In another sign that marijuana is becoming big business, MassRoots, a Colorado-based social network for cannabis lovers, is planning to go public with a secondary stock offering on Nasdaq,
according to the Denver Post, which first reported the news. Funds raised from new investors will be used to expand MassRoots’ business-facing services, develop new mobile app features and
expand the user base.
Per documents filed with Securities and Exchange Commission, MassRoots has applied for “uplisting” to the Nasdaq Capital Market, which should allow traders to
buy and sell shares in MassRoots on the exchange rather than “over the counter,” exposing it to a much larger group of potential investors. According to the Denver Post the penny stock is
currently trading around $1.57.
The listing would make MassRoots the first cannabis-related company traded on a big U.S. exchange outside the biotech category. It claims around 775,000 users
for its platform, which allows people