MassRoots Inc (OTCMKTS:MSRT) has taken initial steps to bolstering its prospects in the fast-growing marijuana industry with the release of product and strain reviews within its iOS and Android platform. The new releases come at a time when both small and big investors are taking a keen interest on the sector as nine states move closer to legalizing medical marijuana.
Legalization in the nine states is expected to further expand the industry’s target market, a move that should provide unique growth opportunities for the likes of MassRoots to target. With the expansion of the target market, thousands of products are poised to come online in addition to tens of thousands already in circulation.
The expected growth in the number of medical marijuana product is expected to spark a growth in demand of reviews that customers can rely on, for the best products in the market. MassRoots with community drive reviews now hopes to benefit given this is one of its areas of specialization.
“Through community-driven reviews, we’re enabling our passionate user base to easily provide this information and then present it in a meaningful way for everyday people to make cannabis purchasing decisions,” said CEO, Isaac Dietrich.
The company’s community driven reviews are currently accessible in every state that has already approved the use of medical marijuana. Its target market could expand even further in the coming weeks with the legalization of the federally prohibited plant in more states. The highly regulated market is poised to expand from the current $7 billion to $23 billion by 2020 as more states head to the ballot.
In a bid to take advantage of the expected expansion, MassRoots Inc (OTCMKTS:MSRT) has been adding new features to its platform on iOS and Android as it targets user growth, which should to more revenues going forward. Last month the company completed a $5 million capital offering, expected to provide much-needed finances for commercialization efforts for targeting a much wider audience.