Update – NASDAQ says NO WAY to MassRoots – 26 May 2016 – MediaPost broke the story earlier this week, and it doesn’t look good for MassRoots.
There are three super popular apps in the cannabis space – MassRoots, WeedMaps and Leafly.
- Of the three, WeedMaps is by far the most popular. As a matter of fact, we did a little research and the term “WeedMaps” – with its various misspellings such as Weed Maps, WeedMap, Weed Map, and Weeds Map – is cumulatively searched for on Google more than the word “marijuana” each month.
However, that’s not stopping MassRoots from being the first to hit the stock market. That’s right… MassRoots is going to the NASDAQ.
Per documents filed with Securities and Exchange Commission, MassRoots has applied for “uplisting” to the Nasdaq Capital Market, which should allow traders to buy and sell shares in MassRoots on the exchange rather than “over the counter,” exposing it to a much larger group of potential investors. According to the Denver Post the penny stock is currently trading around $1.57.
The listing would make MassRoots the first cannabis-related company traded on a big U.S. exchange outside the biotech category. It claims around 775,000 users for its platform, which allows people to share all kinds of content, including recipes for edible marijuana and technical information about different strains and varieties, cultivation techniques, and so on.
As a side note, MassRoots was removed from the App Store last year during one of Apple’s policy change whims, and was forced to make changes to their app that demonstrated they were not encouraging illegal drug use.