MassRoots Inc (OTCMKTS:MSRT) one of the fastest booming social networks for cannabis consumers, filed an application to list on the NASDAQ Capital market. If it succeeds, it will become one of the first cannabis tech firms listed on the reputed national exchange. In 2014, MassRoots was included in the list of first cannabis-related firms to go public by filing a Registration Statement on Form S-1. These entities didn’t op for a reverse-merger.
MassRoots has recorded exceptional growth in recent quarters as its user base doubled in last six months. It has started with the monetization process of its digital assets and is expecting to increase its revenue in upcoming quarters. The company intends to maximize its benefits from the intersection of mobile technology and cannabis industry. MassRoots provides a direct play on the regulated cannabis industry without touching the cannabis plant itself.
The expert comments
Isaac Dietrich, the CEO of MassRoots, said that up listing to the reputed national exchange like the NASDAQ Capital Market would work as a remarkable achievement for MassRoots and also for the cannabis industry as a whole. The management believes that up listing to a popular national exchange such as the NASDAQ would enable company to get increased attention of institutional investors. Also, it will enhance share liquidity and help shift the prototype pertaining to investing in the regulated marijuana industry.
In the coming period, MassRoots will take necessary measures to strengthen its corporate governance. It will also make sure to fulfill all necessary NASDAQ Capital Market’s guidelines. However, the company marked that even if all the stated guidelines are fulfilled, there is no guarantee that its uplist application will be approved.
MassRoots Inc (OTCMKTS:MSRT) had given the first sign of breaking out from its intermediate base, which was followed by a huge rally yesterday as the stock ended the session with a large gain of 21.43%. The volume surged to an all time high of 1 million, a long way higher than the daily average of 109,000. The volume pattern definitely indicates a lot of buyers at the current levels and that may drive the stock higher. Around the day high of $2.34, a bout of profit booking was visible but the rally can extend to the band of $2.65-$2.85 in the next few sessions.