Since April 2015, marijuana social networking app MassRoots has been listed in the OTC Market Group’s OTCQB marketplace—the home of developmental stage companies. Now, the company has announced its intent to be listed on the Nasdaq Market Exchange, making it the first cannabis technology company in the market if accepted.
“Uplisting to the Nasdaq Capital Market would be a significant milestone not just for MassRoots, but the cannabis industry as a whole,” said MassRoots CEO Isaac Dietrich in a statement.
To be listed in Nasdaq, MassRoots needs to have one million publicly held shares and at least 300 round lot of shareholders. Shares should also have a minimum bid or closing price of $2. According to MassRoots’ second quarter financial report, the firm has $171,000 in cash; $481,000 in current liabilities; $21,000 in revenues; and $1.5 million in net loss. With these figures, it leaves to be seen whether MassRoots gets accepted into Nasdaq or not.
But with the strengthening support for marijuana legislation in the country, the Denver-based company’s future looks bright. It is available nationwide since it does not handle or sell cannabis, only connecting weed users to dispensaries within their area through its mobile app. At present, MassRoots has over 500,000 users and has a listing of more than 1,000 cannabis businesses.
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