MassRoots Provides Shareholder Update and Plans for Continued Growth
Company expected to introduce its first blockchain-powered features in the coming weeks as it continues to scale its market share of cannabis consumers and dispensary clientele
DENVER, Feb. 14, 2018 /PRNewswire/ -- MassRoots, Inc. ("MassRoots" or the "Company") (OTCQB:MSRT), one of the leading technology platforms for the regulated cannabis industry, is pleased to release the following shareholder update from its Chairman and Chief Executive Officer, Mr. Isaac Dietrich:
Fellow MassRoots Shareholders,
I'm pleased to report MassRoots has made significant progress the past several weeks in growing the reach of our network, incorporating blockchain technology into our products, and better connecting consumers with cannabis products at their local dispensaries. With a renewed focus on building the best mobile app for cannabis enthusiasts and a fresh infusion of $4.75 million in equity financing, we believe MassRoots is well-positioned to capitalize on emerging cannabis markets in multiple states in countries, which ArcView Market Research projects will reach $24.5 billion by 2021.
MassRoots' primary mission is to connect people with the best cannabis products to treat the ailments they're looking to alleviate (i.e., effectiveness for treating conditions such as back-pain or epilepsy). We've found that community-driven reviews are the most effective way to collect this information and with more than one million registered users, MassRoots has one of the largest datasets on cannabis products and strains in the industry. We've identified our main area of improvement -- and we believe the key to improved monetization of our network -- is better presenting this information in easy-to-use formats for consumers to make educated purchasing decisions at their local dispensary. Our next app update aims at solving this problem while incorporating blockchain technology into our business portal to enable more efficient and accurate processes.
Much like Amazon's product reviews and Yelp's restaurant reviews, we believe the top 20% of influential consumers will provide the reviews and information that influence the purchasing decisions of the remaining 80% of the population. By dominating the demand-side of the cannabis market, we believe MassRoots can drive significant traffic and purchases to our advertisers and clients. Our goal is for MassRoots to have 1,000 dispensaries and ancillary businesses paying us between $420 - 1,000 per month by the end of 2018.
As MassRoots' Founder and largest shareholder, I have routinely used temporary fluctuations in our share price to further accumulate my position in the Company. I have purchased shares on three occasions since 2015, all at $0.50 per share, while never selling a single share of my holdings. I believe MassRoots is positioned to be a leading technology company in the multi-billion cannabis industry.
Within the past five weeks, the Company has successfully raised $4.75 million in equity financing, fully repaid our convertible debt, and further strengthened our capitalization structure to firmly position MassRoots to capitalize on multiple opportunities emerging this year. Over the next several months, California is expected to introduce permanent regulations governing the sale of cannabis for adult-use, Massachusetts is expected to finally begin adult-use sales, and the first medical-cannabis dispensaries are expected to open in Florida. All of these developments present MassRoots a significant opportunity to increase both our user-base and overall revenue.
MassRoots continues to partner with some of the leading companies in the cannabis industry. We maintain ownership positions in High Times Holdings Corporation and CannaRegs, Inc., the latter of which continues to impressively scale its clientele and revenues in the California market. We're continuously evaluating opportunities to partner with best-in-class companies in the cannabis space, to further expand our footprint, and create new revenue-generating channels for our business.
During the coming weeks, we expect MassRoots to introduce its first blockchain-powered features for cannabis consumers and businesses, continue to grow its clientele of dispensaries and ancillary businesses, and further scale its market-share of cannabis consumers in key markets in the United States and Canada. I am confident that these initiatives position MassRoots to dominate the demand-side of the cannabis market while building significant shareholder value. We greatly appreciate your continued support as we work to create a valuable, long-term enterprise for our shareholders.
Chairman & Chief Executive Officer
MassRoots, Inc. is one of the leading technology platforms for the regulated cannabis industry. Powered by more than one million registered users, the Company's mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. Its compliance and point-of-sale system, MassRoots Retail, enables cannabis-related businesses to streamline their retail operations and manage compliance reporting to state regulators. With a significant market share of medical cannabis patients in certain markets and more than 30,000 shareholders, the Company believes it is uniquely positioned to best serve the needs of the cannabis industry. For more information, please visit MassRoots.com/Investors and review MassRoots's filings with the U.S. Securities and Exchange Commission.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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