MassRoots, the Denver-based operator of a marijuana social networking app, is poised to move onto the NASDAQ exchange.
The MassRoots app is designed to help marijuana users locate dispensaries, share cannabis-related posts and media, and connect with other users.
The company (OTCQB: MSRT) filed to have its shares listed on the NASDAQ exchange, according to an announcement made Monday.
Isaac Dietrich, MassRoots chief executive officer, said that the company believes “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.”
As of yet, the company is unsure of whether it will obtain the listing, and noted that the process could take several weeks. In order to be listed, MassRoots has to meet one of three criteria: having more than $4 million in stockholder equity, 1 million publicly-held shares, or having bid and closing stock prices between $2 and $4 a share.
The MassRoots app has more than 500,000 users, and raked in more than $25,000 in revenue after “aggressively monetizing” its digital holdings. The firm also acquired an equity stake in Flowhub, a cannabis-tracking software developer, earlier this year.
Photo Credit: Osman Kalkavan
Get daily cannabis business news updates. Subscribe