Cannabis
Stock News: MassRoots ($MSRT) Accelerates Growth Initiatives as it Launches
Updated Business Portal and Completes Whaxy Integration
DENVER - April 3, 2017
(Investorideas.com Newswire) MassRoots, Inc. (MSRT), a leading technology
platform for medical cannabis patients and businesses, is pleased to announce
it has launched an updated business portal. Through this portal, businesses are
able to target advertisements to MassRoots' one million registered users,
schedule posts, view analytics, and manage their inventory and pricing data.
Additionally, MassRoots is pleased to
provide the following business development updates:
- During the Company's audit
of fiscal year 2016, certain revenues related to the 420 Rally were
removed in a one-time adjustment. Additionally, as the Company's
acquisition of DDDigtal, LLC dba "Whaxy" was not completed until
January 2017, no revenues generated by Whaxy in 2016 were reflected in
MassRoots' earnings.
- In early November 2016,
MassRoots' mobile application was removed from Google Play, delaying the
launch of geo-targeted advertising to over half of MassRoots' users.
MassRoots was re-listed in Google Play on March 21, 2017, and growth and
monetization initiatives are now live on its iOS, Android and web
platforms.
- Over half of the Company's
2016 operating expenditures - $7.28 million – were related to stock and
option-related compensation which did not take any cash out of the
business.
- The Company has received
more than $4.4 million in warrant exercises so far in 2017, including a
recent early exercise by Aphria, Inc., resulting in MassRoots having its
strongest cash position in corporate history.
- During the first quarter of
2017, MassRoots retired all outstanding long-term debt, resulting in a
significantly stronger balance sheet.
- MassRoots recently launched
a revamped website, focused on enabling medical cannabis patients to find
the best products to treat certain conditions (i.e., effectiveness for
treating ailments such back-pain or epilepsy).
"During the coming weeks, we
expect to announce significant advertising and branding deals with some of the
leading brands in the medical cannabis industry," stated MassRoots
Chairman and CEO, Mr. Isaac Dietrich. "The majority of our revenue is
derived from just two states – Colorado and California – and as markets across
the country continue to develop, MassRoots is positioned to be one of the
leading advertising channels for dispensaries and brands in the cannabis
industry. We have accomplished several key objectives over the past two weeks:
returning to Google Play, launching a new website and updated business portal;
and establishing a userbase of one million of the most enthusiastic cannabis
consumers. Given our success in attaining these key objectives, our top
priority for 2017 is significantly increasing MassRoots' revenues."
About MassRoots
MassRoots is one of the largest
technology platforms for the regulated cannabis industry. The Company's mobile
apps enable consumers to make educated cannabis purchasing decisions through
community-driven reviews. MassRoots is proud to be affiliated with the leading
businesses and organizations in the cannabis industry, including the ArcView
Group and National Cannabis Industry Association. For more information, please
visit MassRoots.com/Investors.
Forward-looking Statements
Certain matters discussed in this
announcement contain statements, estimates and projections about the growth of
MassRoots' business, potential partnerships, new features, and related business
strategy. Such statements, estimates and projections may constitute
forward-looking statements within the meaning of the federal securities laws.
Factors or events that could cause our actual results to differ may emerge from
time to time. MassRoots undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise. The recipient of this information is cautioned not to
place undue reliance on forward-looking statements.
Watch the 420
Cannabis Investor video
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