LOS ANGELES, Sept. 12, 2018 /PRNewswire/ -- MassRoots, Inc. ("MassRoots" or the "Company") (OTCQB: MSRT), one of the leading technology platforms for the regulated cannabis industry, is pleased to announce it has relocated its corporate headquarters to Los Angeles, California. According to New Frontier Financial, the regulated cannabis market in California is one of the largest and most rapidly growing in the world, estimated to generate $3.09 billion in cannabis sales by 2020.
There are approximately 2,500 regulated dispensaries in the United States, according to New Frontier Financial. MassRoots' primary source of revenue is generated from listing and advertising subscription fees charged to dispensaries to gain exposure to the more than one million registered cannabis users on the Company's platform.
In order to accelerate the growth of paid subscriptions to its platform, MassRoots is expanding the size of its sales team from 5 to 10 full-time employees who will focus on the Los Angeles, San Francisco and Denver markets.
"The number of dispensaries subscribing to MassRoots' platform is steadily increasing, and we believe that we can accelerate this growth with the expansion of our sales team," stated Isaac Dietrich, MassRoots' Chief Executive Officer. "We believe our paid offerings, available to regulated dispensaries across the United States, have the potential to grow foot-traffic and revenues at these businesses, and we look forward to introducing these dispensaries to our platform."
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. With a significant market share of medical cannabis patients in certain markets and more than 35,000 shareholders, the Company believes it is uniquely positioned to best serve the needs of the cannabis industry. For more information, please visit www.MassRoots.com/Investors and review MassRoots' filings with the U.S. Securities and Exchange Commission.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE MassRoots, Inc.