MassRoots Inc (OTCMKTS:MSRT) a leading private social network dedicated to the legalized cannabis community, stated that it closed an oversubscribed $475,000 financing round directed by Dutchess Opportunity Fund II. The company came into existence in July 2013. Since then it has recorded 80,000 monthly active users, supported fourteen million interactions between users, and has been witnessing over 50,000 daily app opens.
There is exponential growth in almost every key performance parameter. As the leading digital platform for the cannabis segment, MassRoots offers a semi-anonymous setting for the users to discuss their cannabis-related experiences. They get a common platform to connect with other cannabis consumers and know about the highest quality pot-related content online. The company is also working on its location-based service that connects users to the cannabis group around them.
The management speaks
Tyler Knight, the Co-Founder of MassRoots stated that provided the history of cannabis in the U.S., a major part of the users would prefer not to share their cannabis experiences off on social media platforms. In most of the cases, a typical user’s family, employers and co-workers, can follow them on social networks, putting their professional and social reputations at risk. By offering a platform where consumers are not required to offer personally-identifiable information, the company established a semi-anonymous setting where consumers’ feel comfortable share about cannabis related experiences and topics.
MassRoots Co-Founder Isaac Dietrich stated that by establishing the fastest and largest growing online community of cannabis users, the company is creating a valuable distribution and marketing channel for legalized cannabis and related products. MassRoots Inc (OTCMKTS:MSRT) can fully combine two of the fastest rising segments in the world and they are mobile technology and legalized cannabis. In the last trading session, the stock price of MassRoots declined 2.73% to close the day at $1.07 with share volume of 35,537 compared to the average volume of 193,067.