DENVER, Aug. 3, 2017 /PRNewswire/ -- MassRoots, Inc. (OTCQB:MSRT) is pleased to announce that the point-of-sale and compliance software platform it is acquiring and is expected to fully close on August 5, 2017, previously known as Odava, has been re-branded as MassRoots Retail. MassRoots is now prioritizing resources towards its software solutions for licensed dispensaries and connecting its community of over 1,000,000 of the world's top cannabis enthusiasts with the best products and strains in regulated markets.
"We believe Facebook is the undisputed leader in social networking and rather than trying to compete, we are focusing our efforts on better connecting our users with the best licensed dispensaries and products. Soon, users will also be able to login to MassRoots with their Facebook accounts," stated MassRoots CEO Isaac Dietrich. "Our business model is expanding to include contractually-obligated monthly recurring revenue through providing cannabis-related businesses with the software they need to stay in compliance and streamline operations."
MassRoots Retail's main integration to state regulators is through Franwell, Inc.'s METRC system, which was recently awarded the contract for California's cannabis regulatory reporting system. The Company expects this will enable MassRoots to enter the California market with minimal infrastructure changes. With more than 1,000 dispensaries expected to be subject to California state regulations for the first time, this presents a unique growth opportunity for MassRoots to on-board these dispensaries to its system.
About MassRoots 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 compliance reporting to state regulators. With a significant market share of medical cannabis patients in certain markets, more than 25,000 shareholders, equity financings and warrant exercises of more than $17 million since inception, 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 MassRoots, Inc.'s filings with the U.S. Securities and Exchange Commission.
Forward-looking Statements Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots, Inc.'s business, partnerships, new features, acquisitions, user growth 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. For more information, please refer to MassRoots, Inc.'s filings with the U.S. Securities and Exchange Commission.