LOS ANGELES, Nov. 7, 2018 /PRNewswire/ -- MassRoots, Inc. ("MassRoots" or the "Company") (OTCQB: MSRT), one of the leading technology platforms for the regulated cannabis industry, is exploring a potential expansion of its business offerings, including MassRoots for Business™ , to the Missouri, Utah and Michigan regulated cannabis markets following the success of ballot initiatives in the 2018 elections.
Sixty-six percent of Americans now support legalizing marijuana, according to the latest Gallup poll. That Gallup figure marks the third consecutive year that legalization support has increased to a new record high. The Company believes its business products could help drive more customers to regulated dispensaries in multiple markets across the country. New Frontier Financial estimates there are 2,500 regulated cannabis dispensaries in the United States.
"Yesterday, voters in three states voted to establish regulated cannabis markets, enabling further growth of the industry and expanding our addressable market," stated Mr. Isaac Dietrich, MassRoots' Chief Executive Officer. "We believe that once regulated dispensaries begin operating in Missouri, Utah and Michigan – in addition to more than two dozen other states across the country – MassRoots could generate additional revenue from its consumer and business offerings."
MassRoots' business model is strongly positioned to capitalize on the trend of states embracing and entering the regulated cannabis market. When a state passes a medical or recreational cannabis law, MassRoots can register users and businesses in that state with minimal marginal cost. Because the Company is not involved in the production or sale of cannabis, it does not have to build grow operations, open retail stores, or have a physical presence in the state to generate revenue. As the MassRoots financial model is not tied to the success of a particular location or brand, the Company believes it can have a significant percentage of all dispensaries and brands on its platform, making it a play on the entire cannabis industry.
The Company's Business Portal is fully-integrated with MassRoots' recently launched rewards program for cannabis consumers, WeedPass™. Over the coming weeks, MassRoots expects to enable dispensaries to manage their WeedPass Rewards Programs directly through the business portal. Since launching in beta in August 2018, more than 100 regulated dispensaries have participated in the WeedPass Rewards Program.
WeedPass is currently available in the California and Colorado markets, and the Company intends to expand the program to every state which has a regulated cannabis market. For more information on WeedPass, please see the WeedPass Overview Deck released on October 8, 2018.
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. 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.
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