MassRoots Closes $3.2 Million Equity Financing to Date Under Registered Offering
“We believe these funds are sufficient for the Company to reach cash-flow positive and to scale our commercialization efforts to a much wider audience,” stated MassRoots CEO Isaac Dietrich. “We are confident that the current political climate coupled with increasing demand in regulated cannabis markets presents a tremendous growth opportunity for MassRoots. We’re focused on introducing new monetization channels within our mobile applications while exploring strategic partnerships to expand our platform’s capabilities.”
This equity offering has brought the Company to a solid cash position as it continues to grow its user base. During the 2016 election cycle, 9 states with over 30% of the United States population will be voting on regulating the sale of cannabis for medicinal or recreational use. MassRoots expects that the passage of any combination of these initiatives has the potential to significantly accelerate its user and revenue growth. This capital puts the Company in a solid position to take advantage of this expected growth.
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