MassRoots, Inc. (MSRT), the ‘Facebook’ for cannabis consumers, is filing an offering to go public with hopes that the Nasdaq will approve them for a listing.
The social network was formed in April of 2013 as an online community for people that smoke pot. It now has 775,000 users and 380,000 followers on Instagram. While there are plenty of social networks like Facebook, Twitter or Instagram, many people are not comfortable sharing their cannabis consumption in a place that family, friends and co-workers go to.
MassRoots went public last April on the OTCQB Marketplace under the symbol MSRT; it’s trading at $1.28, well off its all-time high of $7.01. As of March, there were 90 shareholders of record and roughly 47 million shares issued and outstanding.
MassRoots has applied to the Nasdaq Capital Market to list its common stock under the symbol “MSRT.” Nasdaq won’t comment on the company as it is under review. While MassRoots doesn’t “touch the plant,” just the association could cause Nasdaq to turn it down. MassRoots makes it clear in its filing the marijuana is still a schedule 1 drug and as such is illegal under federal law. Since MassRoots works with cannabis companies for advertising, they could be see as “aiding and abetting” an illegal activity.
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