MassRoots Retires All Remaining Convertible Debt
Strongest cash standing in corporate history positions the company for continued growth as regulated cannabis market continues to rapidly expand
DENVER, March 15, 2017 /PRNewswire/ -- MassRoots, Inc. (OTCQB:MSRT), one of the leading technology platforms for the cannabis industry, is pleased to announce it has retired all convertible debt on its balance sheet. In addition, MassRoots has received substantial warrant exercises so far in 2017, significantly improving its capitalization table and cash position. The Company has more than 20,000 shareholders according to a non-objecting beneficial owners report and only one shareholder holding more than 5% of outstanding shares.
"Thanks to the strong support we've received from our shareholders over the past several months, we've been able to retire more than $1.5 million in convertible debt, significantly improve our capitalization table, and raise substantial cash to expand MassRoots' market share within the rapidly-growing cannabis industry," stated MassRoots Chairman and CEO Mr. Isaac Dietrich. "The weeks leading up to April 20th (4/20) are the cannabis industry's holiday season, where dispensaries see significantly higher sales and MassRoots has historically seen a surge in web traffic, user-registrations, and media coverage. We look forward to releasing our revamped website and launching an aggressive user and dispensary on-boarding campaign within the next several weeks to fully capitalize on this holiday season."
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-driven 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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