CannaRegs pull out late last year must have killed any revenues they had coming in.
Taking of Canna regs, they may start to feel some heat soon.
As yet, they’ve not really had any competition in the market of primary materials at fed, state & local level.
This may soon change. Experienced legal publishers are working on products that will directly compete.
Here’s what Ganjapreneur wrote about the death of the Mass Roots Cannaregs deal last year
Ganjapreneur published this story 19 April 2018
And MJ Biz Daily aren’t pulling any punches
MassRoots a ‘dumpster fire’
Talk about dismissive.
Cannabis industry expert Nic Easley, the CEO of Denver-based 3C Consulting, said MassRoots has proved itself to be a “dumpster fire” of a company.
His assessment stemmed from the Denver marijuana tech company’s 2017 annual report, which showed a net loss of $44 million last year, more than doubling from $18 million in 2016. Last year’s revenue totaled just $319,000 in revenue.
After MassRoots’ filing with the U.S. Securities and Exchange Commission, the publicly traded company’s stock (OTC: MSRT) dropped to less than 28 cents per share. The stock had been at about 32 cents per share.
“MassRoots is a shining example of what not to do” as a marijuana tech business, Easley said before offering a laundry list of mistakes the company has made over its five-year history:
“How they structured their board, choosing to go public too early, not having a revenue model, intellectual property or a plan on how to monetize the company.”
The business, which initially aspired to be the “Facebook of marijuana” and even sought a Nasdaq listing, now appears to be struggling to keep its doors open.
“We have not yet established an ongoing source of revenues sufficient to cover our operating costs and allow us to continue as a going concern,” according to the SEC filing submitted by MassRoots, which is exploring blockchain technology as a path toward profitability.
Easley said the door hasn’t completely shut on MassRoots’ sustainability, but he added that it’s difficult to see how the company can survive with such stark financials.
“At this stage, if you don’t have something that’s unique that can lend itself toward monetization, that grand image – that ‘Facebook of marijuana’ – can’t really happen,” Easley said.
“Maybe it happens … but we need to take a deep look at how to make it real.”