NEW YORK (Reuters) - Stock exchange operator Nasdaq has rejected a listing application by MassRoots Inc on the grounds that it may aid in the use and dealing of an illegal substance, the cannabis social networking company said on Tuesday.
The rejection, handed down on Monday, may insert roadblocks ahead of other cannabis-related companies seeking to list on a national stock exchange, MassRoots Chief Executive Isaac Dietrich said in a statement.
"This will have ripple effects across the entire industry, making it more difficult for cannabis entrepreneurs to raise capital and slow the progression of cannabis legalization in the United States,” Dietrich said.
The Denver-based company, which connects cannabis users, activists and business people through its mobile applications and web portal, said it planned to appeal the decision.
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