MassRoots Accelerates Growth Initiatives as it Launches Updated Business Portal and Completes Whaxy Integration
DENVER, April 3, 2017 /PRNewswire/ -- MassRoots, Inc. (OTCQB: MSRT), a leading technology platform for medical cannabis patients and businesses, is pleased to announce it has launched an updated business portal. Through this portal, businesses are able to target advertisements to MassRoots' one million registered users, schedule posts, view analytics, and manage their inventory and pricing data.
Additionally, MassRoots is pleased to provide the following business development updates:
- During the Company's audit of fiscal year 2016, certain revenues related to the 420 Rally were removed in a one-time adjustment. Additionally, as the Company's acquisition of DDDigtal, LLC dba "Whaxy" was not completed until January 2017, no revenues generated by Whaxy in 2016 were reflected in MassRoots' earnings.
- In early November 2016, MassRoots' mobile application was removed from Google Play, delaying the launch of geo-targeted advertising to over half of MassRoots' users. MassRoots was re-listed in Google Play on March 21, 2017, and growth and monetization initiatives are now live on its iOS, Android and web platforms.
- Over half of the Company's 2016 operating expenditures - $7.28 million – were related to stock and option-related compensation which did not take any cash out of the business.
- The Company has received more than $4.4 million in warrant exercises so far in 2017, including a recent early exercise by Aphria, Inc., resulting in MassRoots having its strongest cash position in corporate history.
- During the first quarter of 2017, MassRoots retired all outstanding long-term debt, resulting in a significantly stronger balance sheet.
- MassRoots recently launched a revamped website, focused on enabling medical cannabis patients to find the best products to treat certain conditions (i.e., effectiveness for treating ailments such back-pain or epilepsy).
"During the coming weeks, we expect to announce significant advertising and branding deals with some of the leading brands in the medical cannabis industry," stated MassRoots Chairman and CEO, Mr. Isaac Dietrich. "The majority of our revenue is derived from just two states – Colorado and California – and as markets across the country continue to develop, MassRoots is positioned to be one of the leading advertising channels for dispensaries and brands in the cannabis industry. We have accomplished several key objectives over the past two weeks: returning to Google Play, launching a new website and updated business portal; and establishing a userbase of one million of the most enthusiastic cannabis consumers. Given our success in attaining these key objectives, our top priority for 2017 is significantly increasing MassRoots' revenues."
About MassRoots
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.
Forward-looking Statements
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.
SOURCE MassRoots, Inc.
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