It was another cool trading session for MassRoots Inc (OTCMKTS:MSRT), which is a new face in the marijuana industry. The company that listed a few weeks ago is enjoying mass investors’ interest for its unique offering. The company does not produce cannabis-based products or markets anything related but has created a platform to unite pot lovers.
A booming name
Launched in 2013, MassRoots Inc (OTCMKTS:MSRT) has already established itself as the Facebook Inc. (NASDAQ:FB) or Instagram for weed advocates. The company’s unique offering has helped it to attain attention from the national media as reputed media houses such as CNN has covered the company’s story of thriving in the marijuana space.
MassRoots Inc (OTCMKTS:MSRT) boasts of over 2,75,000 users for its app, which is designed on the lines of Instagram and Facebook. The app is a place for cannabis users to share their photos and experiences with weed while maintaining their identity. The feature such as anonymity and ‘Buds’ has earned the app instant popularity among users. Moreover, the company has made the app available for free on both Apple’s App Store and Google Play Store for free. Also, there are no in-app purchases, which makes it even more attractive for users across the 23 states of the U.S.
However, MassRoots Inc (OTCMKTS:MSRT)’s comparison with Facebook should not divert investors from its weak financials. Since the company is offering its app for free, therefore, it is understood that MassRoots has no revenue stream right now. Its cash and current liabilities as per the recent report stand at $141,000 and $1.15 million respectively. With an annual net loss of $2.43 million and annual revenue of $9,000, it is difficult to understand the company’s comparison with the likes of Facebook.
Despite the odds, the stock of MassRoots Inc (OTCMKTS:MSRT) closed 7.47% higher at $2.59 yesterday. It further extended its gain by 6.50% to $2.76 during the after-hours as nearly 275,000 shares traded on the day.