MassRoots, Inc., 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.
Bags of marijuana sit on shelves in a building at the Los Suenos Farms facility in Avondale, Colorado, U.S., on Thursday, Feb. 25, 2016. About 938 dispensaries, which outnumber Starbucks in Colorado, in 2015 yielded $135 million in state taxes and fees, 44 percent more than a year earlier. Yet as the market enters its third year after voters legalized retail sales in 2012, officials question whether the newfound income outweighs the escalating social costs.
Related Story: "Can Cannabis Companies Go Public?," published in Cannabis Business Times' March/April print magazine. Subscribe to CBT here.
