Nasdaq Denies Cannabis Technology Company MassRoots; Shuns the Regulated Cannabis Industry
Denver, CO (May 24, 2016): MassRoots, Inc. (OTCQB: MSRT), one of the largest and fastest growing technology platforms for the cannabis industry, received notification on Monday, May 23, 2016, that the Nasdaq has denied MassRoots’ application for listing, which was filed in August 2015. The Nasdaq determined that as MassRoots may be deemed as “aiding and abetting” the distribution of an illegal substance under Federal law, they are unwilling to proceed with MassRoots’ listing application. MassRoots plans to appeal the staff decision to the Nasdaq Listing and Qualifications Board.
“With this decision, we believe that the Nasdaq has set a dangerous precedent that could prevent nearly every company in the regulated cannabis industry from listing on a national exchange. This will have ripple effects across the entire industry, making it more difficult for cannabis entrepreneurs to raise capital and slow the progression of cannabis legalization in the United States,” stated MassRoots CEO Isaac Dietrich. “This decision must not be allowed to stand and we’re asking cannabis supporters, activists businesses, and investors to write a brief note to the Nasdaq in support of our planned appeal here.”
“If we were a social network for tobacco users or alcohol consumers, the Nasdaq would likely be moving forward on our application even though alcohol and tobacco cause far more deaths and societal damage than cannabis ever will. Moreover, the Nasdaq has already listed at least 3 biotechnology companies that extract compounds from the cannabis plant for scientific research – actually touching the plant as part of their business model,” continued Dietrich. “We believe the Nasdaq has inappropriately denied our application and look forward to making our case not just to the Nasdaq Listing and Hearings Review Board, but directly to the American public.”
MassRoots has requested the Nasdaq’s denial letter in writing and will file an 8-K within 4 business days of receipt. The Company plans to appeal the Nasdaq’s decision shortly thereafter. MassRoots no longer plans to affect a reverse stock split.
About Masroots Massroots is one of the largest and most active technology platforms for cannabis consumers, businesses and activists with 900,000 users. It is proud to be affiliate with the leading organization in the cannabis industry, including the ArcView Group and National Cannabis Industry Association. MassRoots has been covered by Fox Business, CNBC, Fortune, BBC, Cannabist and New York Times. For more information, visit MassRoots.com/Investors.
This information does not constitute an offer to sell or a solicitation of an offer to buy securities or assets of MassRoots. All information presented herein with respect to the existing business and the historical operating results of MassRoots and estimates and projections as to future operations, the success of events that we are attending, and other information, is based on materials prepared by the management of MassRoots and involve significant elements of subjective judgment and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, MassRoots makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, MassRoots reserves the right to amend or replace some or all of the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information.
Forward-looking Statements:
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots' advertising business, potential partnerships, and our related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Important factors that could cause our actual results to differ materially from those anticipated by the statements made herein include, among others, the success of our advertising initiatives, the continued growth and engagement of our user base, our ability to work with partners of the Company, and unforeseen technical or other problems or issues that could affect the performance of our products or our business. Further information on our risk factors is contained in our filings with the SEC, including the Amendment to our S-1 Registration Statement filed on October 29, 2015. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
Contact: Isaac Dietrich Isaac@MassRoots.com 720.442.0052
Humbled, MassRoots/MSRT Continues its Focus on Cannabis Technology and Data; Web Traffic Hits All Time High
Today at 8:16 AM
Friends,
MassRoots continues to focus on its core business: building the best technology products it can for cannabis consumers and businesses. The Company, which recently completed its backend migration to Amazon Web Services, expects to introduce several new features over the next four weeks to open new growth channels and potential revenue streams.
Additionally, MassRoots is pleased to report that its Alexa score, a measurement of a website’s traffic, hit an all-time high on May 22, 2016.
The revamped MassRoots for Business portal consolidates many online marketing functions for cannabis-related business in one central platform. Businesses can schedule posts on MassRoots, Facebook and Twitter; purchase advertising on both MassRoots owned-properties as well as third party digital properties; and view actionable, real-time data from MassRoots and third party sources in easy-to-read formats. We believe this will serve as a solid foundation for future business-related features as we prepare to integrate dispensary point-of-sale data. We expect the revamped MassRoots for Business to launch in early June 2016.
Revamped Dispensary Finder and Features
One of the main reasons people use MassRoots is to find quality dispensaries and products in their area. With our revamped dispensary finder and profiles, our goal is to provide the easiest and quickest way for consumers to do so, while integrating social recommendations to aid consumers in finding the best products. We expect our revamped dispensary finder and profiles to launch in June 2016.
Revamped Discover Page
Based on an analysis on Google Trends, there are currently tens of millions of Google searches every month for cannabis-related terms and questions – consumers, voters, activists and government officials looking for high-quality, reliable information on cannabis. Since launching MassRoots’ web platform in December 2015, we have been able to generate over 2 million page views from hundreds of thousands of unique visitors by indexing the content from our network on Google; however, this is only a fraction of the total searches that occurred during the same timeframe. In order to expand our market share of search results and web traffic, we intend to expand the functionality and content of MassRoots’ discover page to better connect consumers with the information they are looking for. We expect these features to launch in June 2016.
This information does not constitute an offer to sell or a solicitation of an offer to buy securities or assets of MassRoots. All information presented herein with respect to the existing business and the historical operating results of MassRoots and estimates and projections as to future operations, potential partnerships with other businesses, the success of events that we are attending, and other information, is based on materials prepared by the management of MassRoots and involve significant elements of subjective judgment and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, MassRoots makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, MassRoots reserves the right to amend or replace some or all of the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information. Nothing contained herein is or should be relied upon as a promise or representation as to the future.
Forward-looking Statements: Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots' advertising business, potential partnerships with Flowhub, success of investor events attended by the Company,and our related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Important factors that could cause our actual results to differ materially from those anticipated by the statements made herein include, among others, the success of our advertising initiatives, the continued growth and engagement of our user base, our ability to work with partners of the Company, and unforeseen technical or other problems or issues that could affect the performance of our products or our business. Further information on our risk factors is contained in our filings with the SEC, including the Amendment to our Registration Statement on Form S-1 filed with the SEC on October 29, 2015. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Any forward-looking statement made by us herein speaks only as of the date on which it is made. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
Our mailing address is: MassRoots 1624 Market St Ste 201 Denver, CO 80202
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