16 Oct, 2017, 09:05 ET
DENVER, Oct. 16, 2017 /PRNewswire/ -- MassRoots, Inc. (OTCQB:MSRT), one of the leading technology platforms for the cannabis industry, announced today that CannaRegs, Inc., has secured commercial contracts with 153 Californian law firms, dispensaries, grow facilities and private businesses. MassRoots recently entered into definitive agreements to acquire CannaRegs, Inc. (for more information, including the conditions to closing the acquisition, please refer to MassRoots' Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 24, 2017, as amended on August 28, 2017).
CannaRegs provides their customers with up-to-date access to all cannabis-related rules and regulations from municipal, county, state and federal sources throughout California's 539 municipalities. They come in addition to CannaRegs' previously announced contracts with the County of Los Angeles, City of Sacramento, Sonoma County, as well as a dozen other Californian regulators.
"These contracts were a direct result of leveraging strategic relationships that we have cultivated since our inception," stated Ms. Amanda Ostrowitz, Co-founder of CannaRegs. "Our broad customer base demonstrates that CannaRegs' best-in-class services are applicable to a wide variety of businesses. I believe that our services, coupled with MassRoots' technology and loyal user base provide an exciting platform for long-term success."
"CannaRegs is a central location to manage evolving state and local regulations. Businesses must be compliant — only compliant businesses will succeed in a regulated market — and CannaRegs is a mandatory tool to get you there," stated Kiva Confections CEO Kristi Knoblich. Kiva Confections was established in 2010, and its products are distributed in almost 1100 stores throughout the state. Kiva employs over 90 people in CA.
"Management is extremely pleased to announce this new round of CannaRegs contract awards and our foray into the commercial marketplace," said Mr. Isaac Dietrich, CEO of MassRoots Inc. "Upon completion of the acquisition, which is expected in the near future, we believe these contracts prove our ability to successfully monetize both the municipal and commercial spaces within the rapidly expanding legal cannabis market. Going forward, we intend to focus on similar entities that require superior technology and expertise in navigating complex marijuana industry."
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 25,000 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 MassRoots, Inc.'s filings with the U.S. Securities and Exchange Commission.
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.
SOURCE MassRoots, Inc.
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