A marijuana company is seeking to become the first company to have its stock on the NASDAQ. The company’s application must be reviewed and approved by NASDAQ to allow it the ability to trade stock.
MassRoots has over 775,000 members on their social network app and website community. The online community is already publicly traded on the OTCQB stock marketplace and can be found by searching for MSRT, according to Forbes. At the last check, the stock was selling for $1.40 per share. About 47 million shares are either issued or outstanding. If NASDAQ accepts the application, MassRoots would be listed on that exchange under the same symbol, MSRT.
One of the benefits to users is that the community does not collect personal information. The only information tracked by the community is the type of marijuana a user prefers, what time of day they are active on the community’s pages, and how users prefer to consume marijuana. The brand plans to generate funds for advertising. Most of the company’s revenue, thus far, has come from ArcView Group, a marijuana industry investor group.
As with any marijuana-related business, MassRoots has had difficulties banking, but has been able to obtain a bank account. The business recorded a net loss of $8 million in 2015, but reports having at least $386,000 in cash on hand at the end of 2015.
The brand continues to push forward as Facebook and other social media websites continue to vilify marijuana-related businesses. A decision from NASDAQ regarding the community’s application is expected to be delivered in the next few weeks.