MassRoots Provides Business Update and Company Outlook
Management highlights recent operational achievements and trajectory of regulated cannabis market
DENVER, Feb. 17, 2017 /PRNewswire/ -- MassRoots, Inc. (OTCQB:MSRT), one of the leading technology platforms for the cannabis industry, announced today a general business update on the Company and legal cannabis marketplace. Highlights include:
Recent Company Highlights
- MassRoots has raised over $2.9 million through warrant exercises so far in 2017, almost entirely from the exercise of the Company's $0.90 warrants, giving MassRoots its strongest cash position in corporate history.
- MassRoots anticipates reinstatement in Google Play and the launch of display ads on its Andriod applications by late February 2017, growing the Company's revenue channels.
- In late January 2017, MassRoots completed its acquisition of DDDigtal, d.b.a. "Whaxy," an online order-ahead and menu management platform. Since launching in May 2016, Whaxy's online ordering platform has processed over $7 million in volume across 60,000 unique transactions.
- The Company added Mr. Tom Angell as the Company's Senior Political Correspondent in early February 2017 and has since increased its blog traffic by nearly 18% and received comment from White House Press Secretary Sean Spicer.
- MassRoots plans to launch its revamped website in early March 2017, in anticipation of its annual web traffic surge ahead of the 4/20 cannabis holiday.
"Our main objective is increasing MassRoots' market share to 25-35% of cannabis consumers in regulated cannabis markets during 2017," stated Mr. Isaac Dietrich, CEO of MassRoots Inc. "By growing the portion of cannabis purchasing decisions being made on the MassRoots platform, we'll be able to drive more volume and traffic to our preferred dispensary partners. We've spent the past year building a strong foundation of strategic partners and loyal users that will allow us to capitalize on the rapidly growing legal cannabis market. In addition to making significant upgrades to our mobile applications and aligning ourselves with industry leaders, we have also made key hires that will serve vital roles in navigating the rapidly evolving political climate. We anticipate this framework will result in revenue growth, expansion of our user-base, and increased shareholder value."
MassRoots is one of the largest technology platforms for the regulated cannabis industry. The Company's mobile apps enable consumers to make educated cannabis purchasing decisions through community-drive reviews. MassRoots is proud to be affiliated with the leading businesses and organizations in the cannabis industry, including the ArcView Group and National Cannabis Industry Association. For more information, please visit MassRoots.com/Investors.
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots' business, potential partnerships, new features, and related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time to time. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
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