MassRoots Inc (OTCMKTS:MSRT) an emerging social network firm for cannabis consumers, submitted an application so as to up list on the popular NASDAQ Capital market. If company succeeds in its measures, it will come in the list of cannabis tech firms trading on the national stock exchange. In 2014, MassRoots fall under the group of initial cannabis-related entities to go public. These companies submitted a Registration Statement on Form S-1 instead of opting for a reverse-merger.
MassRoots has posted exceptional growth in last few quarters as its user base jumped sharply in last six months. The company started with the monetization of its digital assets, which will enhance revenue in upcoming quarters. It plans to maximize gains from the intersection of mobile technology and growing cannabis industry. The company offers a direct play on the decriminalized cannabis market without touching the plant itself.
The management speaks
Isaac Dietrich, the Chief Executive of MassRoots, stated that up listing to a popular national exchange like the NASDAQ platform would work in favor of the company and for the entire cannabis industry. The management is of view that up listing to a national exchange would help company to get attention of big institutional investors. It will boost share liquidity and help move the prototype related to making investments in the regulated marijuana industry.
As per the management, the company will initiate essential steps to strengthen corporate governance. It will make efforts to meet all necessary NASDAQ’s guidelines so as to list on national exchange. However, MassRoots marked that the fulfillment of all guidelines doesn’t guarantee the up listing of its stock on NASDAQ platform.
MassRoots Inc (OTCMKTS:MSRT) ended the last trading session almost unchanged as it closed with a very nominal loss of 0.98%. The volume of 358,000 was higher than the daily average of 126,000 but both the figures were inconsequential from the larger perspective. The stock has rallied very sharply in the last 2 weeks and broke above the 4 month long base in the process. After this kind f sharp rise, a bit of time correction in the form of sideways consolidation is not only normal, it provides strength to the structure and increases the probable upside.