comment.
His former company, Odava, made transaction processing and supply-chain management software for businesses in states where marijuana is legal. MassRoots’ makes apps to guide consumer decisions on marijuana strains and products.
Kveton co-founded Portland-based Urban Airship, a mobile technology startup, in 2009 and ran it until 2014, when a former girlfriend accused him of sexual assault. The accusations forced him from his job and rocked Portland’s tech community, though he never faced criminal charges.
The woman brought a civil suit against Kveton, and the former couple reached a civil agreement to resolve the complaint.
— Mike Rogoway; twitter: @rogoway; 503-294-7699