SiliconBeat

The board of Cannabis Science, the San Francisco research and development firm aiming to develop medicines derived from marijuana, resolved today to “immediately remove and terminate all corporate contracts” with Chief Executive Steven Kubby. Without citing specific instances, the board resolution said Kubby (pictured) “failed to conduct his duty in the manner that it is in compliance with his fiduciary duties to preserve shareholders value and corporate integrity.” Furthermore, the board said it “hereby” removed his power to negotiate, sign agreements or conduct banking on behalf of the company.

We previously posted about the company’s recent hiring of a firm to provide investor relations activities for the company, which began trading shares through a reverse merger earlier this year between Gulf Onshore, a public company that in March acquired Cannex Therapeutics,  a privately held company founded by Kubby involved in developing medical cannabis-based pharmaceutical products.

Kubby is described as “an entrepreneur with a wide range of experience and success in businesses ranging from property management to publishing to political fundraising,” according to biographical information included in the company’s most recent annual 10-K report with the SEC.

Kubby is also identified as the executive director of the American Medical Marijuana Association, “an internationally recognized organization comprised of doctors, lawyers, nurses and patients working for the rights of medical cannabis patients primarily in the United States and Canada,” according to the 10-K.

Kubby played a key role in the drafting and passing of California’s historic medical cannabis initiative (Proposition 215) in 1996 and has also authored two books on drug policy reform.

Described as “a widely recognized medical marijuana pioneer and political leader,” Kubby is said to be “intimately familiar with the legal and regulatory problems involved in developing and marketing cannabinoid-based pharmaceuticals.”

As of March 31, the company listed $849,000 in cash on its balance sheet.

Robert Melamede, a director on the board of Cannabis Science and its chief science officer, was named to take over as  chief executive immediately, continuing until the company’s next annual meeting. He will also serve as the company’s chief financial officer.