MassRoots announced in a press release on Wednesday that they are releasing a new product, MassRoots for Business. The company expects that this pivot will create its primary source of income for the year. MassRoots’ previous income was primarily from direct-to-consumer ads, though the company has had trouble meeting revenue goals in the past and in 2017 reportedly lost $44 million.
Subscriptions to the new business portal will start at $420 per month with a minimum one-year commitment. The service will focus on providing locational and statistical data and analytics pertaining to the members’ local markets. New Frontier Data indicates there are currently 2,488 licensed dispensaries in the U.S. — MassRoots for Business hopes to onboard several hundred of those, according to the press release, in a bid to become profitable.
MassRoots has suffered in the last two years. Once a promising social media startup with successful fundraising in the tens of millions of dollars, the company has struggled to find a way to monetize their community and data and become profitable. Several bids were made, including an attempt to develop a cannabis-focused blockchain product.
Last year, the board of directors attempted to oust founder Isaac Dietrich but failed spectacularly.