Within a short span of two years, MassRoots Inc (OTCMKTS:MSRT) a new entrant in the marijuana industry, is increasingly referred to as the Facebook Inc. (NASDAQ:FB) or Instagram for users. The company, which went public just this month came under attention after it made to the national TV, where it featured into the CNN and NBC News. The two media platforms generously gave an account of how MassRoots Inc (OTCMKTS:MSRT) has become an exclusive social media platform for the weed lovers.
The company has already more than 2,75,000 users registered for its app, which functions similar to Facebook or Instagram. The friends and followers section under Facebook is replaced by ‘Buds’ in MassRoots’ app. The main attraction of the app is that people can anonymously post pictures and stories of their experience with pot.
The app is presently available in 23 states and in Columbia, where marijuana is legal in some form. The app is currently available on both Google Play Store and Apple’s App Store and can be freely downloaded on the two platforms. As of now, the app does not offer any in-app purchases as well, which means that MassRoots Inc (OTCMKTS:MSRT) is completely focusing on creating its name in the industry.
MassRoots Inc (OTCMKTS:MSRT)’s financial standing is similar to a company that has no focus on revenue generation. It has $141,000 in cash and $1.15 million in current liabilities. The annual revenue and net loss of the company stood at $9,000 and $2.43 million respectively. These numbers indicate that MassRoots Inc (OTCMKTS:MSRT) might face some pressure in future with respect to its revenue generation ability.
The company recently partnered with Uber to sponsor the 420 Rally at Civic Center Park in Downtown Denver, where it encouraged the drivers to stop smoking and drive responsible. The event turned out to be a great success for the company, where CNN exclusively covered MassRoots booth. The stock of MassRoots Inc (OTCMKTS:MSRT) ended up by 53.50% to $2.41 during the last trading session, while 159,947 shares traded on the day.