MassRoots Inc (OTCMKTS:MSRT) has been making a strong move up as pot stocks once again take the OTC by storm. The stock traded as high as $2.34 in April on anticipation of the Company to up-listing to the NASDAQ stock exchange. The NASDAQ bid was unsuccessful however and the stock has been in a downtrend since.
MRST got a huge boost as pot stocks have heated up going into the election. The red hot Marijuana industry has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with many new states legalizing the drug including Oregon and California likely next.
MassRoots Inc (OTCMKTS:MSRT) which bills itself as the ”Facebook” for cannabis consumers” has developed an online community for people that smoke pot. It now has 775,000 users and 380,000 followers on Instagram.
The MassRoots App was removed from the Apple App Store at the end of last year but re-instated in April of this year. The Company is clear that Apple could choose to remove it again. They haven’t had any problems with the Google Play Store.
During the 2016 elections, at least 8 states — including California — will have some form of cannabis legalization on the ballot. If these referendums successfully pass, ArcView Market research projects the cannabis industry could grow to $10.2 billion by 2018.
MassRoots is uniquely positioned to play a key role in helping these legalization initiatives pass by connecting and empowering the cannabis community. If passed, these initiatives will greatly expand the markets in which MassRoots is available, accelerating our growth and potential revenue.
Also helping to ignite pot stocks is the ArcView Group recent report that legal sales of cannabis grew to $5.4 billion in 2015, up from $4.6 billion in 2014. Demand is expected to remain strong this year and the research firm forecasts sales of $6.7 billion. Non-medicinal adult use accounted for $998 million of the total sales in 2015, up from $351 million in 2014.
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The NASDAQ up-listing is nothing new to MSRT, they said earlier this year that they have filed an application to become one of the first cannabis technology companies listed on the NASDAQ Capital Market. Last year, MassRoots was one of the first cannabis-related companies to go public through a Registration Statement on Form S-1, as opposed to a reverse-merger.
MassRoots CEO Isaac Dietrich said “Uplisting to the NASDAQ Capital Market would be a significant milestone not just for MassRoots, but the cannabis industry as a whole. We believe that uplisting to a national exchange like the NASDAQ would enable MassRoots to attract a broader range of institutional investors, increase share liquidity and help shift the paradigm about investing in the regulated marijuana market.”
On October 14 MSRT announced it has recruited principal engineers from some of the world’s leading technology companies to accelerate the roll-out of several planned features. MassRoots’ development team is led by Lance Galey, former Chief Software Architect of Cloud Services for Autodesk and Vice President and Principal Architect at Salesforce, where he led the architecture and development of numerous core infrastructure and platform services underlying a large portfolio of Salesforce SaaS applications. In 2013, Mr. Galey was selected as the executive MVP for the technology division of Salesforce.com.
“Over the past three months, we’ve recruited some of the most talented engineers from the world’s leading technology companies who are fascinated by the incredible opportunity the cannabis industry presents,” stated MassRoots CTO Lance Galey. “All great technology companies are built by talented engineers. With a world-class team now in place, we believe MassRoots is progressing at a higher velocity than anyone else in the space.”
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Currently trading at a $35 million market valuation MSRT had $386,316 in cash, revenue of $213,963 for the year ending 2015 with an $8 million loss for the year. But MSRT is an exciting story in small caps; the MassRoots App has attracted 775,000 users and has 380,000 followers on Instagram. Although it represents a huge up-hill battle MSRT is busy trying to up-list to the NASDAQ stock exchange and just announced 75,000 people have pre-registered for the April 16, 420 Rally presented by Colorado Marijuana Company, Sweet Leaf, MassRoots and Wiz Khalifa’s Amber Ice, a specialty concentrate line launching on April 17, 2016. We will be updating on MSRT when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MSRT.
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Disclosure: we hold no position in MSRT either long or short and we have not been compensated for this article.