“Facebook” Of Cannabis Industry Applies For Nasdaq Listing
MassRoots, Inc. (MSRT) has filed an application to become listed on the NASDAQ Capital Market. In April, MSRT went public by filing a Form S-1 registration statement. Most publicly traded cannabis companies on the OTC exchange have gone public through a reverse merger. MassRoots plans to strengthen its corporate governance and take steps to meet the NASDAQ Capital Market’s requirements.
Breaks Through 500,000 Users and Starts Monetizing
This announcement comes after MSRT broke through 500,000 users on its platform last week. MassRoots continues to grow its user base and the company has more than doubled its user base during 2015. This growth is very impressive because their app is only offered in states where medical cannabis is legal (23 states).
Last week, MassRoots started monetizing its digital properties and the company expects to rapidly scale its revenues over the next several quarters. During the first 10 days, MSRT generated over $25,000 in revenue.
Forms Strategic Relationship
MassRoots recently named MyDx, Inc.’s (MYDX) device as the official cannabis analyzer of the cannabis community. This announcement came after MyDx launched a portable analyzer that provides real-time chemical analysis and fits in the palm of your hands earlier this summer. MYDX’s device allows consumers to test strains of cannabis to determine how they will affect such ailments as stress, anxiety and pain.
In late April, MSRT entered into a partnership and take an equity stake in Flowhub, a seed-to-sale company that is currently in beta. MSRT and Flowhub will integrate their systems, which will expand the services available to MSRT’s users and dispensaries.
This partnership will add value to both companies. MSRT will be able to offer its users access to a live pricing, inventory, and ordering system. Flowhub will be able to help dispensaries streamline operations by targeting specific customers based on purchasing patterns and social activity.
The “Facebook” of Cannabis
MassRoots has one of the largest and most active social networks in the cannabis industry. The company continues to grow its user base and execute on business initiatives. We are excited to see what they do next!