Marijuana dispensing firm Medbox Inc. announced Monday that Chief Executive Guy Marsala is leaving the company and its board of directors. He will be replaced by Chief Operating Officer Jeff Goh, who has been promoted to president and interim chief executive.
Marsala joined the West Hollywood company a year ago, just as Medbox had started branching out from its roots as a maker of secure marijuana vending machines to consulting services for dispensaries and others in the cannabis industry. The transition hasn’t been smooth. When Marsala joined the firm Medbox stock was trading at around $17 a share. Today it closed at 20 cents, though it was up 51 percent in Monday trading.
Late last year, management found that Medbox had overstated 2013 revenue by about $3 million due to premature revenue recognition on some customer contracts. The company restated the firm’s financials for 2012, 2013 and the first three quarters of 2014.
“I am proud to have successfully led Medbox through a challenging period,” Marsala said in a release, adding that Goh will focus on corporate growth and pursuing business opportunities. The interim chief executive will also retain his responsibilities as chief operating officer.
Goh joined Medbox in April, having consulted for the firm since last summer. Prior to that, Goh was chief executive of Long Beach snack maker Corazonas and Carson bakery products producer Two Chefs on a Roll Inc.
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